Attorneys provide legal representation to Buyers during the closing, whereas Settlement Services Companies provide no legal representation to Buyers
Attorneys will work with the parties to address and correct known title issues, whereas Settlement Service Companies will not
Attorneys are closely regulated by the North Carolina State Bar and the North Carolina General Statutes, whereas Settlement Services Companies are unregulated
Most Attorneys carry malpractice insurance, many Settlement Services Companies do not carry such insurance
The North Carolina State Bar has a client reimbursement fund that reimburses clients in cases where an attorney commits some type of misconduct, whereas no such fund exists to reimburse clients of Settlement Services Companies that commit misconduct
Attorneys can explain documents and give professional advice regarding the legal ramifications and effect of documents and title issues during the closing process, whereas Settlement Services Companies are prohibited from explaining or giving advice regarding documents or title issues during the closing process
Attorneys' liability to and duty to the client extends beyond the closing, so that typically the Attorney is bound to make any necessary corrections after closing, whereas a Settlement Services Companies' responsibility ends at completion of the closing
Attorneys' trust accounts are strictly regulated by both the State Bar and the North Carolina Good Funds Settlement Act, and therefore Attorney Trust Account Checks are treated as certified funds, whereas Settlement Services Companies' accounts are unregulated and checks which they issue are not treated as certified funds
In the vast majority of cases, the total fees for the Attorney closing are the same as or less than those for the Settlement Services Company closing, and the Attorney closing includes legal representation
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Master Title now provides an additional legal resource for our clients!
