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

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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:

  1. Written document: It must be in writing.
  2. 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).
  3. 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?

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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

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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

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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.

 

Common Due Diligence Mistakes During a Commercial Real Estate Closing

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Commercial Real Estate Closings

While individuals and businesses involved in a commercial real estate purchase or sale generally know that they need legal counsel, they might not recognize the need for an attorney with knowledge in related areas of law.  While the scope of a commercial real estate transaction can range from simple to highly complex, our law firm brings knowledge and experience acquired by handling a significant number of commercial real estate transactions.  Because of the diversity and volume of transactions we have handled, we know that thorough due diligence is critical, so we have identified some common mistakes made during this process.

Mistake #1 Failing to confirm the property complies with all code and regulatory requirements

Frequently, the buyer of a commercial property will begin improvements to get the premises repurposed for the particular business.  During this process, the buyer will discover the property is not in compliance with existing legal requirements.  When the contractor goes to pull the permits or an inspector comes to sign-off on the work, for example, building codes violations will be discovered.  ADA violations also frequently slip through the cracks without a meticulous due diligence process.  The cost of bringing the property into compliance can be so extensive that it brings the wisdom of the transaction under scrutiny.

Mistake #2 Failing to confirm the lender will accept inspection reports

When seeking inspections and reports, commercial purchasers often presume that the lender will accept the use of a particular third-party vender.  Whether you are retaining an entity to perform an Environmental Report, a Property Condition Assessment, or other reports required by the lender, get preapproval that the third-party vender is acceptable can save value time and money.

Mistake #3 Arriving at an improper valuation of the property

There can never be too much research into the valuation of the commercial property.  This process should involve working with leading commercial brokers in the market and conducting an extensive review of sales comps.  The process of revising and refining the valuation should continue as new information comes in through the due diligence process.

Mistake #4 Accepting that the seller and the seller’s agent have fully disclosed all existing issues

The seller looking to maximize the return on the sale of the property should not be expected to disclose all defects and issues with the property.  A thorough investigation is essential to uncover any problems that could impact a decision to move forward with the transaction.

Mistake #5 Neglecting to inspect every unit of the commercial property

Whether you are purchasing a strip mall or an office building, you should examine every single unit.  While the seller might resist this request based on concerns about not disturbing the tenants, there is no way to know what problems might lurk within individual units without examining the premises.

Mistake #6 Overlooking the need to thoroughly analyze the competition

Accuracy in valuation or underwriting of the transaction requires a thorough review of the competition, particularly in an unfamiliar area.  This investigation might uncover discounts or lease concessions that could raise red flags relevant to the valuation.

Mistake #7 Not anticipating the need for changes in the closing statement

The buyer needs to carefully review all entries listed on the closing statement and note any items that might have been omitted.  Sellers often will be meticulous in itemizing credits in their portion of the closing statement but far less diligence when it comes to buyer credits.  Common examples might include leasing commission owed to brokers and agents or improvement allowances owed to tenants.

Residential Real Estate Closing Process

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The closing process must be navigated efficiently and properly to consummate a residential real estate closing in South Carolina.  Our Greenville residential real estate attorneys guide our clients through the entire buying and selling process skillfully navigating potential pitfalls that can unravel a successful transaction.  A review of some of these pitfalls reveals the importance of legal representation during the entire residential real estate transaction.

Real Estate Contract

After a buyer has identified a property for purchase, an offer will usually be made in the form of a contract.  Buyers and sellers both need to understand the importance of this offer-acceptance process.   Both parties are bound by the terms of the contract once the offer has been formally accepted.  While many parties focus entirely on the price, the document will include a multitude of terms and conditions that should be understood and considered.

Contract Changes

If the seller is represented by an agent after receiving an offer, or either party has an realtor after receiving a counter-offer, the agent might suggest changes to terms other than the price to protect a client’s interests.   The realtor also can explain the rest of the terms because this contract will govern the entire real estate transaction.  After the parties have signed the contract, they are both stuck with the terms and conditions unless they mutually agree to changes in writing.  Since the other party knows that the contract is binding, he or she might require additional money to be paid to secure any modifications.

Buyer and Lender Contract

The buyer usually will have to agree to another contractual relationship with a lender.  This contractual relationship based on a promissory note and security agreement might include unforeseen costs beyond the down payment and loan payments.  These fees, which could include survey fees, loan fees, interest and tax escrows, insurance premiums, and closing attorney fees, can add up, so unwelcome surprising can be a problem.  The lender should explain these fees and other terms.  However, the advantage of having your attorney review and explain any issues and fees will be apparent if you know anyone who experienced sharp lending practices during the mortgage meltdown.

