Title Company Vs Attorney for closings in Maryland (Need advice)

Title Company Vs Attorney for closings in Maryland (Need advice)

Wholesaler · Mt Airy, MD · Member since 2016 · 130 posts · 56 votes

I met with a local attorney (1 minute drive - doesn't get much better than that!) last week to get a quote to review my P&S paperwork and my assignment document. I want to work with him as my closing agent but I am wondering if going through an attorney rather than a title company will be more expensive? He's a one man show, but is an investor himself and understands how they think. He is familiar with assignment of contract and double closings. Trying to get advice from people in Maryland about what they do for closings (mainly when wholesaling). He said he's not a _________ (I forget the term he used) so he works with a lady that handles the title work. 

Below are a few questions I asked while I was there:

"Do you conduct Real Estate Closings?" "Yes."

"Do you work with investors?" "Yes, in-fact I own 9 units myself. So I understand you need to close quickly so you don't miss out on a deal."


"Do you conduct Double Closings when the B-C side funds the A-B side transaction?" "I haven't done one of those in a while, but yes. Technically it's a dry closing for a period of time. I'd have to look at the new laws that came out recently to make sure they're still ethical."

Looking to see what other people in Maryland think of the situation.

Thanks in advance,
-Justin



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  • Real Estate Agent · Hampstead, MD · Member since 2014 · 2 posts · 1 vote
    10y

    Justin,

    I have a great title company based in Timonium, one of the owners is an attorney that conducts closings for my real estate team. If you would like the info or have any more questions please let me know  

  • Wholesaler · Mt Airy, MD · Member since 2016 · 130 posts · 56 votes
    10y

    @Account Closed Thanks for the reply, although I'm looking for something closer. Timonium is 40+ miles away from Mount Airy. If you have any connections in the Frederick, Md area.. I'd like to know who they use.

    Thanks,
    -Justin

  • Real Estate Professional · Dayton, OH · Member since 2015 · 423 posts · 187 votes
    10y

    Every title agent is linked to an attorney, anyway.  They have to have a legal review of the prepared deed before close and to be able to satisfy the underwriter's requirement to issue title insurance.

    That being said, I use title agents in every state that allows them.  Closing real estate transactions is their sole business and core competency.   They are generally less money than an attorney.

    P.S.  I have had some screwed up titles that I had to resolve to close on a purchase before I could close, and guess who did the title work for the seller?

  • Wholesaler · Mt Airy, MD · Member since 2016 · 130 posts · 56 votes
    10y

    @Account Closed 
    I appreciate the reply! I'll have to do some research on title companies around my area.

    -Justin

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