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Tag Archives: closings

Lawyers’ bill would wrest control of closings (access required)

Doing a closing is the practice of law - and it isn't. It depends whom you ask, where you are and which part of a "closing" you're doing. Last week the State Bar council adopted a resolution supporting H. 690, a bill pending in the General Assembly that would "clarify the law with respect to the involvement of attorneys in closings," according to Rep. Tim Moore, R-Cleveland, one of the bill's co-sponsors.

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NC lawyers question thoroughness of outsourced title search (access required)

Outsourcing is nothing new, and businesses have been outsourcing certain operations to India for years. But property and property law in North Carolina, for the most part, is local - at least for now. Still the push is on from industry and, arguably, the federal government to nationalize the attorney-controlled real estate system in the state. A company based in Bangalore, India, has been offering its title abstracting services in North Carolina for at three years, according to its managing partner, M.S. Shridhar.

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HUD, Trust Title headaches throb in North Carolina (access required)

Raleigh resident Michael Pennington is mad at Trust Title. The real estate broker's client was under contract with the Department of Housing and Urban Development to purchase a property in Durham. The contract was signed in August, and the closing was to occur no later than Nov. 10. Pennington's client remitted an earnest-money deposit of $1,000 to HUD's contractor, Reston, Va.-based Trust Title - but the deal never closed.

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Attorneys: HUD forcing NC lawyers to break its own rules (access required)

The Department of Housing and Urban Development says it is eager to offload an unprecedented inventory of North Carolina residential real estate, but its own rules and contractors are inhibiting closings on sales of HUD-owned properties, attorneys say. "My experience with HUD has been that they have established some rules which have made it very difficult for them to liquidate real estate in my opinion," said Monroe attorney Lewis R. Fisher. "To further complicate matters, HUD has representatives who don't understand real estate law in North Carolina," he said.

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