Land Closings: Can I Close a Deal Alone?

Whether you’re a buyer or a seller, a land transaction can prove complex, and may take weeks or months to complete. With all the time, effort, and money it will require, it’s essential to make sure you don’t waste those resources.

In some states, you’re required to have an attorney complete the real estate closing transaction, and many states, such as California, Florida, Texas, Illinois, and Washington, close real estate transactions using a title or escrow company rather than requiring an attorney. Regardless of where you live, there are a variety of reasons you might want to consider retaining an attorney to represent your interests in the closing.

Technically, unless you hire an attorney to represent you at closing, no one else participating in the closing exclusively represents your interests. It’s important to understand that other attorneys present at the closing do not represent you.

The closing is an essential aspect of the land purchase transaction. At the closing, the title passes from the seller to the buyer, who pays the purchase price balance. If you obtained a land loan, monies pass from the lender to the seller. An attorney can help the buyer or seller understand the closing documents, including closing costs.

Buying land is often the biggest purchase of your life, and having an attorney can offer peace of mind throughout the process. Any experienced real estate agent or broker will tell you that some unexpected issue nearly always crops up at closing. Having an attorney present to advise on the matter and deal with it accordingly can help prevent a deal from falling apart at the last minute. In this video, Pat Porter, with RecLand Realty, talks about the risks of closing land deals without using a title company or closing attorney.