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Charlottesville - Albemarle - Near UVA Research Park - Greene
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In one of my previous articles I mentioned alternate ways of closing as a future topic. Today lets have a look at it. Many people are not aware that in the Commonwealth of Virginia there are a number of options for closing a real estate transaction. Until recently only attorneys were allowed to close. But, now real estate brokers, title insurance companies, mortgage companies, and others have been added to the list. The primary requirement is for them to register with the Commonwealth of Virginia. IF they are not registered and thus subject to certain conditions, they are not permitted to handle closings. If someone advertises that they offer closing services, ask them if they are registered. But what does this mean to the home buyer? Well, it means more competition and with more competition there are reduced prices to be found. A home buyer should shop for the best prices for real estate closing services. However, remember that you get what you pay for. IF the price seems to be too good to be true, it may be. It is a good idea to ask your lender and your real estate agent for suggestions and for their evaluation of the closer before you act. One consideration which needs to be addressed is the possibility of needing an attorney. Those providing closing services are not attorneys and cannot practice law without a license. If you are involved in a transaction that may require legal involvement, get an attorney from the start. In many cases, if it is a small matter, the extra time and effort by the attorney is included in their original fee. An attorney may cost more at first but, if you have to hire an attorney part way through, it will cost the original closing fee plus an hourly attorney fee. Granted, if there is a major problem with the closing, hourly fees may be added anyway. Now the obvious aside, I am a real estate broker, why don't I close real estate transactions? For me, and this is true fo most brokers that I know, I have enough to do without adding closing services to my list of responsibilities. Although, it could be a way to make more money off a given transactions, my desire as a real estate professional is to do well what I know best makes me unwilling to take on more. What a real estate professional can provide will be addressed in another article. Until then Happy House Hunting!!!
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