South Carolina Real Estate Purchase Attorney
December 13, 2022
Attorney for Real Estate Purchase Assists Clients Buying a Home in Beaufort County, Jasper County, or Throughout SC
Aspects of the Homebuying Process that a South Carolina Real Estate Purchase Attorney from The Bannon Law Group LLC Can Help You With
A home represents one of the most important purchases that any person can make. In addition to determining how much you can afford to spend on a home, where you want to live, and what features you want in your home, there are plenty of legal matters that must be handled throughout the homebuying process. At The Bannon Law Group, LLC, a South Carolina real estate purchase attorney from our firm can assist you with details of the homebuying process such as:
- Helping to draft and reviewing the purchase contract, explaining the terms of the contract to you and ensuring that it protects your rights and interests.
- Reviewing loan documents if you need to take out a mortgage for the purchase.
- Reviewing the terms of a title insurance policy if one is purchased or if the lender requires the purchase of a policy, including discussing the details of coverage such as whether the buyer should purchase an owner’s title policy.
- Performing a title search to check if there are any defects in the seller’s title, such as a break in the chain of title, liens or other encumbrances, discrepancies in the property and boundary descriptions, or covenants, easements, or other title restrictions that had not been disclosed by the seller.
- Conducting the closing, including presenting documents for signature and recording the deed and other documents with the public registry.
What You Need to Know about Buying Property in South Carolina
The process of buying property in South Carolina begins with making an offer to the owner of a home or property that you wish to buy. This offer takes the form of a “contract” to purchase. Once the seller accepts the contract, both parties are bound to its terms. For that reason, it is important for a buyer to work with a South Carolina real estate purchase attorney even before identifying the property they want to purchase. An attorney can help a buyer by reviewing the contract (or drafting the contract if the buyer is not working with a real estate agent) to ensure that it protects the buyer’s rights and interests.
In South Carolina, once a buyer’s offer is accepted by the property owner, the buyer is required to work with an attorney to complete the transaction. The buyer must retain an attorney to conduct a title search to ensure that the seller’s title does not have any defects that might impair the buyer’s rights after the purchase.
In many cases, a buyer will need to obtain a loan or mortgage to finance the purchase. If a buyer does not already have preapproval from a lender, they will need to arrange financing. Lenders normally require the buyer to provide a down payment, which is cash the buyer contributes to the purchase price. A buyer may pay a portion of the down payment when the contract is accepted by the seller, with the remaining down payment paid at closing. The lender may also require the buyer to obtain mortgage insurance, typically if the buyer’s down payment is less than 20 percent of the purchase price. Lenders also normally require the buyer to obtain title insurance, which insures the lender’s security in the property.
At the closing, the buyer’s attorney will present the transaction documents for signature by the parties. The buyer’s attorney then records the transaction with the Register of Deeds.
Contact The Bannon Law Group LLC for a Consultation to Learn More about What a South Carolina Real Estate Purchase Attorney Can Do for You
Frequently Asked Questions About Real Estate Purchases in South Carolina
Do you need a lawyer to buy a house?
In South Carolina, buyers of residential property are required to hire an attorney to oversee the entire closing process. This may include a title search on the property they are purchasing. A title search is intended to ensure that the seller owns the title to the property, identify any easements, covenants or title restrictions, and ensure that there are no liens or other encumbrances on the property.
What does a real estate lawyer do?
In addition to performing a title search, a real estate lawyer can help a homebuyer with other aspects of the purchase process, such as reviewing the purchase and sale agreement and other legal documents needed to effect the transaction, advising the buyer about the meaning and legal effect of easements or title restrictions, and overseeing the proper execution of transaction documents.