Real Estate Archives - Page 4 of 6

Real Estate Blog

Common Encumbrances: What Is an Easement and Does It Transfer to a New Owner?

February 19, 2019/in Real Estate, Resources

Sometimes easements that are in effect work smoothly for years. This isn’t always the case though. As we can see with the North Dakota landowners that had to use over a pipeline easement.

Wondering what is an easement and how it could be so important to sue over? Keep reading for an explanation of what easements are and how they work.

What Is an Easement?

When you have an easement you have the right to use someone else’s property for a specific purpose. The owner of the property retains legal title.

There are express and implied easements. While an easement can be created by oral agreement, these don’t always hold up in court.

To ensure that you have a legally binding easement you need to put it in writing. Then you need to file it with the county recorder.

Types of Easements

The most common way easements are used today are for utilities, municipalities, or cable lines. This is how lines for power, phone, cable, sewer, and water get installed for our city infrastructure.

Utility Easement

This is the category that the utility easements fall under. The deed will describe these easements.

The property owner is free to do what they like with the property. They just aren’t allowed to interfere with the utilities.

Private Easement

When two people create an easement this is a private easement. Usually, they are to give access to a sewer line or driveway.

These are the easements that usually get created by verbal agreement. They should be in writing though.

Easement by Necessity

These easements arise when one property owner is forced to cross a neighboring property to get to theirs. No property owner may be denied access to their property.

Because of this, the property cannot become landlocked. Usually, this is taken into consideration when land gets divided. But as time goes on and land is sold, a piece may no longer have access to a road.

Prescriptive Easement

This is an easement that is granted for a specific purpose or length of time. Other easements are ongoing with no definitive end date. It is also different than a necessity as while that is for a purpose, it is also ongoing.

An example would be granting access to allow the neighbor to park their boat for the summer. This is a specific use for a specific amount of time.

Each state has specific laws about what is allowed for a prescriptive easement. So make sure you check with a knowledgeable real estate attorney. The easement holder may even be required to pay a portion of the property taxes for the land they use.

Public Easement

Sometimes a part of a property needs to be used for public use. A common use is to give public access for a park or touring.

Prior Use Easements

Sometimes an easement will get formed by the intention of the property owners. But the owners never take the action to record the easement. When this happens it has to satisfy five elements for it to be enforceable.

Common ownership of the property at some point
the property was then separated into two at some point
the use was before and after the aforementioned severance
there is notice of the easement
The easement isn’t for a beneficial or necessary use

This can be a tough threshold to achieve so if you have a debate involving a prior us easement it is best to consult with an attorney. These are the types of easements that typically require a court to determine if they are enforceable or not.

Your Rights

As an easement holder, you are entitled to use the property fully for the purpose of the creation of the easement. You cannot impose an undue burden on the property owner though.

Easement rights can change over time and technology and land change. The court may find that the easement use is unreasonable. Conversely, the court could also find that the proper owner’s use has become an unreasonable burden on the easement.

Assumed Easement Rights

There are certain easement rights that are assumed and don’t need recording. These easements are assumed and recognized.

Aviation: The space above your property is open to aircraft where needed for agricultural purposes

Storm Drains: There is the assumption that a storm drain can get installed where needed to aid in moving water

Sidewalks: This one should be obvious, but property owners don’t give permission for sidewalks as public use

Dead Ends: If the property owner’s property blocks access to the next public way, they’ll have to give access across their property

Conservation: Land trusts protect property from getting overdeveloped. the purpose is to protect property for conservation purposes.

Transfer

Depending on the easement you have, some automatically transfer with the land. While others do not.

Easements that are for the benefit of the land will remain with the property. While easements that are the benefit of the specific person are not.

If the easement doesn’t remain with the property then it is up to the new owner to decide whether or not they will honor it.

Duration

If you don’t specify a time limit for your easement, then it is assumed it is indefinite. If there is an end date, the easement holder must stop using the property on or before the end date. Otherwise, their entering the property can be deemed a trespass.

Are You Dealing with an Easement?

Do you currently have the right to use your neighbor’s property? Maybe you share a driveway or use a lake.

Whatever the reason, make sure you have your agreement in writing and recorded. That way your interest in the property is safe in the event that your neighbor sells their property.

You shouldn’t be asking “what is an easement?” But if you still have questions, the best thing to do is to speak with a lawyer. They can help you with any questions you may have.

Caveat Emptor: What’s the Difference Between a Warranty Deed and Quitclaim Deed?

February 12, 2019/in Real Estate, Resources

You just bought a new home! Congratulations! But how do you know that you are the true owner of that property and home? How can you be sure no one is going to show up one day and claim true ownership?

You know this because you obtained a deed when you bought the property. you didn’t just obtain a deed though, you obtained the right deed. Knowing the difference between a warranty deed and quitclaim deed can ensure you get your money’s worth when you buy real estate.

Not sure what the difference is? That’s ok, we are going to explain their differences and what they mean for you here in South Carolina.

Difference Between a Warranty Deed and Quitclaim Deed

When you are at your closing is not the time to determine what type of deed you will receive from the seller. Depending on the property you intend to buy, and who you are going to buy it from, will dictate what type of deed you will want.

What Is a Deed?

The best place to start is with what a deed actually is. This important document will contain the legal description of the property. It definitively states who the seller is and who the buyer is. They are also known as the grantor and grantee.

There is some key information that must be included within the deed. It must state the true address, the coordinates, the size and shape, and previous and new owner.

There are a couple different types of deeds that you might hear about. There are warranty deeds, special warranty deeds, quitclaim deeds, and deeds of trust. We are going to go over two common kinds here, warranty and quitclaim.

Quitclaim Deed

Do you wish to transfer property between family members or friends? These types of transfers are more casual and trusting than those between strangers.

When the transfer of property is not a traditional sale, then you can probably use a quitclaim deed. Here are some common situations when a quitclaim deed is commonly used.

The property is a gift
Transfer of property through a will
Transfer of property from one spouse to another during divorce
Transfer of property from parent to child or vice versa
A traditional sale where the seller is not confident of the property placement or boundaries

There is a huge amount of trust placed in the grantor by the grantee when accepting a quitclaim deed. The grantee has no recourse against the grantor if any defect in the title should arise.

You have the least amount of protection with a quitclaim deed. You will only get the same amount of interest in the property that the grantor has.

That means if a third party proves they are the rightful owner, and the grantor has no interest, then neither do you. It also means that if the property has a mortgage or lien, that will remain secured on the property through the transfer.

One caveat to this transfer is that the transfer will remain liable for the mortgage. So if they transfer the property, and the grantee decides to stop paying or sell the property, the grantor is liable.

There is also no recourse against the grantee for them no longer paying.

Warranty Deed

Some real estate transaction requires the greatest level of security. For example, you intend to buy your new family home from a stranger.

You don’t know the other person, so you need some security in return for plunking down your hard earned money. You don’t want to buy a property only to find out someone else owns it, or that it is encumbered by a lien.

