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#821214 - 09/21/07 10:51 PM Real Estate Closings
Suwannee Offline
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Suwannee
Joined: Jun 2002
Posts: 641
Florida
I was told that North Carolina has passed a law stating that attorneys can no longer close real estate transactions and that all real estate transactions must be closed by title companies. I have searched and cannot find anything stating this. Does anyone know where I can find information on this? Thanks.
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#824314 - 09/27/07 10:28 AM Re: Real Estate Closings Suwannee
Cowboys Fan Online
Power Poster
Joined: Dec 2002
Posts: 4,604
SC
We haven't heard about this and I've come up empty in all of my searches. Have you contacted the NC Bankers Association?
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#825761 - 09/28/07 06:09 PM Re: Real Estate Closings Suwannee
elcinoca Offline
Platinum Poster
Joined: Jan 2002
Posts: 537
Elizabeth City, NC
Suwanee,

I too have not heard any recent news about this...certainly not that lawyers are out and title companies are in.

Attorney led real estate closings in North Carolina are alive and well. This was addressed a few times in 2002 and 2003 by the Department of Justice, Federal Trade Commission (FTC/DOJ Letter) and the NC State Bar (NC Bar). North Carolina statutes make it very hard, if not downright impossible, for a real estate closing to be conducted without an attorney present.

In my neck of the North Carolina woods at least, closings by title complanies are not heard of. Across state lines however in Virginia, we do it all the time.

I think what you will find in reviewing the opinions of the Bar and the DOJ/FTC is it boils down to simply whether the settlement agent is hosting/conducting a closing meeting or preparing legal documents and giving advice on the legality of the documents.

MarkB

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#842854 - 10/25/07 10:33 PM Re: Real Estate Closings elcinoca
Suwannee Offline
Platinum Poster
Suwannee
Joined: Jun 2002
Posts: 641
Florida
Thanks Cowboy and Elcinoca. I have not contacted the State of N.C. I have read the attorney's opinions of 2002 and also found a new law that is effective early 2008 that indicates that attorneys have to be the only ones that can give legal opinions on real estate transactions. This indicates to me that attorneys may close real estate transactions in N.C. I appreciate your input. Thanks.
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