Real Estate Blog

What Does a Probate Lawyer Do? Here’s What You Need to Know

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What does a probate lawyer do? Unfortunately, there’s no one-size-fits-all answer to this common question.

The true answer depends on what you need help with and where the lawyer would be able to assist you. These types of lawyers are specialized to be able to perform a number of tasks involved with the probate process on your behalf.

We’ve put together this guide to help you understand more about what their role is and why it is important, so make sure you keep reading below to find out more.

What Does a Probate Lawyer Do?

When a person passes away, they leave behind a number of assets, such as their personal belongings, a home, money, etc. Most people appoint an executor of will to be in charge of disbursing these assets to any other beneficiaries.

This process can often be complicated and confusing. That’s where a probate lawyer comes in.

This type of lawyer is well versed in all the probate laws in your state, and their job is to guide the executor of will through the process and help with any difficult steps.

Some of the jobs they might take care of including the following:

  • Appraising the property of the person who passed away
  • Securing all that person’s assets
  • Finding out how much (if any) estate taxes are owed
  • Handling the proceeds from life insurance
  • Filling out any necessary documents

If the person who passed away had any debt or bills they failed to pay, a probate lawyer will also advise the executor of will on the best way to handle these issues.

What Happens If There Was No Will?

If someone dies without a will, all their assets must be dispersed according to intestacy laws. In other words, the state will distribute the assets—regardless of what the person may have wanted.

For cases like these, you can hire a probate lawyer to help the administrator of the estate (which is kind of like the executor of will) through the process. They may still be able to perform all the same jobs, but they may be limited by the intestacy laws.

This is one of the reasons it’s so important to have a will (even if you’re young and healthy). Otherwise, your assets may not go to the people you want.

When Should You Hire a Probate Lawyer?

The specific process of probate varies depending on the sate. Some states have a simple probate process, so you may be able to get through it on your own.

However, in most cases, it’s better to hire a probate lawyer.

Since they know the probate laws inside and out, a lawyer will be able to guide you through the steps quickly and efficiently. They’ll also be able to take care of troublesome paperwork and ensure you don’t make any mistakes that can turn into bigger problems later.

Most importantly, however, hiring a probate lawyer will help you focus on what really matters, which is mourning your loved one who passed away and being with family and friends.

Questions You Should Ask a Probate Lawyer Before Hiring

If you’re getting ready to hire a probate lawyer, you should make sure you get the answers to these questions before you hand over any money. This will ensure you get an experienced lawyer who knows what they’re doing.

“Have You Worked on Cases Similar to Mine?”

Any probate lawyer you work with should have at least several years of experience. If your case is complicated, you should also make sure they have worked in similar circumstances. This way you know they can handle any problems that come up along the way.

“Are There Any Issues I Should Expect With My Case?”

It can be difficult to predict if anything will go wrong during any type of case, but a probate lawyer should be able to review your case and point out any small issues that could turn into more pressing concerns. They should also be able to recommend solutions to help you solve those problems.

“Do I Need to Know About Any Deadlines?”

There may be specific deadlines you need to meet when submitting claims or filling out paperwork. Ask your lawyer about these dates so you know what has to be done by what time.

“How Long Will the Probate Process Take?”

Again, this is a difficult question to answer. Every case takes a different about of time depending on the circumstances. A probate lawyer should be able to give you a rough estimate, however, and they should keep you up to date with everything that happens as it goes on.

“How Much Do You Charge?”

Make sure you understand how much the lawyer charges before you hire them. You should also ask about any other fees you’ll be responsible for so you aren’t surprised by a large bill later.

Don’t focus on the price too much.

You don’t want to hire the cheapest probate lawyer you can find simply because they’re the cheapest. Remember, you get what you pay for. Investing more money into a lawyer that has the right experience is well worth the cost.

Hiring a Probate Lawyer That Can Help You

So, what does a probate lawyer do? In short, they help you through the process of distributing someone’s assets after they pass away.