A warranty deed will provide you with the assurance that the property you intend to buy is free and clear. Your deed comes with the following warranties:

The grantor will do what is necessary to deliver clear title to the grantee
The title is going to endure against any third party claims
The grantor is the rightful owner
The granter has a legal right to transfer the property
The property is free of all creditor claims, liens, or mortgages

If a problem arises with the title to your property then you have recourse against the seller. It is the grantor’s responsibility to cure any claims to the title.

This is a huge responsibility to place on the seller. As the can be held liable for problems with the title that they aren’t aware of.

Because of this, title insurance is a common practice in traditional property transfers. The title company will do a thorough search of the title and flush out any possible breaches in the chain of title.

Warranty Deed Versus Deed of Trust in South Carolina Real Estate

Understanding the legal documents involved in a real estate transaction is crucial for both buyers and sellers. Two terms that often cause confusion are the “warranty deed” and the “deed of trust.” While they both have the word “deed” in their names, they serve entirely different purposes. In South Carolina, this distinction is particularly important because one is a standard instrument for transferring property ownership, while the other is not used for residential financing.

The Purpose and Function of a Warranty Deed

A warranty deed is a legal document used to transfer the ownership of real property from one party (the grantor) to another (the grantee). This is the instrument that officially conveys the title of the property. What makes a warranty deed unique is the comprehensive set of guarantees, or “warranties,” that the grantor provides to the grantee.

The most common form is a general warranty deed, which offers the highest level of protection to the buyer. It contains several key covenants, including:

Covenant of Seisin: A promise that the grantor actually owns the property being conveyed.
Covenant against Encumbrances: A promise that the property is free from any liens, mortgages, or other claims that were not disclosed to the buyer.
Covenant of Quiet Enjoyment: A guarantee that the buyer’s title will be defended against any future challenges from third parties.
Covenant of Warranty: A promise that the grantor will protect the grantee’s title against any claims.

A special warranty deed offers a lesser degree of protection, guaranteeing the title only against defects that may have arisen during the grantor’s period of ownership. In South Carolina, the general warranty deed is the most commonly used instrument for residential and commercial property sales, as it provides peace of mind to the buyer.

The Purpose and Function of a Deed of Trust

A deed of trust is not an instrument of ownership transfer but rather a tool used to secure a real estate loan. It involves three parties: the borrower (trustor), the lender (beneficiary), and a neutral third-party (the trustee). The borrower grants the deed of trust to the trustee, who holds the legal title to the property in trust for the lender. The trustee holds this title until the loan is fully paid off, at which point the title is reconveyed to the borrower.

The primary reason many states use a deed of trust is to enable a quicker, non-judicial foreclosure process. If the borrower defaults on the loan, the trustee can initiate a foreclosure sale without needing to go to court. This is a streamlined alternative to the judicial foreclosure process required by a traditional mortgage.

The South Carolina Context: The Mortgage

This brings us to the key distinction for South Carolina. While a warranty deed is used for ownership transfer, the state does not use deeds of trust as the primary security instrument for residential real estate. Instead, South Carolina is a “mortgage” state.

In a mortgage transaction, there are only two parties: the borrower (mortgagor) and the lender (mortgagee). The borrower grants the lender a lien on the property, which serves as security for the loan. The borrower retains the legal title and ownership of the property. If a default occurs, the lender must go through a judicial foreclosure process, which means they have to file a lawsuit in court to force a sale of the property to repay the debt. This process is generally more time-consuming than a non-judicial foreclosure.

Summary: A Side-by-Side Comparison

Feature	Warranty Deed	Deed of Trust
Primary Purpose	Transfers ownership of real estate	Secures a real estate loan (not used in SC)
Parties Involved	Grantor (seller) and Grantee (buyer)	Borrower, Lender, and Trustee
What it Convey’s	The legal title and ownership of the property	A security interest to a trustee for the lender
South Carolina Usage	Standard instrument for ownership transfer	Not used; a mortgage is the standard instrument
Foreclosure Process	Not applicable; it’s an ownership document	Non-judicial (in states that use it)

A warranty deed and a deed of trust serve completely different functions in a real estate transaction. The warranty deed is the document that makes you the owner of a property, backed by specific guarantees from the previous owner. A deed of trust, conversely, is a financing instrument used in some states to secure a loan. For real estate transactions in South Carolina, the process involves two distinct documents: a warranty deed to transfer ownership from the seller to the buyer, and a mortgage to create a lien on the property, securing the loan from the lender.

What Deed Works for Your Needs?

Knowing the difference between a warranty deed and quitclaim deed will help you know what you need for your transfer of property. Using the right deed will ensure that your interests are protected.

If you simply need to put the property in a loved one’s name, then a quitclaim deed should suffice. But if you are involved in a traditional real estate sale, then it is in your best interest to obtain a warranty deed.

Just remember that there are pros and cons to both. So consider them both no matter if you are the buyer or the seller of the property.

Contact our office today for a free consultation and one of our attorneys will speak with you about your legal needs.

Unfinished Business: What Is a Mechanic’s Lien and How Do You Clear It?

February 5, 2019/in Real Estate, Resources

There are so many things people think about when they’re shopping for a new home.

How much can I spend? What features do I need? How many bedrooms? Do I really need a pool?

You’ve probably considered all of those things. You’ve probably also thought about getting a mortgage and going through escrow. But have you thought about the title of the house you’re interested in?

Many homes come with a nasty surprise that buyers don’t find out about until after they’ve purchased the home. These surprises are liens, and they come in many forms. One of which is a mechanic’s lien.

Not sure what a mechanic’s lien is or how you can get rid of one? Read on to learn all about it!

What Is a Mechanic’s Lien?

A mechanic’s lien is a lien placed on a piece of property for unpaid construction bills. Let’s say John Doe purchases a home at 111 Blackacre and decides he wants to make some improvements. Doe hires Joe Contractor to redo the kitchen and install central air conditioning.

Joe Contractor did everything to Doe’s specifications and did a great job. He also completed it on budget (shocking, we know). Joe Contractor issues a final bill to John Doe for payment, but much to Joe’s surprise, Doe never pays him for the work he completed.

So, with no other way to make John Doe pay for the improvements he made to Doe’s house, Joe Contractor goes down to the local courthouse and files for a mechanic’s lien.

Mechanic’s liens work much like a standard lien, except they attach to the property itself and not to the person who failed to make the payment. So when Joe Contractor gets his lien, it’s against 111 Blackacre and not John Doe.

Most of the time a mechanic’s lien makes it so that a property cannot be sold unless the lien is cleared so the home buyer can get clear title. However, it is possible for a mechanic’s lien to not show up until after the house sells. That means that the new homeowner would be responsible for clearing the lien if they want to sell the home in the future or take out a second mortgage.

How Long Is a Mechanic’s Lien Good For?

It depends on the state in which the property is located. In South Carolina, a contractor has 90 days from the date of services provided to file for a mechanic’s lien. This includes call-backs where a contractor has to return to a completed project to perform some additional work.

Once a contractor has a mechanic’s lien, then they have six months from the last day of service to enforce the lien.

