All Forum Posts by: Carlton Wood

@Carlton Wood

As you can see, opinions on this vary quite a bit. If I was new to closings, I'd probably want my attorney there more than I would want my RE agent there. Most of the closings I've been at happened in a state that used closing attorneys rather than title companies, though, so maybe that's just more of the norm for me. It's not the case for PA.

As far as incurring additional cost to have both the attorney and agent there, I really think it's going to come down to your comfort level. Is the additional cost worth the comfort you would gain from having them both there? Or, are you ok making the decision to have the attorney review the important docs beforehand rather than being at the closing? Does the attorney feel confident about that scenario?

Originally posted by @Dennis M.:

That would be incredibly foolish in my opinion . I’m in pa and I’m sure glad my attorney was there at closing! . Look Your going to be signing a slew of paperwork and some of that may not be in your best interest to just sign off on . you want a careful eye who does this everyday to be right there over seeing what each paper means legally for you and telling the implications of each signature . I would say Don’t take a risk if you don’t need to . There are enough risks in real estate already

that sure would make for a long closing... if you had to have an attorney review each doc in real time .. ESH.

Its regional though out West NO attorney goes to a closing unless its some 100 million dollar deal or something.

and we NEVER have the buyer and seller at the same time and NO one cuts checks on the spot .. its usually a two or three day process.

buyer goes in and signs loan docs have to go back to the bank for review before they will fund.. bank funds the next day.

they wont release the funds until they get their recording numbers.. once that happens its too late to wire.. and NO one does checks its all wires.. they will then courier their checks to the brokers offices and wire sellers there proceeds..

I don't know how you guys do it when you try to cram all that into one closing.. and I would NEVER accept a paper check for sellers proceeds from an attorney firm.. it always has to be wired.. I want my funds good the minute they hit my account.

but that all said you attorney should get a copy of the closings docs review them in his office give you the go ahead you go in and sign..

I know one issue is every thing these days is so last minute and the East coast closings attorneys are making changes to the HUDs during the closings  its quite foreign to how we do things.  I close a bunch in PA probably 150 plus deals in the last few years never once went to a closing..  nor do I want to.

I would want my attorney at the closing. There are always documents at closing that pop up last minute. Also, a 4 unit building sounds like an important deal and it’s your first deal so I would say reschedule and have him there. If the property is rented he will make sure all the escrows are brought to closing, check on state certs, inspections etc. 

As an agent in PA, I can say that in the past few years I have only had two closings where an attorney was present, it's a very rare occurrence in PA outside commercial deals. One was because the buyer had multiple family members who were attorneys and they were handling title and closing anyway. The second was because the other agent's client was from old money & the lawyer represented the family in all legal matters. Unless there is something particularly unique or complicated about your transaction, it certainly isn't necessary. Could you not incur the additional cost if you moved closing a day or two forward instead of pushing it back?

We dont use attorneys at all in MD/DC/VA, so I dont even see the point of using one at all.

I’d rather my attorney rather than the agent be at closing. The agent has probably been helpful, but at closing, all they really do is collect the check.

That said, in PA, a lawyer isn’t necessary, and most people do closings with a title rep. I haven’t had or needed an attorney (yet) and unless it’s something complicated, most everything should be drawn up before you actually sign.

That would be incredibly foolish in my opinion . I’m in pa and I’m sure glad my attorney was there at closing! . Look Your going to be signing a slew of paperwork and some of that may not be in your best interest to just sign off on . you want a careful eye who does this everyday to be right there over seeing what each paper means legally for you and telling the implications of each signature . I would say Don’t take a risk if you don’t need to . There are enough risks in real estate already

Congrats on your first property Carlton! I’m a Invester in Delco also and happen to own a contracting business and we specialize in kitchens, bathrooms and roofing. Sounds like we may be able to work together. I can also recommend a local property management company.

@Carlton Wood I have used Kevin Morrissey as my GC for 4 of my BRRRR's. He is very capable and priced competitively. His company name is Kevin J. Carpentry and he is in Delaware County. You can google his company name for his phone number. Best of Luck!