Not sure where to find good probate lawyers in your area? Our team at De Bruin Law Firm can help you with any of your probate needs.

Don’t hesitate to give us a call today.

Do I Need a Real Estate Attorney? 6 Reasons to Hire One

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So, you are ready to jump into the world of homeownership. You’ve been saving for your down payment. You’re carefully thinking about what’s important to you in the house you choose.

You have a real estate agent who’s been showing houses and you think you’ve found the one. You also have the inspector and the mortgage broker all doing their part in the process to get you into a house.

Now, you’re wondering do I need a real estate attorney, too? What does the real estate attorney do that is different from the other players involved in the process?

And if you’re pinching pennies, you might be wondering do I really need to pay another person to get me into this house?

Read on to learn all about real estate attorneys and the 6 times when it makes lots of sense to hire one.

What Does a Real Estate Attorney Do?

A real estate attorney’s involved in the legal actions connected to real estate. They might get involved as you begin the process of buying a piece of property. The attorney might also become involved if there are disputes connected to the purchase.

There are two types of real estate attorneys.

One type would handle commercial real estate transactions. Often this means they are dealing with construction, development, and zoning related issues.

The other type of real estate attorney will deal with residential real estate. This means they would be involved in the many steps of buying or selling a home.

There is one unique feature of working with a real estate attorney, whether it’s commercial or residential. They do not work for commissions like a real estate agent or mortgage broker might.

Because they don’t have a vested interest in whether a sale goes through or not, they can give sound objective advice to those they represent.

1. When You Must Hire a Real Estate Attorney

You always want to consider hiring a real estate attorney if you’re worried you don’t understand something or you want to make sure the legalities are in place.

There are many states across the US that require a real estate attorney to be present with making a sale of a property. These states include:

  • Alabama
  • Connecticut
  • Delaware
  • District of Columbia
  • Georgia
  • Kansas
  • Kentucky
  • Maine
  • Maryland
  • Massachusetts
  • Mississippi
  • New Hampshire
  • New Jersey
  • New York
  • North Dakota
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Vermont
  • Virginia
  • West Virginia

Whether you are buying real estate or selling it, you must have a real estate attorney through the transactions in these states. Of course, it’s a good idea in the states that don’t require it too.

2. Commercial Real Estate Needs for a Real Estate Attorney

Commercial real estate is unique and most people have a pretty limited experience level with it. It can be very costly to buy commercial real estate and it comes with some risk.

For this reason, if you’re involved in buying commercial real estate, it’s a smart idea to get a real estate attorney to guide you through the process.

A lawyer advising you on commercial real estate might help with:

  • Environmental concerns
  • Zoning issues
  • Liens
  • Easements
  • Legal description accuracy
  • Structural conditions
  • Rents derived from the property

If you are purchasing a piece of property that you intend to lease out for long periods of time, you want to make sure you have the right contracts and lease agreement so you are protected.

3.  You’re Represented

This has already been mentioned, but the importance can’t be stated too clearly. Whether you are buying a commercial piece of property or a residential piece of property, the real estate agent is there for you.

Sure, you might really like and trust your real estate agent. But the truth is they don’t make any money if they don’t make a sale.

Your real estate attorney has no vested interest, either way, to make sure the sale goes through. They are just there to make sure the sale is done in a legal manner and that your interests are represented, whether you buy the property or not.

4. Real Estate Contracts and Documents

The real estate attorney’s role is to make sure you are advised and protected and to assure that all documents connected to the sale of the property are done correctly.

They will evaluate the contracts leading up to the sale. Their role will also be to check over the documents that are part of the sale of the property. These documents might include:

  • Property deed
  • Legal descriptions
  • Mortgage loan documents
  • Closing documents
  • Title and the title insurance policy

Any errors in these documents can be costly and can delay the sale of the property.

