Final answer:
The lawyer must typically contact the other client to ensure that all parties involved are informed and have consented to the change that only one client will be on the title in a real estate transaction. Further communication with the real estate agent, title company, and bank may also be necessary.
Step-by-step explanation:
In a complex real estate transaction, if one of the clients states that they will be the only one on title, the lawyer must typically contact the other client. This is necessary to ensure that all parties involved are informed and have given their consent, particularly if there was a prior understanding or agreement that both clients would be on the title. Communication with the other involved parties such as the real estate agent, the title company, and the bank could also be essential to update them about this significant change in the transaction's structure.
It's important to note that the specific actions may vary depending on the jurisdiction and the exact nature of the transaction. For instance, if the property is being purchased with the assistance of a bank loan and the bank was operating under the assumption that both clients would be on the title, it could be necessary to re-evaluate the loan agreement. Similarly, the title company needs to be apprised of the proper party or parties to place on the title.