TITLE CO vs LAWYER or do i NEED both - Posted by Greg NY

Real Estate Investing Real Estate Law
#1

Posted by DavidV on January 31, 2001 at 17:10:32:

Try to find a good lawyer that owns a title company. Before i just moved i had one that i gave all my business to and in return he answered all my questions at no charge, wrote up my notes at no charge, forms at no charge, etc. I put in all my contracts, buying or selling, that it was to close at his title company. Not sure how common it is to find a relationship like that with a lawyer but it sure was nice. In the process of looking for one again. Good Luck.

David

#2

TITLE CO vs LAWYER or do i NEED both - Posted by Greg NY

Posted by Greg NY on January 31, 2001 at 13:11:36:

pros and cons please? Just starting out, not a lot of cash to afford a lawyer, at least not a good one.

#3

Re: TITLE CO vs LAWYER or do i NEED both - Posted by Brent_IL

Posted by Brent_IL on February 01, 2001 at 20:42:58:

If it’s simple, a good title company can handle it, but they have to know exactly what it is that you want them to do. If you?re not sure, get a lawyer. If it?s anything out of the ordinary, get a lawyer.

You need to hire one who does real estate full-time. Not probate; not divorce; not personal injuries; just real estate. The analogy is open-heart surgery. Do you want the guy who normally does tonsils, but will give you a good price? Or the specialist who successfully operates 2-3 times a day.

Good contract lawyers are expensive right up to the time when the manure hits the fan. Then it becomes the best money you ever spent, and you congratulate youself on your foresight.

#4

Re: TITLE CO vs LAWYER or do i NEED both - Posted by B.L.Renfrow

Posted by B.L.Renfrow on January 31, 2001 at 23:17:27:

Closings in NY are done by lawyers, not title companies.

And yes, you need a lawyer, ESPECIALLY when you’re just starting out. One screw-up could cost you many times the lawyer’s fee. But the advice you get will be only as good as what you ask for. Try to find an attorney who is an investor himself, or at least one who owns rental property. If there’s a local REI club in your area, that’s a good place to ask around for names.

Brian (NY)

#5

Re: If you have to ask then use both. - Posted by HOuserookie

Posted by HOuserookie on January 31, 2001 at 17:24:23:

Contact the lawyer first, then let him advise.

#6

Uh, to do what exactly? (nt) - Posted by SueC

Posted by SueC on January 31, 2001 at 14:51:53:

nt

#7

Re: Uh, to do what exactly? (nt) - Posted by Greg NY

Posted by Greg NY on January 31, 2001 at 14:58:56:

Sorry. For me to flip a prop, do i need both the lawyer and the title company? or could i just use the Title company? The legal stuff is what has me worried. Dont want to be sued, you now?