5. Give Advice on Rights

In a perfect world, you find a great piece of real estate. You make an offer and agree on a price. The paperwork gets done and bam, you are a homeowner.

Of course, buying real estate often comes with more hiccups than that streamlined process.

The property may have issues you need to address. Maybe there is asbestos, lead paint, or even has termites. In some cases, you might decide to walk away and not buy the property.

In other cases, you might change your offer and renegotiate. Your real estate attorney can help with the legalities, especially when there are complications to the sale.

This would also be true if litigation or disputes arise after the sale’s finalized.

6. Financial Documents From the Sale

Finally, the real estate attorney can be responsible for making sure all the financial documents are accurate for the sale. You don’t want to be charged the wrong rate or pay more fees than necessary.

Understanding When Do I Need a Real Estate Attorney

Still, wondering do I need a real estate attorney?

If you are about to buy a piece of real estate it makes sense to have your interests protected by hiring a real estate attorney to guide you and protect your legal interests.

If you are buying real estate and are looking for a real estate attorney, we can help. Contact us today to set up a consultation to go over your needs.

7 Questions to Ask Before Choosing a Real Estate Attorney

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With over 5 million residential real estate transactions per year, people can become overwhelmed with the process of buying and selling. It might be time to get a real estate attorney to assist you.

If you want to ensure you’re legally safe, then you’ll need to vet the attorney properly. Make sure you ask these questions before making the final hiring decision.

1. How Much Experience Do You Have?

The longer the attorney has been working, the more scenarios and variety of cases they have handled. You want a legal representative who can deal with any situation.

Are you going through the simple processes of buying or selling? Do you disagree with something in the contract? A real estate lawyer can help guide you through the process.

For situations that are more complicated like a lawsuit or possible fraud case, you want the most experienced attorney fighting for you. If you purchased a house but the home inspector and selling agent lied, you’ll need to take them to court.

No matter your current or future situation, make sure you find out if the lawyer has the experience you need.

2. What Are Your Fees?

If you are planning to buy a home soon, you will have a set budget on what you can spend for a lawyer. How much an attorney charges can depend on a few variables.

Here are some of the most common factors:

  • Type of real estate transaction
  • Size of the deal
  • Lawyer’s current schedule

For simple transactions where you just want a lawyer to read over paperwork to avoid miscues, then you may only have to pay a flat fee. Deals that are larger and more complex may cost you $100-$400 per hour.

Great lawyers are going to be busy. To get their services, you may have to pay a monthly retainer or fee that reserves time with them.

Some attorneys are willing to help you avoid spending money from your pocket. Instead of upfront payment, they will take a percentage cut of the sale or purchase of a property.

Avoid possible problems in the future by figuring out their price now.

3. Can You Give Me a Plan of Action?

You are looking to hire a real estate attorney because there’s a good chance you don’t know much about real estate law. However, you should still ask for a plan of action.

A competent lawyer will walk you through the steps of their process. They will ensure you understand the reasons behind every move.

Their plan of action should come with an open line of communication. Life rarely goes according to plan, so it’s important to be aware of updates.

Ask the lawyer how easily accessible they are. You should be able to get a return call or email within a business day. Most reputable law firms will have an emergency line in case something needs immediate attention.

4. Are You the Only Real Estate Attorney on the Case?

If you are looking at a big law firm, there’s a good chance you may have a team of associate lawyers and paralegals helping. You should be comfortable with everyone involved.

Ask a potential attorney if they will be the only person on the case. Getting passed off to another lawyer doesn’t feel personal or helpful.

Real estate cases can be humiliating. People who are guarded about their personal dealings and transactions don’t want lots of strangers knowing their business.

Do you want to consistently work with one lawyer for a personal experience? Be forward about your expectations regarding who will work with you.

5. Why Should I Choose You Instead of Another Lawyer?

Asking this question isn’t meant to hurt anyone’s feelings. The truth is that there are a lot of real estate lawyers offering their services.