Settlement Agent and Title Search

If you are the buyer, your attorney also will handle the “title search,” which is critically important to protect the buyer’s interests.  This process will be conducted to identify any title defects.  At some point during the process, a survey usually will be conducted to confirm that the boundary description in the public records conforms to the property boundaries.  The lender typically will require title insurance that normally will be secured by the buyer’s attorney.  Title insurance confirms that the lender has a proper mortgage lien that is not impaired by any title defects.

The closing attorney will supervise the formal execution of the relevant documents at the closing. Both parties benefit from having their agent help guide them through the entire process.  Potential roadblocks to a residential purchase or sale can derail the transaction at every stage of the process.  For example, a party might use the other party’s failure to comply with a term or condition of the contract to get out of the transaction.  Even more concerning, unrepresented parties to a residential real estate transaction might complete the sale only to encounter boundary disputes, onerous loan terms, hidden costs, undiscovered property defects, and other issues that impact a party’s desire to complete the transaction or the value of the property. In South Carolina however, a licensed attorney is required to handle and supervise many of the legal aspects involved in transferring property. If the transaction does run into trouble, our Greenville real estate closing attorneys have the experience to assist you in getting out of the deal or to push it forward.

Real Estate Transactions

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Real estate transactions are not only major purchases or sales for most people but are actually major life events. When people make the decision to sell their home or to purchase a new one they are laying a lot on the line, which means that the experience can be emotional and stressful as well. The best real estate professionals understand this reality and work to provide their clients with expert advice.

At De Bruin Law Firm, we understand how important our role in real estate transactions is and we strive to make the process of purchasing or selling a home run as smoothly as possible.

Effective communication

Part of our role in real estate transactions is to ensure that we are coordinating with all of the people necessary to make the transaction go forward. This means communicating with the other attorney, with agents, home inspectors, lenders, insurance companies, and others. There are many people involved in the process of buying and selling real estate, and it is important to have someone orchestrating the communications between all of these people in order to ensure that everything needed is acquired in time for the closing.

Title searches and insurance

When we serve as the closing attorney, we look carefully into the title for the property being bought and sold. It is important to know that there is nothing that will impact the new buyer’s ownership of the property. We also work with title insurance companies to arrange title insurance which provides the buyer with peace of mind and is necessary from the lender’s perspective to ensure that they have the first lien on the property in question.

Closing the deal

The day of the closing is where the transaction happens. When we perform real estate closings, we ensure that the proper documents are present and that the funds are being transferred to the correct places. Closings are a big deal to clients. When they close on their purchase or sale, the decision they made finally becomes a reality. We want our clients to view that day with excitement. They are starting something new, and they should walk away feeling happy and ready to take on the challenges ahead of them, such as moving into a new home. We understand that our clients have a lot on their minds beyond the documents that we handle, and we want them to feel able to focus on the positive aspects of the process, and not on the closing paperwork.

By putting in the time and energy to ensure that we have everything we need the day of the closing and that the transaction goes well, we can provide clients with a positive experience. When they walk away from the closing they should know that everything has been handled in a professional and organized way. Our efforts to provide a seamless transaction benefits not only the client but the agents as well because the clients will walk away having had a pleasant closing experience.

If you are buying or selling a home in South Carolina, contact De Bruin Law Firm at 864-982-5930 to discuss how our dedicated attorneys can help make this experience a positive one for you and your family.

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We Pride Ourselves on our ability to provide the quality service throughout all aspects of your real estate closing

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How Much Does A Real Estate Closing Attorney Cost?

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There are a number of expenses involved with buying or selling a piece of property. There’s the new mortgage, taxes, and insurance; the cost of making any necessary repairs to the property to prepare it for sale; realtor fees; and a variety of other expenses. In addition, there are fees involved with the final step of the transaction, which is called the closing. At the closing, the seller conveys ownership of the property to the buyer.

Real Estate Closing Settlement Fees

A South Carolina real estate closing attorney typically charges a flat fee for conducting the closing. In most cases, the fee is several hundred dollars, and in some situations, it may be over $1,000. Many real estate clients only see the real estate closing attorney at the closing itself and may wonder why these fees are in place. However, there is quite a bit of work that closing attorneys must do to prepare for the closing and ensure that the property is being properly transferred from the sellers to the buyers.

First, the closing attorney will conduct a title search to check the status of the property. The title search will confirm that the seller has full ownership of the property and is in a position to transfer it to the buyer. The title search will also show if there are any easements, encroachments, or other restrictions on the property. The attorney will also prepare an opinion on the title that is presented to a title company. This document will be used in the event that the buyer wants to purchase title insurance.

Real Estate Closing Attorney Responsibilities

Closing attorneys are also responsible for facilitating communication between a number of parties necessary to the finalization of the deal. The closing attorney may need to discuss the sale with lenders, real estate agents, surveyors, any current mortgage holders, tax offices, homeowners associations, and a variety of other individuals. The closing attorney must communicate with these individuals to make sure all of the details involved with the sale are accurate and also to ensure that the closing is completed on time.

