Relevance of title Company as against an Attorney

Closing with the Title Company versus a Lawyer. Some estates require you close with a lawyer. In New Mexico, we use title companies. Let me explain what the title company does for the client.

They examine the chain of possession of the deeds for any defects or clause that might cause a potential buyer or mortgage company any problems in the future. They will then issue an insurance policy covering that warranty deed. They make sure that the parties involved in the transaction are who they say they are and have the authority and ability to close. The title company will also make sure that the parties involved in the transaction don’t have any current, personal or pending judgments that could attach to the property and cloud the title.

I would use a lawyer to help structure a complicated property purchase or maybe the disposal of a certain properties held in trust. In every situation I would close with the title company or a lawyer to offer the due diligence that a title company provides that can cost thousands of dollars more. And if an error was made, there would not be the insurance policy in place to cover the error. I always close with the title company.

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