Part of their answer will depend on what you value. Do you prefer quick deals? Do you want to be completely hands-off?

Strong competition should push area lawyers to reach their full potential. Ask an attorney what makes them better than the surrounding firms. Their answer should be straight forward and concise.

Be wary of attorneys who ramble without actually answering the question.

Most law firms will jump at the opportunity to brag about themselves in front of a potential client. Make them pitch their services to you in hopes that they bring their best abilities to court.

6. Have You Had a Case Like Mine?

You’ll want a strong legal representative for complex real estate matters. With their years of experience, has the law firm seen a case like yours? More importantly, how did they do with that case?

Ask about possible obstacles in your case and how they can overcome them. A great attorney will also know the other party’s strategy and their plan of action.

If the lawyer you speak to doesn’t have familiarity, it’s possible someone else in the firm has dealt with your case.

7. Do You Have References?

When you meet with a lawyer for an initial consultation, you get to hear them talk and see how they handle questions. As a possible client, they are going to roll out the red carpet for you.

Ask for a list of recent references to get a better picture of the lawyer. A professional reference can tell you how they operated under pressure and their weaknesses.

If a real estate attorney cannot provide a list of references, take it as a sign that people are not happy with the representation they received.

Start the Interview

The future of your real estate transaction depends on the questions you ask. A real estate attorney who answers confidently can make your life easier.

The right real estate legal professional can answer your questions, review documents, and argue cases for you in court.

Don’t wait any longer. Get the right attorney who will fight for you by contacting us today.

COVID-19 Closing Procedures Bulletin

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COVID-19 Closing Procedures

Hiring a Helping Hand: How to Find a Professional Real Estate Closing Attorney

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Buying a house is exciting and in 2018, more than 5.34 million people closed on new homes. But there’s more to buying a house than getting a mortgage and taking possession of the keys.

You have to close on the property. The closing process helps ensure that everything gets handled legally. That’s why hiring a real estate closing attorney is one of the best things you can do.

However, if you’ve never bought a house before, you’re probably not sure where to start. Read on to learn a few tips to help you find the right attorney quickly.

Ask the People You Trust for Recommendations

The best place to start when looking for a real estate closing attorney is to ask the people you know and trust. Talk to your friends, family, and coworkers who recently purchased a home.

Ask if they worked with a real estate attorney and get their recommendations.

If none of your friends have worked with a real estate attorney, ask them if they know of anyone who has. Remember, you’re not just able to use your network—you can use theirs as well.

The more people you can reach out to, the more likely you are to get several recommendations for attorneys in the area. Just make sure their practice is conveniently located for you.

If you work with an attorney that’s out of the city, you may find it more difficult to take care of documents and appointments.

Talk to Your Real Estate Agent

If no one you know has a recommendation for an attorney, talk to your real estate agent. Remember, your real estate agent is intimately familiar with everything that goes into buying and selling a house.

This means they’ll know who to talk to in the community and can give you a list of names quickly.

If they don’t know any attorneys personally, their coworkers and other real estate agents will. You can even use these recommendations in conjunction with the ones your friends give you to help you find the right fit for your needs and your budget.

Schedule a Consultation with Each Attorney You’re Considering

Almost all attorneys offer free consultations. This allows them to better understand how they can help you and gives you the chance to make sure you’re comfortable with the attorney.

Take the time to schedule a consultation with each attorney you’re thinking of working with. Most consultations only take half an hour, but that’s plenty of time to make sure they’re the right fit for you.

If an attorney charges for a consultation, keep looking.

Make Sure They Can Work with Your Timeframe

Unfortunately, some attorneys just don’t have the time to take additional clients. This isn’t a reflection of you or your home purchase—it just means they’re too busy at the moment.

Before you leave the consultation, discuss your ideal timeframe. Tell them when you’re hoping to close on the property and when you want to be able to move in.