During the closing itself, the closing attorney will explain the documents to the parties as they sign them. There are a number of documents that must be signed at a closing, including the deed, settlement statement, loan documentation, a promissory note, and other documents as required by law. The closing attorney is available to answer any questions about these documents that the parties may have.

After The Closing

A closing attorney’s work does not end when the parties leave the office. After the closing has been completed, the closing attorney will update the title to the property on local registry of deed websites and will record the deed. In addition, the closing attorney is responsible for disbursing fees, including brokerage fees, taxes, loan payoff amounts, seller proceeds, insurance premiums, and inspection fees.

After the transaction has been completed, if any issues arise with the transfer of the property, the closing attorney may be consulted if necessary to help resolve the issue.

Clearly, the real estate closing attorney does not simply sit with the parties at the closing and have them sign documents. The closing attorney’s guidance is a necessity to ensure the transition of ownership goes smoothly and that the parties understand the legal requirements of the deal.

Let us manage your closing

The real estate attorneys at the De Bruin Law Firm are experienced in a variety of real estate transactions, including residential, commercial, refinancing, and equity loan matters. To schedule a closing with our real estate attorneys, call (864) 982-5930.

If you’re considering buying or selling real estate in South Carolina or are already negotiating a contract we’d love to help you close on your transactions.

Frequently Asked Questions About Title Insurance

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At The De Bruin Law Firm, we are experienced and knowledgeable real estate attorneys. We often help our clients when they are buying a home to ensure that the closing process goes as smoothly as possible. One aspect of what we do as real estate closing attorneys is help our clients with a title search and title insurance. If you are a first time home buyer, you may not be aware of everything related to real estate titles; in fact, this is an area about which we get many questions. To help you, we have compiled a list of frequently asked questions about titles.

What Is A Title?

A title is a document that serves as evidence of an owner’s right to possess a property. It’s possible for someone other than the owner to have a legal right to the property in question; in this case, the other person may be able to stake claim over the property or demand use of it.

What Is A Title Search?

A title search entails examining the historical records of a property, including deeds, property and name indexes, court records, and other documents. This search serves to confirm the seller’s right to transfer ownership to the buyer, and to uncover any other claims, defects, burdens, or rights to the property.

What Issues Can A Title Search Uncover?

A title search could reveal a number of issues with the title, including title defects, liens, encumbrances, or restrictions. This could include unpaid taxes, unpaid mortgages, legal issues with the seller, and restrictions on how to use the land.

Are There Potential Issues With The Title That A Title Search Won’t Reveal?

Yes. There are certain hazards that a title search might not reveal. For example, if a previous owner did not reveal his marital status, his spouse could have a legal claim to the property. Other examples include forgery, fraud, defective deeds, and clerical errors. It is possible for these issues to arise after you have already purchased your home, jeopardizing your ownership rights.

What Is Title Insurance?

Title insurance is a type of insurance policy that protects you against the loss if any of these issues present themselves after you have purchased your home.

What Happens If A Claim Is Filed Against My Property?

This varies depending on the claim. In the worst case scenario, you could lose your property and still be liable to pay off your mortgage balance. This is an extreme occurrence that doesn’t happen in most cases, but even a small claim will cost you money, time, and stress, and may require you to hire a lawyer.

If A Claim Does Arise, How Does Title Insurance Protect Me?

If a claim against your property is made, title insurance assures you a legal defense and will pay all court costs. If the claim proves to be valid, you will be reimbursed for your loss (up to the face amount of the title insurance policy).

Isn’t The Deed The Proof Of Ownership?

Actually, no. A deed is a document through which ownership rights to property are transferred, but it is not proof of ownership, and does not eliminate another’s rights to the property. Additionally, a deed does not show liens or claims against the title.

What Are The Different Kinds Of Title Insurance?

There are two types of title insurance policies: a loan policy and owner’s policy. The loan policy protects the lender in the property as security for the outstanding balance of the buyer’s mortgage. The owner’s policy protects the buyer’s investment in the property.

How Much Does Title Insurance Cost?

While it varies, in general, title insurance costs one percent or less of the total cost of the property. Additionally, a title insurance is not paid annually, like other types of insurance; it is one upfront cost paid at closing.

How Long Does My Title Insurance Coverage Last?

Title insurance coverage lasts as long as you or your heirs have an interest in the property, and in some cases, beyond that.

When buying real estate, it is in your best interest to hire an experienced attorney. As real estate attorneys in South Carolina, we can help you during your real estate closing. Interested in our legal services? Contact us today to learn more about how we can help with your real estate closing.

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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