Is my state a title company or closing attorney state?

• Alaska.
• Arizona.
• Colorado.
• Washington D.C.
• Georgia.
• Idaho.
• Mississippi.
• Missouri.

Can you close without a title company?

There is no legal requirement for a title policy but many times the buyer will insist upoin one. So, that will be between you and the buyer. But, to document the sale, all you need to do is deliver a warranty deed to the buyer in exchange for the buyer paying you the purchase price.

Do you need a closing attorney?

It depends. Depending on your state's laws, you may not be required to have an attorney at the closing. However, you can choose to have an attorney review your documents before closing.

Does it matter what state your title is from?

Per DIrect Auto, your new car title comes from the state where you buy the car. If you live in a different state, make sure you take it to your local Department of Motor Vehicles when you register the car in your home state.

Is North Carolina an attorney closing state?

Since North Carolina requires you to have a real estate attorney at closing, you don't need to engage a title company. However, your real estate attorney will be responsible for ensuring a clear and free title and for securing the proper title insurance for your purchase.

Who hires the closing attorney?

In a home purchase transaction, both the buyer and seller can hire an attorney to represent their interests during the process. Or, in the case where an attorney is overseeing a closing where the home is being purchased with a mortgage loan, the attorney may actually represent the mortgage lender or title company.

Is the closing agent the title company?

A closing agent is the entity that performs the “closing” pursuant to the terms of the contract. It is the entity that provides the title and settlement services required in order to convey title from the seller to the buyer.

What is a title company post closing?

At Blueprint, we call these last few steps “post-closing.” Post-closing includes three key activities: recording the deed and/or mortgage (deed of trust), disbursing funds, and issuing the title policies.

Can the closing agent be an attorney or broker of the buyer or seller?

The closing agent (sometimes called a settlement officer or agent) can be an attorney or broker of the buyer or seller, a representative of the lender or title insurance company, or an escrow officer.

Are closing attorneys title companies?

So, the difference between a title company and a closing attorney is that the title company will always be the one that's insuring the title and providing the actual escrow. The closing attorney may or may not be involved in that process depending on who has hired that attorney.

What states have escrow closings?

Currently, the escrow states are: Alaska, Arizona, California, Hawaii, Idaho, Nevada, New Mexico, parts of Ohio, Oregon, Utah and Washington. States that structure closings differently. You and the seller are not required to be in the same location.

What does state of title mean?

Definition: A title state is a state that follows the title theory in property law. This means that when a mortgage is taken out on a property, legal title of the property is transferred to the mortgagee (the lender) until the mortgage is paid off or foreclosed.

What is the difference between a title company and an attorney state?

When selecting a title company, one of the first things you'll need to know is if your state is in an “attorney state” or not. An attorney state is a state where the closing is likely required to be handled by a licensed real estate attorney instead of the title company handling the closing directly.

Does a seller need an attorney at closing in NC?

Unlike some states that allow title companies to facilitate home sales, residential property sales in North Carolina must be processed by a residential real estate attorney. In addition to the buyer, seller, and their attorneys, real estate agents and either an escrow or settlement agent may be involved in the closing.

Does North Carolina use title companies?

North Carolina licensed attorneys handle property closings and disbursement through their trust account until a purchase is complete. You may choose the title insurance company you want. You do not have to use a title company selected by a real estate agent or lender.

Who holds the title to my car?

Forty-one states are title-holding states, so odds are your lender has your car's title if you're financing. A title-holding state is one where the lienholder (your lender) keeps the title until you've paid off the auto loan. You get the title sent to you once you've finished the loan in this case.

Does title and registration have to match states?

Here are the handful of states don't require your license to match your registration. California allows nonresidents to register a vehicle in the state if the car is based in California or primarily used on California highways.

Where is the best place to keep your car title?

It's not uncommon to keep titles in a fireproof, waterproof filing cabinet or safe in the title clerk's office. If you have a sign-out process, maintain the list on the safe or filing cabinet so that in the event the clerk is not in the office, they'll still be able to keep tabs on where every title is.

Who typically recommends the closing attorney?

The choice of the closing attorney often depends on regional practices and negotiations between the buyer and seller. For example, in the Southeast, buyers usually select the attorney, while in places like New York, sellers often do because of established relationships.

How much does a closing attorney cost?

You may pay a real estate attorney an hourly fee ranging from $150 to $500 or more per hour. Or they may charge a flat fee, such as $750 or $1,500 for closing, or a lower fee for a specific task, such as reviewing a contract.

What does "attorney state" mean?

Definition of an Attorney State

In an attorney state, an attorney takes the place of the escrow company. It is an attorney who facilitates the closing process and either acts as the third neutral party or represents the buyer or seller.