MA: Push for Non Lawyer Closings
The Real Estate Bar Association for Massachusetts and the Title Appraisal Association are having a show-down in Massachusetts over a potential bill which would allow non-lawyers to perform commercial real estate closings. Massachusetts is one of only a half-dozen states that mandate some attorney involvement in the real estate title exchange process.
The Tital Appraisal Association does not feel having an attorney involved in the process is competitive enough or provides actual consumer benefits. The state’s real estate bar association disagrees and believes an attorney involved in the process actually provides clients with specific safeguards.
The issue was floated during the previous legislative session, but this time the fight over bill, H 904, has progressed further with both sides spending big bucks on furthering their positions.
The title agent association believes lawyers and non-lawyers can coexist in the industry, but the real estate bar argues the potential change is one more example of how out-of-state interests are taking over Massachusetts companies. What do you think the impact, if any, of this legislation would be if it passed?