Posted by Cari on 3/31/08 7:17am
Msg #241483

difference between escrow state and attorney state pls

I know this is probably basic notary 101, and I have basic knowledge, but am looking for def from the oh so wise including any attorneys out there....

Reply by sue_pa on 3/31/08 11:25am
Msg #241508

I'm guessing you're not getting an answer because it's not a 'good' question. Be more specific. Differences between table funding and escrow is a question. Attorney only has nothing to do with it.

Reply by Lee/AR on 3/31/08 12:16pm
Msg #241514

Nicely phrased, Sue. I was going to post 'you're talking apples & elephants'...which would be of no help, so I sat on my hands.

Reply by Les_CO on 3/31/08 1:39pm
Msg #241524

Attorney State
An “Attorney State” (like Georgia) is where the local State Bar Association, has lobbied, (read campaign contributions /drinks at Country Club) the local politicians (themselves mostly lawyers) into passing laws to where only attorneys can do closings, thereby charging around $600 for what a notary would do for $100.

A “good funds” or “table funding” State, like CO is where everything happens at the signing/closing. (Except final funding where a three day RTC may be applicable)

An Escrow State, like CA everything goes into escrow, until all applicable laws are met, the lender receives, and reviews the docs (like RTC) checks clear, and someone figures out who gets what. The transaction then ‘closes/funds’.

Reply by SReis on 3/31/08 2:53pm
Msg #241532

I wish....

I only wish we got $600 per closing, I would really be rolling in the dough!!!

Reply by NancyOR on 3/31/08 3:33pm
Msg #241534

Re: I wish....

I think the differentiation between an "Escrow" State and an "Attorney" state is that in the attorney state the drawing of documents and closing a real estate transaction is considered the practice of law.

In escrow states "Escrow Officers" draw the documents required (generally) and close the real estate transaction.

Closing the real estate transaction also involves ordering pay offs and clearing other items from the title, pro-rating any applicable taxes and fees, preparing a HUD-one settlement statement, signing the parties, sending the documents to be recorded and then disbursing the funds when all the conditions are met.

Escrow fees are many times based on the sales price or the new loan amount and, just to give you a sample at my company they are as follows:

Any refinance $250.00
Sale of 250K to 300K, $725 split between buyer and seller

I don't think there is a correlation between your fees and escrow fees.

Reply by Cari on 3/31/08 4:59pm
Msg #241538

the reason for my apples & elephants quetion was

regarding a recent closing I did for a CA property where the date on the docs were not the date I was closing...since I normally do not cloase on CA properties, I was thrown off a bit when I was told that it was okay, in that CA was an escrow state.

thank you all for expanding my defs a little bit more...

Les & Nancy, your posts were most excellent. Thanks everyone.

Reply by Cari on 3/31/08 5:02pm
Msg #241539

sorry for the typos...it's one of those days... n/m