Florida question ~ Does an attorney have to prepare the HUD1?

[wickedness1]

Hey Florida guys,

Do you guys know if an attorney has to prepare the HUD1 Statement on a Florida transaction? Or can a title company prepare it without an attorney?

Thanks guys for any info!

 

[Theresa James]

Title company w/no attorney. Completed quite a few years ago while working at a title company.

 

[Joyce Potts]

What difference does it make?

 

[MBD]

Unfortunately, attorneys are not required for Florida real estate contracts, title work and closings.

 

[wickedness1]

What difference does it make?

A church friend of mine got into a mess with a Marco Island house. He co-owns it with 3 other people & they are negotiating a short sale. ($127k short sale amount for a house they bought a couple of years ago for $425k+/-)

The 4 men are fighting about the transfer to a cash buyer. One man is insisting that an attorney HAS to do the closing, while the other men are arguing that a title company has do it.

I told him I would ask around because maybe Florida law states that an attorney has to be involved. Since its a cash deal, I don't see why a title company would have to be used, I would think a flat fee at an attorney's office to do a title search & draft the new deed would be fine. But I thought I would ask if anyone knew of any law one way or another.

 

[Wendy]

A wise man once told me to never invest in anything with your friends or family - keep your money separate from your heart.

Wise man.

 

[nauthead]

From a friend who owns a title company and is an attorney:

"Mike:

Title companies can prepare HUD-1s and close real estate transactions as long as they are doing it incidental to the issuance of a title insurance policy. If they are not issuing a policy then they can't do either".

 

[wickedness1]

From a friend who owns a title company and is an attorney:

"Mike:

Title companies can prepare HUD-1s and close real estate transactions as long as they are doing it incidental to the issuance of a title insurance policy. If they are not issuing a policy then they can't do either".

Thanks so much! This is exactly the info I was looking for! I've forwarded it to my friend & hopefully they can get out from under this burden already!

 

[Alison Swain]

I had a local title rep tell me they're losing lots o' bidness to RE attorneys now.