If you are working with a realtor, a real estate agent, or a real estate company, we want you to stay with them through all the things leading up to when you make an offer on a house or when you put your home on the market. Your real estate agent is the professional that understands how to get your home under contract. Once it’s under contract, then you or your realtor will come to us to start the process of abstracts, titles, and closings. A real estate agent will normally walk you through all the nuances of selling or buying a property, but it’s always good to be organized. It’s best to have all your paperwork and your contracts ready when you contact us.
What things can happen in a real estate transaction that can cause either party to be liable?
There are two things that are happening simultaneously when you sign a normal real estate or a residential closing.
The first is, the buyer is paying for an appraisal of the property and the home inspection of the property. There is usually a legal requirement for a termite inspection that is paid for by the seller. Secondly, at the same time, the buyer is seeking funding from the lender. If the termite inspection from the seller shows a termite infestation, a decision needs to be made at that point to either eradicate or fix the situation. If the buyer agrees, that needs to be done.
This could also cause the sale to fall through. If there is too much infestation, the buyer may not want to go forward. If the appraisal comes back at a value that is less than the mortgage, then that may be cause to not go forward. For example, if the mortgage is $100,000 but the appraisal comes back at $90,000, the house is not appraised for the value they want the loan for, so the sale price could cause it to fall through. In addition, the home inspection could come back with a major foundation issue that is not easily fixed by the seller. This, also, could cause the buyer to back out of the contract.
What is a free and clear title? How does it relate to the sale of property?
Clear title is a word that means the title is insurable. This also means that the title is marketable, which means you can sell your interest in that property. You can find out if your title is clear and marketable through researching the ownership history and if there are any encumbrances to that title.
Is there any sort of grace period where one party can back out of a real estate transaction?
Once a contract is signed, you agree to the milestone dates mentioned in the contract. At a closing, you legally transfer the property. That is legally binding.
How long does it typically take to purchase or buy a property in south carolina?
When a real estate client comes to us after meeting with a real estate agent and discussing making an offer, we usually can close within 30 days. This is dependent on whether the buyer has their paperwork and been approved by a mortgage company. For a commercial property, however, it can take anywhere from 60-90 days for a closing.
Additional Information on Real Estate Law
The sooner you get your information to the real estate attorney, the easier things become. In a closing, there are a lot of people that need to be informed, a lot of research that needs to be done, and in some cases, other parties (such as mortgage companies) that also need to be involved and informed. In a situation where the mortgage company needs other creditors be paid off at settlement to clear the creditors and only have the mortgage on the property, it is important to get the information to the company, because getting that information from the creditors takes time. The sooner you get you the real estate attorney, the more smoothly things will go.
For more information on Preparing For A Real Estate Transaction, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 982-5930 today.