You have found the home of your dreams, and you have finalized a mortgage at a low interest rate. You have settled on a closing date and you have already started selecting the perfect furniture and home décor for your Myrtle Beach home. So why do you need a lawyer to represent you at closing?
Real Estate Closing Legal Language
Sellers and buyers alike can find the process of closing on a new home to be confusing. There are a multitude of legal documents to be prepared, signed and recorded. There are personal property taxes to be allocated and paid, transfer of title and title insurance to be purchased. All of this is stated in legal terms that are unfamiliar to the average consumer. A real estate closing attorney will be there to interpret the meaning of these terms and explain their impact on you.
Many buyers in Myrtle Beach and surrounding areas are part-time residents whose primary residence is located in other parts of the country. Real estate transactions can be specific for individual states, and may differ from the buyer’s home state. For example, in California sellers are required to disclose information such as known defects, any environmental dangers in the neighborhood, specific items which will remain on the property and whether a death has occurred on the property within the last three years. Many of these requirements do not hold true for South Carolina. Some states will require a home inspection and actually spell out what a home inspector needs to look for. In South Carolina, a termite inspection is required with the sale of a residential property; however, they are not required in many northern states where buyers previously resided. A real estate closing attorney can explain in layman’s terms what is required in South Carolina and specifically Horry County.
You worked out a purchase agreement with the help of your real estate agent and that agreement may appear to be straightforward. We have seen disputes arise at the time of closing over the actual purchase price agreed upon, when you can take possession of the property, what items will remain on the property or what items will be removed, and restrictions in zoning and use of the property. A real estate lawyer can represent you at the closing and has the experience to settle these disputes before the closing is in the final stages, instead of waiting until after the closing when the settlement cost can increase.
Many sellers and buyers alike believe that their real estate agent is the one to handle all the procedures for a successful closing. Keep in mind that the real estate agent will act on behalf of the person who hired him, whether that is the buyer or the seller. South Carolina law requires that a real estate lawyer handle all real estate closings. Your agent may refer you to a specific lawyer, however, you are free to select a real estate lawyer of your choosing to represent your best interest.
This information is for general use and is not intended to be legal advice. Please call our offices today at 843-903-1212 for a free consultation. We can assist you with your legal needs and guide you in the right course of action.
The Law Office of Dennis J. DiSabato, Jr., LLC
3888 Renee Drive, Suite 201
Myrtle Beach, SC 29579