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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.
A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving
Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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Hud Housing Program
The Uniform Act, passed by Congress in 1970, is a federal law that establishes minimum standards for federally funded programs and projects that re... Read more >
Definition:
Power of Government to restrict/control a property owner's right to create entrances and exits on a public road. After a roadway is designed, built, and in use, there will be instances in which someone will request permission to create a driveway or entrance onto the roadway.
Fair market value
Definition:
The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.
Lease purchase
Definition:
Assists low- to moderate-income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.
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