If they have time for your case, great! But if not, you’ll need to keep looking.

Feel free to ask these attorneys for recommendations as well. They may know a real estate closing attorney who has more availability and can work within your timeframe.

Understand Their Fees

Before you agree to work with an attorney, make sure you understand how you’ll get charged for their services. Most legal professionals charge for their work by the hour, but some charge a flat fee for certain services.

Some firms also assess incidental expenses throughout the closing process. If you’re not aware of what these are, they could take you by surprise and increase your closing costs significantly.

Take the time to clarify your attorney’s fees. It’s okay to be blunt and ask for clear details.

If you’re comfortable with their rates and how they charge for their services, great! If not, keep looking. Just remember that you pay for experience and a cheaper attorney may not be the best choice.

Know Who Will Work on the Closing

Law firms are more than just a group of practicing attorneys. There are legal assistants, paralegals, and other support staff that help out on cases. In fact, the attorney you speak with during your consultation may not even be the one that handles your closing process.

Make sure you know who will be handling the case and see if you can meet them before you agree to anything. If you’re not comfortable with anyone working on the case, it’s best to keep looking.

Ask for References from the Real Estate Closing Attorney

If everything about the attorney and their support staff seems great, ask them for references before you sign a contract. All reputable attorneys have references who are willing to speak to their abilities and share their experiences with you.

Should an attorney not have references or refuse to give them to you, walk away. But if you do get a list of references, make sure to follow up with them.

When you speak with their past clients, ask about their experiences and whether they would hire the closing attorney again. If the answer is yes, you should feel comfortable hiring them for your home purchase.

If those references all raise similar concerns or share similar issues, proceed with caution. Chances are, if their past clients had problems, you will, too.

Hire Them and Start the Closing Process

Once you find an attorney that fits your needs and your budget, don’t wait. Hire them as soon as you’re comfortable and let them represent your interests at the closing appointment.

There’s more to closing than signing paperwork. Your attorney needs to make sure the documents are in order and that everything gets signed by the right parties. They’ll help you make sure the closing goes off without a hitch.

Are You Ready to Buy a Home?

If you’re ready to buy a home, don’t put off the search for an experienced real estate closing attorney. The sooner you start looking, the faster you’ll be able to get into your new dream home.

Ready to schedule a consultation? Contact our team today and meet with our experienced real estate law experts to discuss your closing.

What types of cases do you handle under real estate law?

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Our Firm handles traditional purchases of real estate, including both residential and commercial properties. We also handle refinancing of loans and mortgages, home equity lines of credit, and mobile home sales and de-titles. Additionally, we handle quitclaim deeds and property transfer. We handle commercial lease agreements, commercial purchases, and commercial sales and refinances. We also do real estate development, and that could be anything from sub-divisions to multifamily homes or to a corporate real estate development. The only thing we don’t handle in real estate law is real estate or residential litigation. We don’t handle litigation between homeowners, neighbors, landlords and tenants, etc.

Do I need an attorney when purchasing a single family home?

The real estate attorney handles the title insurance of the closing. In South Carolina, title insurance is a legal requirement, and you do need a lawyer to handle the closing, escrow servicing, and titling of your property.

Why should I hire an attorney if I’m just purchasing or selling a property?

In South Carolina, it’s required that an attorney handle and supervise many of the critical elements of a real estate closing. These elements include title searches and abstracts, title review and certification, and the closing itself, including preparation and analysis of closing documents and escrowing the funds. All money passes through the attorney’s escrow account and is distributed according to the documentation that is presented.

Should I use the standard listing agreement by realtors to buy or sell property or should I use a custom agreement made by my attorney?

For residential properties, most states including South Carolina have a standard realtor’s contract that everyone real estate agents and attorneys are familiar with. We use the standard form as it is convenient for all parties involved, but also review and draft real estate agreements specific to the individual transaction.

What is involved in the closing of a real estate property?