Generally, enforcement of a mechanic’s lien is done through foreclosure. The contractor files suit to foreclose on the home and any proceeds are used to pay off the mechanic’s lien and any other encumbrances on the home. Whatever is left over goes to the homeowner.

How Do I Remove a Mechanic’s Lien?

The only way to remove a mechanic’s lien is to pay it. If you don’t want your home to be foreclosed, then you must pay the lien.

If you’re looking at purchasing a home that has a mechanic’s lien attached, make sure that you condition your purchase on their clearing of that lien. Otherwise, you’ll be responsible for clearing it yourself.

How Do I Avoid This Issue In the Future?

If you’re feeling disillusioned about the home buying process after finding out that you have a mechanic’s lien on your new home, you’re not alone. That doesn’t mean that you can’t avoid situations like this in the future.

One way to avoid purchasing a house with a mechanic’s lien attached is to hire someone to perform an abstract of title whenever you’re interested in putting an offer on a property. An abstract of title is the history of the house. It traces ownership of the house backward and forwards to ensure that the current owner has the home free and clear.

It starts with the initial grant deed and traces all changes in ownership. It also ensures that you’re not getting a home that was purchased under a quitclaim deed. A quitclaim deed means “I don’t know if I really own this house, but if I do, I’m selling you my interest in the home.”

Abstract of title also checks for any kind of encumbrances which may be attached to the home such as liens or easements. This process is usually fairly effective, but if the mechanic’s lien, or any other type of lien on the property, has not yet been recorded, then an abstract of title is not going to help you. The best way to protect yourself from liability attached to your home purchase is to buy title insurance.

Title insurance protects you from any undisclosed liens or encumbrances on your new home. Essentially, since liens are attached to the property and not the person, title insurance will cover any unexpected defect in title after you purchase a home.

So if Joe Contractor shows up at your front door ten years after you move in and says he has a valid lien against your home, title insurance will cover the cost. Then you’ll have clear title once again.

Buying a New Home Doesn’t Have to Be Tricky

It may seem like there are a lot of hidden tricks you have to know about in order to purchase a house that won’t hurt your pocketbook in the long run. That’s simply untrue. It always pays to get an abstract of title before you agree to purchase a house or even unimproved land.

A little money now will save you a lot of money in the future. And if you find something like a mechanic’s lien on a property that you’re just dying to purchase, ask the seller to clear the lien and provide proof that it has been cleared.

If you’re in the market for a new home, we can help! Contact us today to see how we can make your home purchase as smooth and pain-free as possible. Happy house hunting!

4 Reasons to Hire a Lawyer for Your Real Estate Closing

December 13, 2018/in Real Estate, Resources

Every year, there are millions of people who try to get around the legal system without any help from a lawyer or an attorney. Most people overestimate the cost of hiring an attorney, so they won’t hire a defense lawyer or even a real estate closing lawyer. However, the complicated gymnastics of buying a home should never be done without the help of a lawyer.

Here are four reasons for hiring a real estate lawyer when it’s time to close your deal.

1. Negotiating On Price

Like most things in life, the price of the house you’re looking at is completely negotiable. Some people think that there’s a limit to how low or how high one party can go in price, but there are few legal limits. The law of the free market is that something is worth as much as someone else is willing to pay.

Once you’ve gotten your home appraised, you’ll start comparing that appraisal price to the sticker price. If it’s been appraised as worth less than the sticker price, you’ll have a tough time getting the seller to budget. In a buyer’s market, the sticker price is less than that appraisal and you get the chance to start bidding.

When it comes time to sign off on a contract, not every homeowner is comfortable asking for a lower price even if they know the home is worth less than the asking price. However, with a lawyer on your side, you have someone you’re paying to do the dirty work.

Not only is your lawyer the ideal person to negotiate, but they’re also going to have a whole set of ideas on why the price should be lower. Your attorney is the one who’ll tell you if you’re making a good investment or not. You’ll know the quality of your purchase after talking to them.

2. Ensure You’re Protected

A real estate lawyer knows where to look for the common mistakes that homeowners make when buying a house. There’s a lot of excitement and emotion tied up with buying a home. If you buy a home based on emotion or with a lot of romantic thoughts behind the concept, you’re going to overlook a lot of potential issues.

At the end of the day, the person that you’re buying the house from isn’t your friend and doesn’t owe you anything. Most people selling their home are merely moving on to another home, taking another job, or building their family. However, there are plenty of homeowners who bit off more than they could chew with a home and are happy to let this problem home become someone else’s issue.

If you rushed through the inspection and bidding process, there’s a good chance you overlooked some major issues. When this is the case, it’s vital to pump the brakes to ensure that you don’t end up signing on for a home that will drive you crazy. A house that’s riddled with problems can upset an entire family.

Your closing lawyer ensures that you’re protected in your purchase and that if there are any issues that the seller tried to hide, they’ll be held responsible. If you end up with a house that has more problems than you can handle, there’s nothing to do if you didn’t hire a lawyer.

3. They’ll Look For Liens

One of the biggest ways to lose out on a property is when there are liens against it. That’s when the owner has taken out loans using the house as their backup or collateral. These liens will lower the value of the home as they’ll be attached to the value of the home, needing to be paid off before the house is yours.

A lawyer is trained to look for debt attached to a property. They’ll search the title and ensure there are no hidden debts with your new home.

An experienced lawyer will do more than just looking for any liens. They’ll write up a contract for you that ensures that you hold no responsibility for liens. If the former owner owes money to someone, that’s on them, not you.

The seller then becomes responsible for all of the hidden debt attached to the home, as they should be. There’s no reason for you to worry about the home you’re excited about being attached to debt and dragged down because of it.

4. They Can Leave You an Out

If you’ve been negotiating a home for weeks, you’ll have a lot of back and forth with the seller. After some time, it becomes too much of a headache for some buyers and they want out.

It doesn’t have to be that there’s something wrong with the property. It could just be that you’re sick of dealing with the seller and want to get away from them. Whether it’s because the inspector found a family of alligators living in the plumbing or that you’re sick of the seller, your attorney can get you out.

Your attorney serves a dual purpose in cases like this. First, your attorney handles all of the annoying conversations and does all the going back and forth for you. Second, they’ll protect you in case you’ve already made a bid, leaving you to go about your life and not have to deal with a frustrated seller.

A Real Estate Closing Lawyer Is Well Worth It

For the small cut that they’ll take at the end, hiring a real estate closing lawyer is worth what you get from them in the end.

A real estate lawyer can not only negotiate a higher price, but also save you from difficult lawsuits by nipping problems in the bud.

Continue to read more: 5 Essential Tasks Of A Real Estate Closing Attorney

4 Reasons Why an Attorney May Recommend Title Insurance

December 4, 2018/in Real Estate, Resources

If you’re wondering why your attorney‘s trying to sell you on owner’s title insurance, you’re in the right place. As many as 5% of homeowners claimed on their title insurance at one time or another, and when they did, they were mighty glad they had the protection!

