Who typically selects and pays for the closing attorney?

Prepare for the North Carolina Post Licensing 302 Exam. Enhance your understanding with comprehensive study materials, flashcards, and practice questions. Boost your confidence and get ready to ace your exam!

In real estate transactions, it is generally the buyer of the property who selects and pays for the closing attorney. This is largely because the closing attorney plays a crucial role in ensuring that the closing process goes smoothly and that the buyer’s interests are adequately represented during the transaction.

The closing attorney is responsible for preparing and reviewing documents, conducting the closing meeting, and ensuring that any legal requirements are met. Since the buyer is the one seeking legal protection for their new purchase and ensuring that the title is clear, it makes sense that they would choose the attorney to handle these responsibilities.

In many cases, even though the seller may have a vested interest in the closing process, they often do not pay for the attorney since the primary obligation lies with the buyer, particularly in handling the closing paperwork and ensuring that the transaction logistics align with the buyer's financing. Similarly, while real estate agents provide valuable assistance in the process, they typically do not select or pay for attorneys, instead focusing on negotiations and facilitating sale agreements. Lastly, lenders may have recommendations for closing attorneys but do not typically cover the costs associated with the closing attorney’s services.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy