Real Estate Closings
The De Bruin Law Firm provides real estate closing services and title insurance throughout South Carolina. Whether you’re a real estate professional, buyer, or seller, real estate matters require a large investment of both your time and money. That investment deserves a real estate law firm dedicated to serving you with efficiency and effectiveness. Contact The De Bruin Law Firm for information on our real estate attorney services.
Buying Real Estate in South Carolina
The home buying experience can often be very exciting, but can be equally stressful. At The De Bruin Law Firm, our real estate closing services are aimed at helping you understand each step of the real estate process. We understand that buying a home is often the largest investment a person will make. We would like the opportunity to help guide you through that investment. We want to make your closing experience as stress free and enjoyable as possible. When you’re ready to hire an attorney for your closing, give us a call at (864) 982-5930, or contact us through this form.
Selling a House in South Carolina
There’s a million reasons someone decides to sell: you’ve outgrown your house, your children are grown, you’ve saved for your dream home, you’re relocating, you need something in the city, you want to live in the country; whatever the reason you want to sell, your home is one of your largest investments, so you want to be sure and plan this out to get the most out of this long-term investment. A real estate closing attorney can help. Our closing services make sure any mortgage satisfactions required to sell your home are taken care of, a deed is drafted and recorded, and you are represented at the closing of your residential property.
What is included in a contract to sell real estate?
A well-drawn contract should protect all parties. It should include: the offering price, down payment, legal description of the property, method of conveying the title, fees to be paid and who will pay them, amount of a deposit, conditions under which the seller and buyer can void the contract, the settlement date, financing arrangements, and a list of appliances, furnishings, and personal property that are being sold with the home.
Once you accept a contract, you then look at closing on the deal.
What is involved in a real estate closing?
The road to closing is short, with only a few stops. Generally, all steps are handled by the title and closing agency laid out in your contract. We at the De Bruin Law Firm hope that upon writing an offer, you let your real estate agent know you want us to be used as title and closing firm.
At closing, you will be there with (in some cases) a representative from your lender, your real estate agent, and an attorney who is acting as the closing agent.
As the closing agent, our job is to ensure all the necessary documents are signed and verified and that all funds are properly disbursed.
Types of Mortgages
Fixed Rate Mortgage – This is the standard mortgage model. It is the oldest and most easily understood type of mortgage. It offers for the interest rate and the amount of payment to remain fixed for the life of the loan, typically either 15 or 30 years. However, if rates fall, the holder cannot benefit from the new lower rate unless refinancing.
Adjustable Rate Mortgage (ARM) – This mortgage has your rate rise and fall along with rates/changes throughout the economy. Therefore, you assume the risk of rising rates and you stand to benefit from falling rates.
Convertible Option – FRM and ARM represent the primary options available to homebuyers today. The convertible mortgage represents something of a compromise between the two. It is designed for those who want the advantages of the ARM, but also want to limit the risk of rising rates. Under this arrangement, the buyer starts out with an ARM, but has the option of converting to an FRM at specified points during the loan term.
Federal Housing Administration Insured Loans (FHA) – FHA, also known as the Federal Housing Administration, operates under the control of the Department of Housing and Urban Development (HUD) and has the primary responsibility for administering the government home loan insurance program. This program allows buyers who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA.
VA Loans – Veterans Affairs Loans fall in the FHA category and have the most advantages of FHA loans. They are only available to veterans of the armed services, those currently in the service and their spouses. VA loans are typically half a percent or more below the market rates and they can be obtained with no money down.
Refinance & Home Equity Loans
Home equity loans are an increasingly popular way of using your home’s equity to increase your finances. Typically, a home equity loan is where the borrower uses their home’s equity as collateral when withdrawing funds from the bank. By using the borrower’s home as security for the line of credit, a mortgage lien will be placed against the home. Prior to closing on a home equity line of credit, a title search and certification will typically be required by the lender. In some circumstances, the lender will require title insurance to be issued in order to close on the HELOC.
A HELOC is not the same as a Home Equity Loan. A HELOC acts as a line of credit similar to a credit card where there is an adjustable interest rate. On the other hand, a home equity loan is a one time loan with a fixed interest rate. With a HELOC, the borrower has the ability to choose when and how much to withdraw from their line of credit account.
South Carolina law requires the title certification, closing, and recording of documents to be supervised by a licensed attorney. If you are considering a HELOC from a lender, you should ask if they will cover the closing costs fees. Some lenders will offer to pay the closing fees associated with the title certification, closings, and recording of documents charged by the real estate closing attorney handling your HELOC closing.
As part of the De Bruin Law Firm’s commitment to our clients, we offer remote closings for HELOCs, home equity loans, and refinance closings. We will coordinate your closing date and time with you and your bank, and will either handle the closing at our downtown Greenville office, or will meet you at your lender’s local branch. We leave the choice to you based on your convenience.
Commercial Real Estate
The De Bruin Law Firm represents banks, mortgage companies, and individuals in real estate closings for single family homes, as well as multi-site properties, including hotels, motels, factories, and other commercial properties.
If you own a business and are buying or selling real estate, our real estate closing services can help. Our business law knowledge combined with our real estate services allow corporations, LLCs, partnerships, and sole proprietors to know their closing will be handled correctly.
Title Insurance Services
The De Bruin Law Firm provides title-related services necessary for obtaining title insurance. These services include title abstract services, title examinations, commitments, document recording, and producing title insurance policies.
What Is Title Insurance?
Title insurance is used to protect real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances, or defects in the title to the property.
Each title insurance policy is subject to specific terms, conditions, and exclusions. Insurance such as car, life, health etc. protect against potential future events and is paid for with monthly or annual premiums. In contrast, title insurance is used to insure against events that occurred in the past prior to the transfer of the South Carolina real estate to you.
Also, title insurance is only paid once with a one time premium, paid at the time of the real estate closing or settlement. Title insurance is needed by lenders and the person who is purchasing the property. While a person is not required to buy title insurance (an owner’s policy), lenders often require the purchase of a lender’s policy as a requirement of the loan.
What Are Title Defects?
Title defects are things such as another person claiming ownership of the real estate, improperly recorded documents, fraud, forgery, liens, encroachments, easements, and other items that are specified in a title insurance policy.
How Much Does Title Insurance Cost?
Title insurance premiums are regulated by South Carolina and depend on the purchase price of the property and the loan amount. Therefore, these costs will vary. Additionally, like other insurance policies, there are different levels of title insurance that provide more and less coverage.
Real Estate Closing Services