If you ever have to make this kind of claim, there’s a good chance you’d have to fork out a lot of money to cover your costs. Simply put, the expenses associated with a defected title can be costly, so it’s better to be safe than sorry.

Continue reading to find out more.

What’s Owners Title Insurance?

Before we delve into why you need insurance, we’ll quickly explain what owner’s title insurance is.

When you buy real estate, you’re given the “title” to the land you’ve purchased. This means the owner has a right to possess and use the property.

However, the type of claim you have over property can vary. The most common forms include:

Tenants in common
Joint tenants
Right of survivorship
Life estate in the home

One of the reasons why there are so many kinds of “titles” is because land is used for all sorts of reasons. As such, you can buy the right to use it for a specific purpose.

Therefore, occasionally, someone (other than the apparent owner) may own and have rights to specific aspects associated with the property. Some of these are:

Mineral
Air
Utility

This is where homeowners sometimes find themselves in a pickle and rely on title insurance to bail them out of trouble.

Below are a few more reasons attorneys encourage you to take out this kind of protection.

1. Offers Protection from the Past

Title insurance provides coverage in the unfortunate event a future claim is made over rights to your land. If you suffer subsequent losses due to defects in your title, you can rely on this protection to compensate you.

The fantastic thing about this kind of insurance is that it doesn’t matter if these issues were the result of a byproduct of something that happened long ago.

These risks aren’t always obvious, but they’re usually costly both concerning time and money. This is why title insurance provides homeowners with peace of mind.

2. Protect Yourself from the Following…

When you take out title insurance, you protect yourself from these situations:

Fraud: namely, a false transfer in ownership rights
Accidental errors (either manual or electronic) in recording and filing documents affecting the state of your title
Unreported liens registered against the property
Easements associated with the property
Other title defects existing before you took out your policy

Although the number of claims made and paid to policyholders is relatively small, the indefinite nature of land ownership means there are plenty of situations (no matter how rarely they occur) where title insurance saves you hundreds, if not thousands of dollars in legal expenses.

This is especially true if you’re purchasing a foreclosed property. These kinds of properties rapidly increase the likelihood of dealing with a defective title.

In the most severe cases, your insurance could even compensate you for the forfeiture of your property.

3. It’s Not as Expensive as You Think

Two primary factors determine the price of title insurance:

The location of your property
The cost of your mortgage

However, out of the two, the state where your property’s located is usually the main factor impacting the rate. Individual states hold insurance providers accountable to different regulatory standards.

The stricter the regulations, the more expensive the insurance. This is because, typically, more work is undertaken by the insurer before they’re able to provide customers with a policy.

For example, insurers may be required by law to verify the history of your title. Tasks like this take a lot of time and energy to carry out.

In general, owner’s title insurance will set you back anywhere between $700 to $2,000.

Are There Other Factors That Drive the Cost of Insurance?

In short, yes.

Other financial matters such as making a smaller down payment on the property and having a lower credit score might increase the rate of your title insurance.

All in all, you might save a hefty amount on your upfront costs by refusing to take out title insurance. But, you need to put this expense into perspective.

These policies usually never expire. So, for the cost, they’re worth their weight in gold. This kind of coverage can protect you from thousands of dollars worth of trouble, even if complications arise years after you’ve bought the property.

4. An Extensive Title Search

As we’ve just mentioned, title insurance providers sometimes conduct extensive title searches on the property.

Even if a state doesn’t demand insurers to conduct these searches, they may do so anyway. A good quality provider should offer this service. Our best advice is to contact them directly to find out specifics.

A thorough title search minimizes the likelihood of a property owner having any future issues in the first place. Then, in the unfortunate event, you still have trouble, you’ll have the coverage to fall back on. It’s a win-win!

Do You Have More Questions?

If you found this feature on owner’s title insurance interesting, then we’re confident you’ll enjoy the other pieces published on our real estate blog. We discuss everything from the role a power of attorney has to reasons you need a lawyer to complete commercial real estate transactions.

Alternatively, if you have any questions about real estate, organizing your estate, or business law, please feel free to reach out and contact us. One of our team members will happily get back to you with a helpful response as soon as they can.

London Lawyers defend billings

August 29, 2018/in Domestic Violence, Education Law, Gun Crimes, Insurance Defense, Personal Injury, Real Estate Law

[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”3.22.3″][et_pb_fullwidth_post_title author=”off” comments=”off” featured_placement=”background” _builder_version=”3.21.1″ title_font=”|700|||||||” title_text_align=”center” title_text_color=”#ffffff” title_font_size=”40px” meta_font=”||||||||” meta_text_align=”center” meta_text_color=”rgba(255,255,255,0.6)” meta_font_size=”16px” background_color=”rgba(15,15,15,0.7)” background_image=”https://debruinlawfirm.com/wp-content/uploads/2019/03/blog-post-06.jpg” background_repeat=”repeat” background_blend=”multiply” module_alignment=”center”][/et_pb_fullwidth_post_title][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22.3″ custom_padding=”0|0px|0|0px|false|false”][et_pb_row custom_padding=”0|0px|0|0px|false|false” custom_margin=”||” _builder_version=”3.22.3″][et_pb_column type=”4_4″ _builder_version=”3.19.13″][et_pb_image src=”https://debruinlawfirm.com/wp-content/uploads/2018/09/team-11.jpg” align=”center” _builder_version=”3.19.18″ border_radii=”on|100px|100px|100px|100px” border_width_all=”5px” border_color_all=”#ffffff” max_width=”80px” module_alignment=”center” custom_margin=”-40px||”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”3.22.3″ custom_padding=”40px|0px|0|0px|false|false”][et_pb_row custom_padding=”40px|0px|24px|0px|false|false” custom_margin=”|||” custom_padding_last_edited=”off|phone” _builder_version=”3.22.3″ background_size=”initial” background_position=”top_left” max_width=”1090px” use_custom_width=”on” custom_width_px=”1090px”][et_pb_column type=”4_4″ _builder_version=”3.0.47″][et_pb_text _builder_version=”3.19.9″ text_font=”Roboto Slab||||||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat”]

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam at nisi a magna ullamcorper ullamcorper. Integer molestie, augue a fringilla mollis, est velit aliquam dui, et rutrum nulla nunc non elit. Integer interdum est ut suscipit vestibulum. Nunc mollis pretium nunc eu dapibus. Sed commodo blandit congue. Morbi a dolor non leo mattis tincidunt quis quis mi. Nulla condimentum ipsum ac pulvinar tempor. Nunc varius laoreet dolor vel fringilla. Aliquam erat volutpat. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Ut ac nisi sodales, blandit justo a, tincidunt ante.

Donec rhoncus dictum massa, placerat finibus nibh finibus ac. In congue et mi sit amet rhoncus. In sollicitudin efficitur felis vitae imperdiet. Proin laoreet eros a ante porta, eget accumsan mi facilisis. Suspendisse vitae nunc augue. Donec venenatis sed nibh sit amet egestas. Morbi feugiat suscipit nisi a ornare. Maecenas ullamcorper, ante id varius ultrices, est ex commodo quam, a feugiat ante urna eu dui.

