SC REQUIRES AN ATTORNEY AT REAL ESTATE CLOSINGS
In South Carolina, conducting a real estate closing is considered the practice of law and must be supervised by a licensed SC attorney. Here are a few reasons why having an attorney is advantageous:
- Legal Expertise: These transactions involve a considerable amount of legal documentation. An attorney can review all documents, ensuring that they comply with state and local laws.
- Contract Review: Real estate contracts can be lengthy and contain legal jargon that may not be easily understandable. An attorney can review the contract, explain its terms, and negotiate on your behalf to protect your interests.
- Title Search: Attorneys can perform thorough title searches to ensure there are no liens, encumbrances, or other issues with the property’s ownership.
- Issue Resolution: If any complications arise during the closing process, an attorney can help resolve any issues swiftly and they can provide legal advice on how to proceed.
- Protection of Interests: Your attorney can advise you on potential risks and work to ensure that you are not signing any documents that could be detrimental to your position as a buyer or seller.
- Compliance with Regulations: An attorney can ensure that you comply with all federal, state, and local regulations to avoid any legal challenges in the future.
Buying or selling a property can be stressful and having an attorney can provide peace of mind. There are always so many questions that arise when discussing real estate transactions, here are answers to some of the most common questions we receive.
FREQUENTLY ASKED QUESTIONS
What documents are typically involved in a real estate closing?
Common documents involved in a real estate closing in SC include the deed, promissory note, mortgage or deed of trust, closing disclosure, title insurance policy, and various affidavits and disclosures. Specific documents required may vary depending on the transaction and any lender requirements.
What is title insurance, and why is it necessary?
Title insurance is a type of insurance that protects against any unforeseen issues or defects in the property’s title. It ensures that the buyer has a clear and marketable title. Title insurance is typically required by lenders to protect their interests, and it is advisable for buyers to obtain an owner’s policy as well for added protection.
What costs are involved in a real estate closing?
The costs associated with a real estate closing can include closing costs, which encompass fees for services such as the attorney’s fee, title search and insurance, loan origination fees, appraisal fees, recording fees, and prepaid expenses like property taxes and homeowners’ insurance. Specific costs will vary based on the transaction and any negotiated agreements.