What's the process for closing deals in "Attorney" States??

Question

I just found out that my state is an "attorney" state meaning attorney's are the ones who close deals here an NOT title agents. My question is....does that change the process at all or is it still the same as if I was going through a title company? Do closing attorney's work with investors? Are they familiar with assignment contracts and double closings? All feedback is greatly appreciated. Thanks.

Dawn Brenengen · Answer

@Reese Davis This is a list that I compiled from different BP posts of people asking for attorneys who are familiar with investors.  I would just google these names.

Sam Weathers

Travis Barkley

Robert Hedrick

John South

Darin Messe

Kathie Russell

Justin Taylor with Roper and Taylor, in Raleigh

Brian Elam

Norm Praet

Shari Peterson · Answer

@Reese Davis I can vouch for Sam Weathers, who was among those @Dawn Brenengen listed. I just completed a double closing with him the day before. It went very smoothly and I can recommend him, as well as his staff (Bradley Burk). In fact, it was a bit complex and they adjusted quickly to the hiccups and obstacles that were thrown our way in the 11th hour. You can use my name when talking to him.

Ryan Spinola · Answer

In New Jersey for example, from what i gathered alot of people use Attorneys in North Jersey and alot of people use Title Companies in South Jersey.  I talked to some Attorneys and yes they will do assignments and the cost is a flat fee. Like $1,000. For double closing, theres 1 attorney here that charges 2% of the offer plus 2% for bringing funds (In NJ, you need to bring money for each party A, B, C for double closing) IDK about NC.  U have to find a friendly investor attorney. If u talk to an Attorney and he doesnt know what an assignment or double closing is, u instantly find another one. You do not want a person who doesnt know what they are doing. Remember, even though it cost you money, your Attorney is a key player in your business because he will close the deals and get you paid, so u want someone who knows what they are doing.

Just ask someone whos from NC for an Attorney near your area or just start calling and interviewing them.

Adam Schneider · Answer

I have used all but two of the attorneys that Dawn listed. For different reasons, you'll want to consider different ones. I do most of my transactions with Sam. Travis will travel to you, which is so convenient. Sometimes, the decision is as much about where the seller is located. Fees vary. All of those mentioned (with one exception) are within the same range for their services. They are all trying to figure out pricing for TRID vs. HUD deals, so you'll want to let them know what type of transaction it is.

Ryan Spinola · Answer

What i mean bring your own funds is its illegal for you in NJ to do a double closing with only the Buyer bringing the funds. So in a double closing you have A (Seller), B(You) and C (Buyer). C can't fund the whole transaction. B has to have funds to buy A.

Also, in Trenton stick with assignments.

Reese Davis · Answer

Thanks Larry...appreciate the feedback.

Brandy Johnson · Answer

Wow so much info and exactly what I needed. Thanks to all the commenters, now I have a better plan!

Shari Peterson · Answer

Transactional Funding was used to close the A-B.

Reese Davis · Answer

Awesome...Thanks @Shari Peterson...I appreciate it. Did you use transactional funding to close your side of the deal or did you use your own funds?

Reese Davis · Answer

WOW!! Thanks Dawn...you are awesome!! I'm really loving this forum...everyone is so helpful. It makes me feel so much more confident in getting started knowing you guys...and gals have my back. MUCH APPRECIATED!!

What's the process for closing deals in "Attorney" States??

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