Quisque aliquet varius lacus. Vestibulum ut blandit metus, ut blandit mi. Morbi et maximus odio, eget hendrerit urna. Sed hendrerit aliquam odio eget suscipit. In non lacus iaculis, posuere nisi ac, interdum lacus. Fusce pulvinar fermentum quam, non egestas massa fringilla sed. Mauris mollis orci tortor, at fringilla nibh pulvinar ut. Vivamus ut lacus sit amet eros vestibulum ullamcorper.

Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Vestibulum pellentesque, elit eget volutpat cursus, nibh mauris faucibus dui, eget mattis elit massa eget lorem. In ut lacus eu sapien pellentesque ultricies at vel sapien. Nulla at ligula in est placerat bibendum vel at augue. Mauris et sem nunc. Nulla malesuada velit eget ante fringilla tempor. In aliquam neque non sapien elementum, sit amet blandit risus tempor. Sed augue ante, varius eget vulputate vitae, bibendum id felis. Fusce ipsum justo, vulputate ut tortor id, aliquam rhoncus mauris. Mauris ultrices mattis lorem, eu pharetra metus facilisis interdum.

Nunc ante odio, convallis at maximus ac, rhoncus eget urna. Maecenas gravida risus lectus, quis tincidunt massa iaculis et. Suspendisse consectetur risus eu nisi finibus, sed tincidunt turpis commodo. Nullam id tortor sollicitudin orci rutrum vulputate eget quis sapien. Ut posuere, ante vitae iaculis convallis, nibh lectus elementum massa, efficitur bibendum nibh nibh eu arcu. Maecenas maximus orci id consectetur volutpat. Suspendisse efficitur urna est, non pretium lectus fringilla in.

Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Praesent cursus tellus id arcu lobortis sodales. Nulla sollicitudin congue augue, pulvinar tempus magna facilisis eget. Vestibulum mollis urna turpis, in venenatis nisi tincidunt eget. Ut nec diam vitae leo volutpat sagittis non a odio. Vestibulum tincidunt erat in sem pretium posuere. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Morbi vulputate neque ac placerat scelerisque. Nullam porttitor nunc efficitur consectetur posuere.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row custom_padding=”18px|0px|40px|0px|false|false” custom_margin=”|||” _builder_version=”3.22.3″ max_width=”1090px” module_alignment=”center” use_custom_width=”on” custom_width_px=”1090px”][et_pb_column type=”4_4″ _builder_version=”3.19.13″][et_pb_text _builder_version=”3.21.1″ text_font=”Roboto Slab|700|||||||” text_text_color=”#000000″ text_font_size=”16px” border_color_top=”rgba(51,51,51,0.08)” custom_margin=”||20px|” custom_padding=”20px|||”]

Share with your Friends:

[/et_pb_text][et_pb_social_media_follow _builder_version=”3.21.1″ text_orientation=”left” custom_margin=”|||-1em”][et_pb_social_media_follow_network social_network=”facebook” _builder_version=”3.19.13″ background_color=”#3b5998″ follow_button=”off” url_new_window=”on”]facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” _builder_version=”3.19.13″ background_color=”#00aced” follow_button=”off” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”google-plus” _builder_version=”3.19.13″ background_color=”#dd4b39″ follow_button=”off” url_new_window=”on”]google-plus[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”tumblr” _builder_version=”3.19.13″ background_color=”#32506d” follow_button=”off” url_new_window=”on”]tumblr[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”instagram” _builder_version=”3.19.13″ background_color=”#ea2c59″ follow_button=”off” url_new_window=”on”]instagram[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”flikr” _builder_version=”3.19.13″ background_color=”#ff0084″ follow_button=”off” url_new_window=”on”]flikr[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”rss” _builder_version=”3.19.13″ background_color=”#ff8a3c” follow_button=”off” url_new_window=”on”]rss[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section]

A Guide to Understanding the Different Types of Power of Attorney (Updated for 2025)

July 31, 2018/in Estate Planning, Real Estate

Studies show that your ability to solve simple math problems and handle financial matters may be the first skills that get harder as you age.

Do any of these individuals need to sign some kind of power of attorney?

Adams has no close relatives, lives alone, and is due for a major operation in a couple of weeks
Thomas has Lou Gehrig’s disease
Mrs. Jones will be abroad for the next 8 months but need to sell their house
Collins runs a thriving business, is single, and has no economic or medical concerns

The answer is certainly yes. They all need to. A power of attorney refers to a document that authorizes you to appoint an organization or individual to run your affairs if you’re not able to do so.

Understanding Powers of Attorney in South Carolina

A Power of Attorney (POA) is a fundamental legal document that plays a crucial role in effective estate planning and personal financial management in South Carolina, much like it does elsewhere. It is a powerful tool that allows an individual, known as the “Principal,” to grant legal authority to another person, the “Agent” or “Attorney-in-Fact,” to act on their behalf. This authority can range from handling specific one-time transactions to managing all of the Principal’s affairs. Understanding the different types of POAs and the specific legal requirements in South Carolina is essential for creating a document that effectively serves your needs and provides peace of mind.

The core purpose of a Power of Attorney is to ensure that someone you trust can manage your affairs when you are unable to do so yourself.

This inability might arise from various circumstances, including physical or mental incapacity due to illness or injury, extended travel, military deployment, or simply a matter of convenience for managing distant assets or complex transactions. Integrating a well-drafted Power of Attorney into your overall estate plan is a cornerstone of preparedness, allowing for seamless management of your personal, financial, or even healthcare matters without the need for potentially cumbersome and expensive court intervention like guardianship or conservatorship.

Let’s delve deeper into the various types of Powers of Attorney and their implications, with a specific focus on the legal landscape in South Carolina.

The General Power of Attorney

As the name suggests, a General Power of Attorney typically grants broad authority to the Agent to handle a wide range of affairs on behalf of the Principal. The scope of power is comprehensive, empowering the Agent to step into the Principal’s shoes for most legal and financial matters. In South Carolina, the specific powers granted must be clearly enumerated in the document. Common powers typically included in a General Power of Attorney empower the Agent to:

Handle banking transactions: This includes depositing checks, withdrawing funds, managing accounts, and opening or closing accounts.
Sell and buy property: The Agent can buy or sell assets like vehicles, furniture, or other personal belongings.
Manage, sell, mortgage, or buy real estate: This is a significant power allowing the Agent to deal with real property interests, including signing deeds, mortgage documents, and leases.
File tax returns: The Agent can prepare, sign, and file state and federal income, gift, or other tax returns.
Manage government benefits: This involves handling matters related to Social Security, Medicare, Medicaid, veteran’s benefits, or other government programs.
Gain access to and manage safe deposit boxes: The Agent can access the Principal’s safe deposit box and manage its contents.
Enter into contracts: The Agent can sign contracts on behalf of the Principal for various purposes.
Settle claims: This includes the authority to negotiate and settle legal claims or disputes.
Purchase and manage life insurance: The Agent can buy or manage life insurance policies, including paying premiums or accessing policy values.
Exercise stock and bond rights: The Agent can manage investment accounts, buy or sell securities, and exercise associated rights.