Often, when people are buying a property for the first time, they don’t understand the amount of paperwork and tasks associated with a closing. The first thing that needs to be done is a contract between the buyer and seller. There is an earnest money deposit that usually goes along with the signing of that contract. Included in the contract is a list of deadlines and dates for certain things to be done. It is very important to make sure that all those dates are noted when the contract is signed.

Next, there is the due diligence and the inspection period. This is vital, because in most contracts for real estate, specifically in residential real estate, there are out clauses, or the things that the buyer, if things are found, can get out of the contract, or the contract will be cancelled. There will be inspections, both home inspections and termite inspections, with a financing statement stating that if the buyer can’t obtain funding to buy the house, either they negotiate the contract again or the contract is voided. At that time, a title search is done to make sure that the title is good and marketable.

In addition, a survey of the property is done, and then the attorneys review both the survey and title to certify that the title is good and marketable. Also, the attorney needs to receive payoff requests for all liens.

Then, the lender will give a title commitment letter and will coordinate the closing. From here, we must review all the lender documents and the settlement statements and prepare for the closing.

During closing, the attorney will explain every document that is involved and all parties will sign the closing documents. The attorney will do the transferring of the deed and transfer funds through the escrow account to the lenders, sellers, agents, mortgage companies, and taxing authorities and insurance companies. The attorney will give the title insurance commitment to the buyers and the bank, and then record the mortgage deed through the clerk at the courthouse.

For more information on Real Estate Cases In South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 982-5930 today.

What form of funds is acceptable at the closing?

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We will not accept any funds at the closing over $5,000. If it’s under $5,000, we will only accept a bank certified check.

We require funds to be wired at least 48 hours prior to closing, or, if they would like, we can deposit their personal check into our escrow account. We ask that this is done at least 10 days prior to closing so the check has time to clear.

Our standard policy is to accept a wire transfer. This is because it is more convenient, and other methods may have timing issues that would delay the closing.

What are the borrowers’ responsibilities in a real estate transaction?

The borrower’s responsibilities in the closing will be outlined in the contract. The contract includes provisions and contingencies related to having things done, such as appraisals and inspections. If the buyer is getting financing from a bank, having a pre-approval letter and a final loan approval letter are some common contingencies that are listed in a contract.

At the time that the buyers and sellers request us to handle their closing, they are given a closing organizer that allows them to list important closing dates, such as when the inspection is due, when they have to send the letter to the seller after the inspection, and when the appraisal’s due. It also allows them to record key contact information, such as the name of the company that’s handling the inspection and the bank manager who’s overseeing the loan.

We try to make the process as easy and as stress-free as possible. This is best accomplished by being organized. The seller’s responsibilities are also laid out in the contract. Oftentimes, repairs need to be made after inspection, and the seller needs to respond to these repair requests and provide proof that the repairs are done.

In the case of a commercial property, South Carolina has a due-diligence period that differs from other states. During this due-diligence period, there is not a survey or title report done on the property. Instead, a phase one environmental study and inspection is needed the property and structure. During this period, if for any reason the buyer doesn’t want to go forward with the closing, they only have to notify the seller. In these cases, they walk away and the escrow funds are released. In a residential closing, the escrow amount is usually much less.

The seller also needs to furnish a deed with clear title and make sure that all parties with an ownership interest are essentially conveying that property to the buyer in the contract.

Will I be able to move into the new property immediately after closing?

Once you buy the property, you should have access to your property. If there are reasons you can’t move in, such as repairs, you may not have access to your property right away. Once you leave the closing and the funds are dispersed, it is your property and you have access to it. We strongly advise both buyers and sellers not to close on a property if, for instance, the seller has not completely moved out. When a closing happens, it should be a closed transaction. When both parties leave that day, the property has been conveyed, and all personal property that is not specifically listed to be transferred is out of the home, and the buyer can move in at the minute they leave our office.

Who is responsible if something goes wrong with the property after closing?

