Q: I need to know specific closing information if I'm buying a house in Virginia from out of state
I live in New Jersey and I'm buying a house cash in Virginia. We are not using a buyer's agent. We were told we needed to have a real estate lawyer or a title company when the paperwork was signed. I'm trying to find out if the title company needs to be in Virginia or if I can use someone in New Jersey.
A: The title agent must be licensed in Virginia, and you would be foolish to use a title agent who was not also acting as your lawyer. That will be more expensive than having a non-lawyer title agent. It will be a little more expensive than using a title agent who is a lawyer acting as a title agent. It will be massively cheaper than using a real estate agent ... but you don’t need marketing or real estate brokerage services. Optimally, you would use a lawyer title agent with access to the area’s real estate NAR forms.
Ross Cameron Hart agrees with this answer
1) Use someone in Virginia. period. Real estate law is different from state to state and no way in blazes will a New Jersey agent understand the traps and tricks of Virginia Law.
2) Use a LAWYER. title agents can't explain anything - they can't advise you on what to do in a situation BECAUSE doing that is the practice of law and they can't do that. Lawyers can give advice, make demands where needed, etc. Yeah we cost a little more, but a good one could save you thousands or tens of thousands.
3) I agree with Mr. Sternberg
A: I agree with my colleagues' answers above. I assume (since it is a cash transaction) that you most likely are or purchased it for investment which you may want to flip or receive passive income. And if you purchased a distressed property, a lawyer can also counsel on the best route and proper contract, assignment and title insurance documents.
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