Closings are quite possibly the most highly anticipated step of a real estate transaction. You have secured financing, have all your documentation and are ready to sign on the dotted lines. To assist in a smooth closing, many title companies work with fee attorneys – and you may end up working with them as well.
Fee attorneys: what to know
In the world of real estate, a fee attorney works with a title company or, sometimes, with an agent of the title insurance company. They assist with the many complex legal details involved in closings. As a fee, they accept a portion of the title premium – hence the nickname “fee attorneys.” Fee attorneys may handle residential closings, commercial closings or both. Though fee attorneys generally represent the title company, they may also represent the buyer or the seller as long as there is no conflict of interest. However, they do not represent the buyer and seller in the same transaction at the same time.
Should I work with a fee attorney?
Fee attorneys are very knowledgeable of local, state and national real estate regulations and procedures. This relieves a significant burden from your shoulders, allowing you to concentrate on the other logistics involved in a real estate deal. They also offer a range of services, including:
- Title insurance
- Resolving title issues
- Legal advice
- Regulatory compliance
- Preparing closing documents
- Handling the closing process
- Handling escrow
One advantage of working with your title company’s fee attorney is that you do not have to hire your own counsel. This can save you precious money in an already expensive transaction. A fee attorney’s primary goal is the fast, cost-efficient resolution of your closing – and that is worth its weight in gold.