If you buy a house in Charleston, South Carolina, you can choose to hire a real estate attorney. Investing in real estate lawyers in Charleston helps coordinate the process of closing and negotiations with real estate agents, other parties involved in sales and banks if applicable.
1. They Have Local Knowledge of South Carolina Laws
In South Carolina, a lawyer is needed for the closing process, whether the house you buy is on the beach of historic Downtown Charleston. The Supreme Court of South Carolina mandated the use of lawyers for the closing process of the house, including the search for titles, loan documentation, document recording and release of the money.
Your lawyer can function as your legal representative in every section of the transaction.
2. They Ensure All Disclosures and Terms Are in the Real Estate Agreement
The real Estate Purchase Agreement outlines all transaction details. This agreement must include offers to sell or buy, receive offers, prices for sale and sufficient property description. Working with a real estate attorney can help prevent potential problems when reviewing the contract.
You can enter various possibilities in your real estate purchase agreement. A real estate attorney can negotiate this possibility with the seller, such as inspection, financing and assessment.
They ensure your contract includes disclosure of any problem with property according to the South Carolina Law. This disclosure includes:
- Lead-based paint disclosure: If the property was built before 1978, the seller must reveal this to the buyer along with other information about lead-based paint in the property.
- Residential property condition disclosure statement: The buyer must receive a report of this condition before signing the housing real estate agreement. In this document, the seller explains the current physical condition of the property. After signing this statement, the Real Estate agreement is considered legally binding.
- Coastal tidelands and wetlands: The seller can reveal whether the property sold entirely or partly towards the sea from the setback line. They can also reveal the level of local erosion. However, this is only a regulation that has no influence on the legality of the agreement.
3. They Can Research Title Issues
As part of the closing process, buying a house in South Carolina requires a title search by a lawyer. The lawyer reviews public records and other sources for every pawn, obstacle and convenience, such as houses for sale in Mount Pleasant, SC that may have public access by utility companies. The title of the title can also uncover open court cases, violations of codes and third party claims to property, such as taxes that have not been paid against the current and previous owners.
With the help of your lawyer, you can insist that the seller fixes any problem before closing the house. A lawyer can ensure that future sales are not affected by certification of pawn rights have been paid and deleted from public records.
4. They Can Help You Navigate Title Insurance
After the clear title has been determined, the lawyer has given an opinion of the title that proves its validity of the title. They can then help you get title insurance to protect you from the problems found previously during the title search.
Getting insurance protects you from problems such as other people who claim property ownership, pawn rights, counterfeiting and other goods in the insurance policy. If this problem arises and is included in your title insurance policy, your real estate attorney can help you submit your claim. They can work with insurance companies to delete it and delete the title.
5. Real Estate Attorneys Remain Impartial
According to the consumer protection code for South Carolina, buyers usually choose closing lawyers. This guarantees that lawyers can give clear rights to property. Real estate agents must respect the choice of buyer’s real estate attorney.
As a neutral third party, the lawyer does not represent the buyer or seller during the closing process of the house if there is a dispute.
6. Real Estate Attorneys Require Open Communication
Your lawyer will need a lot of documentation and personal information from you during the closing process. Give your lawyer your complete contact information, including your official name, when you first meet them to consult.
Be sure to immediately respond to telephone calls, emails, and text messages from your lawyer. When you have open communication with your lawyer, you help ensure the closing process runs smoothly so you can move to your dream home on time.
7. They Can Help Understand Financing
To get financing, you must meet several requirements and provide documentation to your lender. These documents include personal information, revenue verification, asset and debt documents and credit verification. Even when the lender approves the mortgage, the buyer must meet the specific requirements, such as signing the promissory letter to pay back the loan before it is closed.
You may need the help of real estate lawyers to understand the expectations of lenders and ensure you meet the loan requirements by the loan giving deadline. Having your lawyer helps you with the financing can guarantee that the consent of your loan-lending mortgage and money runs smoothly during the closing process.
8. You Can Choose to be present for the Closing of Your New Home
You can meet your lawyer to sign the closing document directly. You can choose to sign it remotely if the lawyer sends it via letter or email, but you still have to be present directly if possible because the document requires an original signature.
However, signing the closing document does not mean you have ownership. Your lawyer must transfer money to the seller’s lawyer to be closed after you receive approval. Then you can take ownership of your new home.
Choosing a Real Estate Lawyer in South Carolina
With Charleston’s real estate lawyer guidance, new home purchases can be an interesting life event. Their local legal knowledge helps ensure a smooth closing process so that you can stay in your new home at the expected time. In addition, a lawyer can give you peace of mind that you make the right decision when you move forward with your purchase.