No. Virginia law allows for certain individuals and businesses to act as settlement and escrow agents for real estate transactions. Title insurance agents are licensed, bonded and insured to act in this capacity. Typically, this is a less expensive option since the purchaser is not paying for legal services that are not needed.
The licensed title professional does not act as an advocate for a party to a real estate transaction nor do they engage in dispensing legal advice as these functions may be the practice of law. However, title insurance professionals may prepare closing documents, explain commonly understood terminology and accept and disburse funds. There are, of course, certain circumstances where the advice and counsel of an attorney is justified and necessary. However, in most instances, the purchase or refinance of your home no more requires that a lawyer be present than does the purchase of a new vehicle.