Because we act as a settlement agent for the closing process, both parties sign what’s considered a multiple disclosure agreement. This simply states that we are serving both parties, and in any issue post-closing, we are unable to represent either party. We make all documents available to any other attorneys that they wish to hire if there was any litigation. To avoid this, we make sure that when the closing takes place, both parties leave with the transaction finalized. There should be no lingering effects, such as repairs or leftover possessions.

For more information on Funds At Real Estate Closing, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 982-5930 today.

How can I prepare beforehand to sell or purchase a property?

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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.

Do I need an attorney for a real estate closing?

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South Carolina is one of the few states that requires a licensed South Carolina attorney to handle many of the major aspects of a closing. Major aspects of a closing include supervising the title search and title commitment, recording deeds, mortgages, and other important documents, as well as supervising the escrow process and disbursement of funds to all parties involved. The South Carolina Supreme Court requires these issues to be handled and supervised by a licensed South Carolina attorney.

What is the attorney’s role in a real estate transaction?

An attorney’s main role in a real estate transaction is to gather the necessary information from both buyers and sellers. This includes loan payoffs, mortgages, and deeds. We will also conduct a title search, and order a survey if the buyer decides they want one. We will communicate with both parties and come to an agreed upon date and time for the closing, and instruct all parties on what needs to be signed and anything else that may need to be done.

We will also handle the title commitment and the title insurance for the buyer. South Carolina is unique because our closing attorneys are also able to administer the title insurance that is required by all lenders. We always recommend buyers of real estate to get title insurance, because their lender’s title insurance policy does not protect them. This is because lender’s title insurance only protects the buyer, and an owner’s title insurance policy protects the buyer.

Who needs to attend a real estate closing?

Any party that has an ownership interest in the property needs to attend the real estate closing. Those looking to be on the new deed or mortgage should also be present. If someone is not able to attend for any reason, we have mechanisms in place that will allow a representative to sign for them if the lender is open to this option.

Who pays the attorneys’ fees in a real estate closing?

In South Carolina, the attorney’s fees are paid by the individual outlined in the property contract. For a residential closing, a typical contract will have the buyer paying the attorney’s fees. This is because in South Carolina, the buyer is the one allowed to choose the settlement agent or closing attorney.

In commercial closings, both the buyer and the seller will have their own attorney, and each side will pay for their own attorney’s fees. In some scenarios, the buyer’s attorney will act as a settlement agent. The settlement agent’s role is solely to move the process along and handle the document production and recording. In these scenarios, each party will pay for their own attorney’s fees.

How much money will I need at the closing?

Fund disbursement is determined by a number of things, including the purchase price, the loan amount, mortgage insurance, homeowner’s insurance, property tax, attorney’s fees, and title insurance.

All these things are outlined in the closing disclosure form that is given to residential buyers and sellers. At the end of the closing disclosure form, it will show exactly how much the buyer and seller need to bring to the closing and what those funds are for.

For more information on Real Estate Closings In South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 982-5930 today.

13 Simple Steps to Closing on a House

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33% of home buyers are first-timers, which means there are many people who have never navigated the process before. If it’s your first time purchasing a home, it may feel both daunting and exciting, all at once.

Although your realtor can help you out along the process, there are a few things you should know to make it easier. Here are 13 simple steps to closing on a house.

1. Open an Escrow Account

An escrow account is an account with the money and documents. The account holder is a neutral party to ensure neither you or the seller get taken advantage of.

During the entire real estate transaction, this neutral third party will be in charge of these vital things. At the very end, both the money and the documents will go to the appropriate parties to finish the transaction.

2. Get an Appraisal

Before you get a mortgage, you need to get an appraisal for the property. Thankfully, most lenders hire their own appraisers, so you won’t need to do much in this step.

But if the lender you’re looking at has asked you to find your own appraiser, you’ll have to do this as soon as possible so you can move onto getting pre-approval for your mortgage.