Beyond these common powers, a Principal in South Carolina can choose to grant additional, often more sensitive, powers. These “optional” powers must typically be explicitly listed and sometimes even require the Principal’s initials next to each power to indicate they are specifically intended. These may include:

The power to make gifts: This power allows the Agent to transfer the Principal’s assets as gifts to individuals or charities. South Carolina law, particularly under the Uniform Power of Attorney Act (SCUPAOA), requires specific authorization for gifting, often limited to certain amounts or in accordance with the Principal’s past gifting patterns or estate plan. Without explicit authorization, an agent’s power to gift is generally limited.
Permission to maintain business interests: The Agent can operate, manage, or sell the Principal’s business holdings.
Permission to hire professional assistance: The Agent can hire attorneys, accountants, or other professionals to assist in managing the Principal’s affairs.
The power to transfer assets to or from revocable living trusts: This power is critical if the Principal uses a living trust as part of their estate plan. The ability to fund or amend the trust is often crucial if the Principal becomes incapacitated. South Carolina law requires specific authorization for powers related to trusts.
The power to change beneficiary designations: This is a very significant power, allowing the Agent to change beneficiaries on life insurance policies, retirement accounts, or other assets. SCUPAOA requires explicit authorization for this power.
The power to delegate authority: Allows the agent to appoint another person to act on the principal’s behalf for certain matters. This also requires specific authorization in South Carolina.
The power to waive the principal’s right to be a beneficiary: Allows the agent to decline an inheritance or gift on behalf of the principal. This power requires explicit authorization under SCUPAOA.
Access to digital assets: With increasing importance, granting the agent access to online accounts, social media, emails, and other digital assets is becoming common and requires specific language in South Carolina.

The extent of authority granted in a General Power of Attorney is entirely at the discretion of the Principal, but it must be clearly and unambiguously stated within the document to be valid under South Carolina law.

The Durable Power of Attorney

This is arguably the most important type of financial Power of Attorney for incapacity planning in South Carolina. The term “Durable” signifies that the authority granted to the Agent remains effective even if the Principal becomes incapacitated (mentally or physically unable to manage their own affairs).

Under the South Carolina Uniform Power of Attorney Act (SCUPAOA), which governs financial powers of attorney in the state, a power of attorney is presumed to be durable unless the document explicitly states that it is terminated by the Principal’s incapacity. This is a significant point of law in South Carolina – if your financial POA does not specifically say it’s non-durable or terminates upon incapacity, it is automatically considered durable.

The critical importance of durability lies in the very scenario a POA is often intended to address: the Principal’s loss of capacity. Without the “durable” language (or the statutory presumption of durability in SC), a traditional General Power of Attorney terminates automatically upon the Principal’s incapacity because the Agent’s authority is tied to the Principal’s ability to act. If the Principal is legally unable to act (due to incapacity), the Agent also loses the authority to act on their behalf. This is where a non-durable POA falls short for incapacity planning.

A Durable Power of Attorney ensures that your chosen agent can continue to manage your finances, pay your bills, access your accounts, and make necessary transactions even if you are in a coma, suffer from advanced dementia, or are otherwise incapacitated.

Because a Durable Power of Attorney grants such significant authority that survives your potential incapacity, choosing an agent you trust implicitly is paramount. The Agent will have the legal power to act on your behalf without your direct oversight if you are incapacitated. While South Carolina law imposes fiduciary duties on the agent (requiring them to act in your best interest), the potential for misuse exists, highlighting the critical need for trust and careful selection of your agent.

As an added layer of precaution or planning, a Principal can choose to make their Durable Power of Attorney a “Springing” Power of Attorney, which we will discuss next.

The Non-Durable Power of Attorney

In contrast to a Durable Power of Attorney, a Non-Durable Power of Attorney automatically terminates if the Principal becomes incapacitated. Under South Carolina law, this would be the default only if the document explicitly states that it is not durable or terminates upon the Principal’s incapacity, contradicting the statutory presumption of durability under SCUPAOA.

A Non-Durable Power of Attorney is typically used for a specific, limited purpose or a defined period. For example, you might grant a Non-Durable Power of Attorney to allow someone to sell a specific piece of property for you while you are out of the country, or to manage your affairs for a few months while you are traveling. Once the transaction is complete, the specified period ends, or if you were to become incapacitated during that time, the authority granted by the Non-Durable POA terminates. It is not suitable for long-term planning for potential incapacity.

The Limited / Special Power of Attorney

A Limited, or Special, Power of Attorney grants the Agent authority to act only in specific, clearly defined circumstances or for a single transaction. Unlike a General POA, which is broad, a Limited POA is narrow in scope.

This type of POA is frequently used when the Principal needs someone to handle a particular matter because they are unable to do so themselves due to illness, absence, or scheduling conflicts. The Agent’s authority is strictly limited to the actions listed in the document. Once the specific task is completed or the defined event occurs, the power typically terminates.

Common uses for a Limited Power of Attorney in South Carolina might include granting authority to:

Sell a specific vehicle.
Close on the purchase or sale of a particular piece of real estate.
Access a single bank account to pay specific bills.
Manage business interests for a defined period.
Collect a specific debt owed to the Principal.
Make specific financial decisions related to an investment.

The advantage of a Limited Power of Attorney is that it restricts the Agent’s authority, offering greater control to the Principal. It can be made durable or non-durable, depending on the Principal’s needs and the specific language used, though for a single transaction, durability is often unnecessary.

The Springing Power of Attorney

A Springing Power of Attorney is a type of Power of Attorney that does not become effective immediately upon signing. Instead, it “springs” into effect only when a specific future event, known as the “triggering event,” occurs.

In South Carolina, a Springing Power of Attorney is permissible under SCUPAOA. However, the triggering event must be clearly defined and objectively ascertainable within the document. Common triggering events include:

A specific date occurring.
The Principal reaching a certain age.
Most commonly, the Principal’s incapacity, as certified by one or more licensed physicians.

The appeal of a Springing Power of Attorney is that it allows the Principal to retain full control over their affairs until and unless a specific event, often their incapacity, occurs. This can be reassuring for individuals who are hesitant to grant immediate broad authority to an agent.

However, Springing Powers of Attorney can present practical challenges in South Carolina. Proving that the triggering event has occurred can sometimes be difficult or involve delays. For instance, if the trigger is incapacity, financial institutions or healthcare providers may require specific documentation, such as a doctor’s letter or affidavit, confirming the Principal’s incapacity before they will honor the Agent’s authority. This requirement can sometimes hinder the Agent’s ability to act quickly in an emergency. For this reason, many estate planning attorneys in South Carolina recommend an immediately effective Durable Power of Attorney rather than a Springing one, provided the Principal has chosen an agent they deeply trust.

The Medical Power of Attorney (South Carolina Healthcare Power of Attorney)

Separate from financial powers of attorney, a Medical Power of Attorney, formally known as a Healthcare Power of Attorney in South Carolina, is a critical document for healthcare planning. This document allows you to designate an agent (sometimes called a healthcare agent or healthcare proxy) to make medical decisions on your behalf if you are unable to make or communicate those decisions yourself due to illness, injury, or incapacity.

