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Mike is absolutely correct - only a licensed attorney can draft a title opinion. Anyone who uses a title company to close anything will have to end up paying more for less - because that title company will charge a fee and then they will also have to pay an attorney to sign the title opinion. In some cases I've heard of, that entails finding an attorney that doesn't know too much about real estate and just paying him/her a small fee to sign his/her name. Meanwhile attorneys typically have malpractice insurance and also are regulated by the Bar which I believe has money for clients defrauded by attorneys. I don't believe closing companies are regulated by anyone in NC (some may have E&O coverage but would guess that less than the percentage of attorneys)
As far as costs - I would think $350-$425 for a survey (but does depend on acreage and shape of the lot. $400-$500 for attorney's fees. Recording fees for the deed will be $26.
Other fees will include tax pro-ration.
Title insurance might be pretty cheap if you are only insuring it for $1,500 since they are only responsible for the face value of the policy. But if you plan to add it to your lot, you may want to have a plat drawn up adding it to your current lot and have that recorded to make one big lot - and then possibly increase the coverage on your title policy to whatever you think the whole thing will be worth.
"Before a policy of title insurance can be issued in North Carolina, a title examination must be conducted under the supervision of an independent attorney licensed to practice law in North Carolina." Explanation of North Carolina Title Insurance
Mike is absolutely correct - only a licensed attorney can draft a title opinion. Anyone who uses a title company to close anything will have to end up paying more for less - because that title company will charge a fee and then they will also have to pay an attorney to sign the title opinion. In some cases I've heard of, that entails finding an attorney that doesn't know too much about real estate and just paying him/her a small fee to sign his/her name. Meanwhile attorneys typically have malpractice insurance and also are regulated by the Bar which I believe has money for clients defrauded by attorneys. I don't believe closing companies are regulated by anyone in NC (some may have E&O coverage but would guess that less than the percentage of attorneys)
As far as costs - I would think $350-$425 for a survey (but does depend on acreage and shape of the lot. $400-$500 for attorney's fees. Recording fees for the deed will be $26.
Other fees will include tax pro-ration.
Title insurance might be pretty cheap if you are only insuring it for $1,500 since they are only responsible for the face value of the policy. But if you plan to add it to your lot, you may want to have a plat drawn up adding it to your current lot and have that recorded to make one big lot - and then possibly increase the coverage on your title policy to whatever you think the whole thing will be worth.
Yes and title companies have staff lawyers, who do the title search and the title opinion.
Title insurance companies are full of lawyers and that's part of the price you pay for a title search and title insurance.
I contend you do not need to hire another lawyer.
If one hires an attorney, there is no "another attorney."
The contention that it doesn't make sense to hire a qualified real estate attorney when one can hire a title company, meaning hire them and their qualified real estate staff attorney, seems a little non sequitor-ish to me.
If one hires an attorney, there is no "another attorney."
The contention that it doesn't make sense to hire a qualified real estate attorney when one can hire a title company, meaning hire them and their qualified real estate staff attorney, seems a little non sequitor-ish to me.
Most settlement companies do not have staff lawyers. I don't know what definition you are using for title company. In NC the title company issues the policy but does not do the search or closing. So most title companies or agents of title companies strictly issue policies. Then for the closing you would either use a settlement company or attorney. In other states, title company may refer to a company that searches title, issues a title policy and performs the closing.
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