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
A:
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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