Closing Costs in the Real Estate Transaction
Next to brokerage commissions, the largest transaction costs most home buyers and sellers face are settlement fees, also known as closing costs. Running to the thousands of dollars, closing costs are another area where robust competition is needed to protect consumers.
Competition to Provide Closing Services
When lawyers compete with non-lawyers to provide real estate closing services, consumers benefit from lower prices and more choice. However, certain states have declared that any non-lawyer conducting a real estate closing is engaging in the unlicensed practice of law (UPL).