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Justice Department Urges Rhode Island Senate To Continue Allowing Non-lawyers To Close Real Estate Deals
WASHINGTON, D.C. — The Department of Justice's Antitrust Division issued a letter urging the Rhode Island Senate to reject a proposed bill that would prevent non-lawyers from competing with lawyers to perform real estate closings. In the letter sent yesterday, June 30, the Department expressed concern that the bill would likely cause Rhode Island consumers and businesses to pay more for real estate closings and prevent them from benefiting from competition from out-of-state and Internet lenders that could provide more convenient closing services.
The Rhode Island House of Representatives passed the bill on June 25. If the bill is passed by the Senate and signed into law, it will end the long history of competition between Rhode Island lawyers and lay people to close real estate deals. Instead, consumers would be required to hire lawyers to represent them through the closing process.
"The bill will likely raise prices for Rhode Islanders in two ways," said R. Hewitt Pate, Assistant Attorney General in charge of the Justice Department's Antitrust Division. "Consumers who would not pay for a lawyer would have to do so; traditionally, lawyers charge more than lay providers. Second, without competition from non-lawyers, lawyers' fees are likely to increase."
The bill being considered by the Senate is House Bill No. 5936, entitled, "An Act Relating To Criminal Offenses - Law Practice." After being passed by the Rhode Island House of Representatives, the bill was referred to the Senate Commerce, Housing, and Municipal Government Committee on June 26, 2003. The bill covers virtually all real estate transactions, including residential and commercial deals and purchases, refinancing, second mortgages and other transactions.
A similar bill was introduced last year but did not become law. The Department and the Federal Trade Commission had urged the Rhode Island legislature to reject that bill.
Do not ignore the letters from your lender
If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without delay. Explain your situation. Be prepared to provide them with financial information, such as your monthly income and expenses. Without this information, they may not be able to help. Stay in your home for now. You may not qualify for assistance if you abandon your property.
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Definition:
Also known as the "settlement sheet," it itemizes all closing costs; must be given to the borrower at or before closing.
Earnest money
Definition:
Money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.
After Appraisal
Definition:
Part of the appraisal of a property from which only a portion of that property is acquired for the planned project. This type of acquisition is often referred to as a "partial acquisition."
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