In South Carolina, the requirements for a valid Healthcare Power of Attorney are distinct from those for a financial POA. While a financial POA primarily requires notarization under SCUPAOA, a Healthcare Power of Attorney in South Carolina requires:

Written document: It must be in writing.
Signed by the Principal: The Principal must sign and date the document (or have someone sign on their behalf in their presence and at their direction).
Witnessed: It must be signed by two witnesses. South Carolina law specifies criteria for these witnesses. Generally, at least one witness cannot be an agent, a relative by blood, marriage, or adoption, or an employee of the Principal’s healthcare provider. Witnesses typically attest that the Principal appeared to be of sound mind and signed voluntarily.

The Agent appointed under a South Carolina Healthcare Power of Attorney has the authority to make decisions about medical treatment, surgical procedures, medication, admission to healthcare facilities, and other healthcare matters, based on your known wishes, if any, or otherwise in your best interest.

It’s important to understand that in South Carolina, most healthcare providers directly involved in your care and employees of your healthcare facility are legally prohibited from serving as your Healthcare Power of Attorney agent unless they are related to you.

A Healthcare Power of Attorney works in conjunction with, but is separate from, other healthcare directives like a Living Will in South Carolina. A Living Will typically addresses your wishes regarding life-sustaining treatment in the event of a terminal condition or persistent vegetative state, while the Healthcare Power of Attorney gives broader authority for other medical decisions and situations of temporary or permanent incapacity.

The Financial Power of Attorney

While the term “Financial Power of Attorney” isn’t a distinct type in the same way “Durable” or “Limited” are, it’s often used to specifically refer to a Power of Attorney that grants authority solely over the Principal’s financial affairs, as opposed to healthcare matters. In South Carolina, a Financial Power of Attorney would be governed by the SC Uniform Power of Attorney Act (SCUPAOA) and would typically be made durable to be effective during incapacity.

This document would encompass the powers listed under the General Power of Attorney section, focusing exclusively on financial, business, and property matters. Its purpose is to ensure seamless management of monetary affairs should the Principal become disabled or unable to express their wishes.

The Agent for a Financial Power of Attorney in South Carolina can be a trusted family member, friend, attorney, accountant, or other individual with the integrity and capability to manage financial matters responsibly.

The Childcare Power of Attorney (South Carolina Delegation of Parental Authority)

In South Carolina, there is a legal mechanism that functions similarly to what might be called a “Childcare Power of Attorney” in other contexts. This allows a parent or legal guardian to temporarily delegate certain parental powers regarding the care, custody, and property of their minor child to another person.

This is particularly useful when a parent needs to leave their child in the care of a relative or trusted friend for a period due to travel, illness, military deployment, or other reasons. The delegated powers typically include making decisions related to the child’s:

Emergency medical treatment.
Education (enrolling in school, discussing academic matters).
General care and well-being.

South Carolina law has specific requirements and limitations for such delegations. Generally, a written and signed document is required, often needing notarization. There are also limitations on the duration of such temporary delegations, typically limited to a certain number of months (e.g., six months), though extensions may be possible under specific circumstances defined by statute. This mechanism provides the temporary caregiver with the legal authority needed to make necessary decisions for the child in the parent’s absence without requiring formal guardianship proceedings.

Wrapping Up Types of Power of Attorney

A power of attorney exists to protect those who can’t protect themselves, with their nearest and dearest by their side.

Understanding the various types of power of attorney discussed above can make most of your decision making easier and more comfortable in otherwise rough times.

For more information about power of attorneys, estate planning, and other legal matters, get in touch with De Bruin Law Firm today. Contact us today to learn more about our services.

What Does a Real Estate Lawyer Do?

May 24, 2018/in Real Estate

Almost 5.6 million existing homes were bought/sold in the US in 2017 alone. Add to that number roughly 615,000 new properties bought/sold, and it becomes clear that for many, being a homeowner is still very much a part of people’s idea of the quintessential American dream.

Home buying, however, can be an arduous process.

Inspections. Contracts. Deadlines.

All of that and more can make it so both seasoned and first-time real estate buyers/sellers feel like they’re in over their head.

This is where areal estate lawyer services can be extremely helpful. When working with a real estate attorney, the most complicated aspects of properties changing hands will get handled by legal professionals.

To better answer the question of what does a real estate lawyer do, below are some benefits they can bring to you.

1) Professional Legal Document Drafting

There are a lot of documents that surround real estate whether you’re buying, selling, or even renting. Ensuring that your documents are legally binding can mean the difference between a smooth transaction and a lifetime worth of regret.

Real estate lawyer services include high-quality drafted documents aimed at protecting you. A good attorney can prepare deeds, lease and rental agreements, financing agreements, purchase contracts, and more.

Many feel that their real estate agent suffices during the buying/selling process of a home when it comes to contractual matters.

The issue here is that your real estate agent is not a trained legal professional. Everything they offer you to sign is boilerplate and prepared by a third party lawyer responsible for drafting generic contacts that pay no mind to your specific situation.

Only your personal real estate lawyer can draft unique papers on your behalf and revise documents in a fashion that is legally binding.

2) Review of Real Estate Transactions

If you’re handling most of the dealings of a real estate transaction on your own, you’ll at least want an attorney to review all of the details of your transaction prior to putting your signature on a paper.

Why?

Real estate attorneys get trained to identify issues you may not see on your own. They can spot title issues, problems with inspections, environmental problems, and reports that seem off.

Doing your diligence by having a lawyer review your property deal is an integral part of the estate exchange process. It ensures you’re getting exactly what you expect from a deal.

3) Negotiating

One of the most daunting aspects of real estate sales is negotiating. For many, this isn’t something that comes easily.

Whether it concerns the price, conditions, or terms surrounding a purchase, negotiating will make sure you’re getting all of the value you can from a deal. Given that real estate lawyers are specially trained when it comes to property transactions, they can look for opportunities to increase the value of your offer.

They can also identify where you’re getting taken advantage of, and fight to make those instances more favorable.

4) Representation during Closing

Many people employ real estate attorneys to represent them during closing.

The closing of a real estate transaction is where all of the final, most important documents are presented to both buying and selling parties and are signed.

It’s important to have a qualified legal professional with you during this process to make sure all of the informal components of your deal are represented in final documents. Remember, agents have a vested interest in your closing a deal, so trusting them to be diligent during closing on your behalf may create a conflict of interest.

With a qualified attorney can you be sure that your interests will be adequately upheld during the final stages of the buying/selling process.

Note that in some states, including South Carolina, you may need to have an attorney present during closing proceedings.

5) Litigation for Deals Gone Wrong

If certain aspects of your real estate deal are not upheld by the opposing party, you may find yourself in a position where you need to take legal action. While this is never a situation someone wants to face, when it becomes necessary, you’ll be glad you have a relationship with an attorney.