3. Get Pre-Approval for Your Mortgage

Taking care of this step can make the deal go quicker, and can also give you more control over it. When you can prove you have pre-approval for a mortgage, it’ll give the seller peace of mind, as they’ll know you have the appropriate funds for the purchase.

4. Lock in Your Interest Rate

Once you’re pre-approved for a mortgage, you’ll want to lock in your interest rate. Since mortgages can take a lengthy period of time to repay, the risk of interest rates rising is significantly high.

Eliminate this risk by locking in the interest rate you’re offered. This will depend on a number of factors, such as your credit score and property.

5. Perform a Title Search and Get Title Insurance

Theoretically, when you purchase a home, the title transfers from the seller to you. But there may be other people who potentially have a claim to the property, such as a tax collecting agency.

Performing a title search will enable you to find out if anyone has claims to the property. You can then get the seller to resolve these before you finalize the purchase.

Buying title insurance will protect you, should loss or damage happen. Possibilities of those occurrences can stem from liens or defects in the title or ownership of the home.

6. Hire a Real Estate Attorney

The state of South Carolina requires that you have a real estate attorney for closing. There are many documents with legal jargon in them, and you want to make sure you understand them before you sign.

With a real estate attorney on your side, they can help you navigate all documents and ensure you understand what you’re signing. They’ll protect your rights.

7. Negotiate the Costs Involved

Closing on a property doesn’t just involve paying the price of the home. There will be plenty of administrative fees, review fees for various documents, and processing fees. These are all considered junk fees, and your lender will most likely make you pay all of them.

Before you agree to it, speak with them and see if you can get them reduced or eliminated. You’d be surprised at what they’ll agree to, so it never hurts to try.

8. Get a Home Inspection

A home inspection gives you the chance to see if there’s anything seriously wrong with the property. If there is, you’ll have the option of backing out of the deal.

Otherwise, if you have a home-inspection contingency, you can either ask for the seller to fix the problems or reimburse you for the repairs.

9. Get a Pest Inspection

Some lenders will require you get a pest inspection; it’s a good idea to get one anyway. Any type of infestation can lead to serious damage in the future, so you want to take care of any potential problems now.

If pests are found, you can usually convince the seller to pay for the pest control services.

10. Renegotiate Your Offer

If there were problems found in steps 8 and 9, you can renegotiate your offer, even if the seller has already accepted it. You can either lower your bid or keep it, but ask the seller to pay for repairs.

If they refuse to pay for major repairs and you’re not comfortable purchasing the property anymore, you have the chance to back out without any penalties.

11. Remove Any Contingencies

Your real estate agent should’ve drawn up a purchase offer that has contingencies. These need to be removed (in writing) by a specified date.

Since these can be approved passively if you don’t do anything by the deadlines, you’ll need to make sure you remove these contingencies in a timely fashion.

12. Arrange for Payments Before Closing

If you don’t make payments on time before closing, not only can the deal get canceled, but your earnest money can go to the seller as well. Make sure you’ve made all the proper arrangements for your payments so this doesn’t occur.

13. Get a Final Walkthrough of the Property

A final walkthrough of the property you’re purchasing will let you see several things. For one, you ensure no new damage has happened in the time between the home inspection and the current time. Also, it lets you inspect whether or not the seller’s made acceptable fixes.

Use These Steps to Closing on a House for Success

With these steps to closing on a house, you’re better prepared for the home buying process. This is an exciting time in your life, so don’t let unnecessary details stress you out. By educating yourself before purchasing a house, you’ll take a lot of the burden off your shoulders and make it a more pleasant experience.

To get legal counsel for your real estate transaction, please contact our attorneys today.

The De Bruin Law firm offers a wide range of legal services to clients in Greenville, SC and the surrounding upstate. Our experienced attorneys can help you with legal matters in the areas of business law, criminal law, estate planning, and real estate law.

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