What are the advantages of having an attorney handle the closing instead of a title company?
An attorney handling a closing not only handles the duties of having the closing documents executed properly but can also advise you on applications of Kentucky law and your rights and responsibilities under the law. A non-attorney is not permitted to render legal advice to a Buyer/Borrower because to do so would be practicing law without a license. So, for about the same money you can have your closing handled by a professionally educated person who is capable and permitted to give you legal advice. Additionally the Escrow accounts of attorneys are much more regulated than those of title companies. An attorneys Escrow account (the place your down payment and the loan proceeds are deposited) is monitored not only by the particular bank, but also by the Kentucky Bar Association. This helps to insure that the funds needed for a closing are properly applied and that your money ends up where it is supposed to be.
