When it comes to the vast disparities between having a non-attorney title agent and an attorney handle and oversee the closing process, the ability to guide a buyer through questions on how to take title to real estate is one of the biggest.
Taking title to real estate is not a one size fits all proposition, in fact, there are numerous ownership variables that come into play on the best method for taking title to real estate.
These ownership variables may include, but not be limited to, liability protection, probate avoidance, estate planning, homestead benefits, ease of transferability, succession planning, multiple owners, tax planning, and privacy or anonymity.
In addition, the specific use of the real estate is also a factor into the ownership analysis, such as whether the real estate is commercial, residential, vacant, co-operative, ground lease, or a development project.
Only an attorney can provide adequate guidance through the myriad of ownership variables, along with the differing uses of the real estate, and match them with the buyer’s goals and objectives.
The key is for buyers to obtain legal guidance from the start, as changing the ownership structure (how title is taken) can be difficult and result in unnecessary costs.