A good attorney may even be able to negotiate with opposition to try and keep cases that seem to be headed towards court out of the courtroom.

6) Assistance with Foreclosure

During hard times, many homeowners end up in foreclosure. This can represent a high-stress situation for both those residing in the home getting foreclosed on and lenders.

With a real estate lawyer, no matter which side of foreclosure you’re on, the process will go more smoothly.

If you’re the lender, lawyers can guide you through how to initiate foreclosure. They can also file any relevant lawsuits on your behalf.

As a borrower, an attorney can ensure that you are aware of your rights under foreclosure law. They can even help you avoid foreclosure by negotiating a settlement with lenders.

Get More Information about What Does a Real Estate Lawyer Do

A real estate lawyer can be valuable to both buyers and sellers during the process of properties switching hands. They can assess all paperwork surrounding a property’s sale, draft custom contracts, and represent you at closing.

Bottom line, if you’re acquiring or selling a property, make sure you’re represented. Hire a qualified real estate attorney today.

Are you looking for the best legal team in the Greenville, South Carolina area to represent your real estate interests?

If so, look no further than DeBruin Law Firm. We specialize in providing our clients with a wide variety of services related to real estate and beyond.

Let us take our years of expertise and help you get the best deal on your home possible.

Contact our team of legal professionals to learn more about what does a real estate lawyer do, or to get your consultation today!

What New Real Estate Agents Should Know about the Closing Process

November 30, 2017/in Real Estate

New Agents and the Closing Process

The closing is the final step in a real estate transaction. During the closing, the sellers transfer ownership of the property to the buyers. The sellers will receive any proceeds they have earned from the sale of their house, and the buyers will be able to move into the house after the closing. The real estate agent also receives a check for commission earned from the sale. Finding the right home for buyers usually takes several months; thus, the closing is an exciting time for buyers and their agents.

A real estate agent’s role is central to the success of a real estate transaction, and this role is no less important during the closing itself. A real estate agent should make sure that all of the right documents are included in the closing package that the buyers will sign. Although a closing attorney will review the documents for legal accuracy, the real estate agent must make sure that the terms of the sale are correct and that documents involving the property are accurate.

For example, if there are any title issues, such as defects, with the property, the real estate agent may assist in resolving these matters. The real estate agent will also notify the parties of the closing date and location and will assist with coordinating the buyer’s final walkthrough of the home.

New Rules For Agents and Lenders

Toward the end of 2015, new rules were established that impact the closing process. All real estate agents should be aware of these procedures to ensure that the closing process goes smoothly and that all applicable laws and regulations are followed. If errors occur during a closing, it may cause delays in the transfer of ownership of the property, which will likely make clients very unhappy.

Lenders, instead of the settlement agents, must now prepare and deliver the closing disclosure form. This form is five pages long and contains details about the mortgage loan, such as its terms, the projected monthly payments, and closing costs. The lender must deliver this document to the buyer at least three business days before the closing occurs. The real estate agent must ensure that the closing agent has all of the information necessary to complete the closing disclosure form. In addition, the real estate agent will need to provide his or her broker’s state license number and the individual real estate license number for the closing disclosure form.

If any changes to the closing disclosure form cause the annual percentage rate to become inaccurate, the buyer changes loan products, or a prepayment penalty is added, a three-day waiting period may be triggered. Further, if any changes impact the value of the property, additional disclosures and review periods may be required.

After the closing

On some occasions, issues arise after the closing that the real estate agent will need to address for the clients. For example, if the buyers received a home warranty with their new home, they may need help filing a claim. The buyers may also have questions about the repairs that were to be done to the home prior to moving in. If the buyers are not satisfied with the status of any repairs, the agent may need to assist with resolving this conflict.

Let the De Bruin Law Firm Handle Your Closing

At the De Bruin Law Firm, our real estate attorneys are experienced in transactions of all types. We work closely with real estate agents to ensure clients are comfortable during the closing process. To speak with our attorneys about scheduling a closing, call (864) 982-5930 or visit debruinlawfirm.com.

How Real Estate Agents and Closing Attorneys Can Help Clients Prepare For Closing

November 25, 2017/in Real Estate

What Good Agents Often Do

A good real estate agent makes a tremendous difference in the sale or purchase of a property. For first-time home buyers, an experienced real estate agent is key to alleviating many of the concerns and answering the numerous questions they will have throughout the transaction. As the transaction comes to a close, the real estate agent should take several steps to ensure the closing is completed as smoothly as possible.

First Time Home Buyers

Many clients are nervous about the sale or purchase of a home, especially if it is their first time doing so. Real estate agents should remember that, in addition to working hard to land a good deal for their clients, they should also focus on being approachable. Clients should feel as though they can call or email their real estate agent with their questions or concerns, no matter how small they may seem. A real estate agent who is friendly and patient will no doubt have clients return for future purchases or sales.

However, at the De Bruin Law Firm, our Real Estate Closing Attorney’s try to fill that role as soon as the contract and title request is submitted to us. We believe we can help facilitate a great closing experience that ensures the agents clients are satisfied and the process is enjoyable.

Helping Your Clients Prepare

Real estate agents help their clients prepare for the closing by ensuring all documents are in order and that the clients fully understand the terms of the sale. Document errors are a common reason for a delay in closing. Clients will be very frustrated if they take time off of work to come to a closing to sell or buy a piece of property, only to find out that a simple error in a document will delay the entire process.

As each offer and counteroffer are made and received on the property, the real estate agent should go through the terms and conditions presented and answer any questions the clients may have. The real estate agent will also discuss potential closing dates with the clients to settle on a date that works for all of the parties. In addition, the real estate agent will coordinate a final walk through of the property before the closing. The agent will again address any concerns that the clients have prior to finalizing the deal.

The real estate agent will also request final closing figures from the closing attorney so that the clients understand how much the transaction will cost them. The real estate agent should also go over all of these numbers in detail to ensure that they match the negotiated terms. The Closing Attorneys at the De Bruin Law Firm will also assist the agents client in understanding the closing numbers.

How Attorneys and Agents Can Help Each Other

Real estate agents should also tell their clients about the different types of documents they will need to sign at the closing. The more clients know about the closing, the more comfortable they will feel during the process. Most clients do not like surprises during these transactions! Real estate agents should explain the closing disclosure, which should arrive at least three business days before the closing. They should also explain the details of the promissory note, the deed, the escrow statement, and the deed of trust. Clients will be much happier when they know about the documents placed in front of them than if they are presented with a stack of documents they have never heard of.

Clients should also understand that they cannot bring a personal check to the closing. Real estate agents should make sure that clients know a cashier’s check or certified check is required at the closing unless the amount owed is over $5,000.00. In those circumstances the De Bruin Law Firm requires funds to be wired no later than 24 hours from the date of closing. Money issues will certainly bring a closing to a standstill.

Contact our offices to schedule a closing today

At the De Bruin Law Firm, our closing attorneys carefully review closing packages to avoid issues during the closing. Real estate agents appreciate our efforts to keep their clients happy. Call 864-770-8880 or visit debruinlawfirm.com to schedule your closing.