Tag Archive for: Real Estate Attorney

Why Do I Need Title Insurance?

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Buying a new home is an exciting but overwhelming process. There are many aspects of homeownership you must learn, and navigating all of the legal requirements may be a struggle for you. If you are buying a home, you may find a real estate attorney helpful. At The De Bruin Law Firm, we offer real estate law services that could aid you as you buy your new home. One aspect of homeownership that we may help you with is title insurance. While you are likely aware that there are a variety of types of insurance your home may require, title insurance is a very important but much misunderstood type of home insurance.

What Is Title Insurance?

The title of a home is what gives you legal rights to occupy the property. The title could include limitations due to claims others have asserted over the property. This could limit how you can use the property, and may cause financial loss. When you purchase title insurance, it protects against these types of issues with your title. Title insurance is purchased as a one-time premium, as opposed to other types of home insurance, which require annual premiums. This is because it protects against existing hazards instead of offering protection for hypothetical future issues.

Types Of Title Insurance

There are two general types of title insurance:

  • Lender/mortgagee coverage: Most lenders require title insurance. This protects their investment and allows them more flexibility to lend mortgage money.
  • Owner’s coverage: Owner’s insurance is not required, but is recommended. It lasts as long as you or your heirs have interest in the property, which may be even after you have sold it.

What Does Title Insurance Insure?

The title insurance process starts by research into the public records of the property in question before closing. This reveals any pertinent information to determine whether insurance is possible. This could reveal title hazards, such as outstanding mortgages, deeds or trusts with incorrect or misspelled information, pending legal action against the property, and more. With this knowledge, any issues may be resolved to prevent issues in the future. However, even with these preventative measures in place, other title defects may present themselves, perhaps due to mistakes in the public records or other issues. Title insurance protects you financially in the event of these issues presenting themselves after closing.

At The De Bruin Law Firm, we are experienced in a variety of title-related services, including title examinations and title insurance policies. Contact us today to learn more.

5 Essential Tasks Of A Real Estate Closing Attorney

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Whether you are buying or selling real estate, it is important to have an attorney for your real estate closing.  A real estate attorney ensures that everyone understands the complex legal process that real estate closings are, and that everything is above board. In order to better protect consumers during the closing process, South Carolina requires many aspects of a real estate purchase and refinance closing to be completed under the supervision of an attorney. For a more specific picture of what exactly a real estate attorney does during real estate closings, read on below.

Title Examination

A clear property title is essential for the buyer and lender in a real estate closing. Once the purchase agreement has been received, we can begin examining the title. For the sake of the buyer, we will evaluate the restrictions, encroachments, easements, and whether the title clearly allows the seller to transfer it to the buyer. We will then identify if there are existing mortgages on the property that must be satisfied in order to transfer the title over. For the sake of the lender, we will create an overview of any judgments, mortgages, or liens in existence that must be settled before closing. Any concerns about the status of the title are addressed during this process.

Title Insurance

Title insurance is important because if there is a problem with the title in the future, it protects the buyer and the lender. After the title examination, your real estate attorney from De Bruin Law Firm writes an opinion about the title for the title company so they can issue a title binder, which is necessary for obtaining title insurance. Title insurance is absolutely essential for the lender because they must assure that it is in the first lien position of the property, but it is optional for the buyer. However, it is best to go through with title insurance, given that it is relatively inexpensive and protects the buyer’s rights to the property.

Coordination

The real estate closing attorney also coordinates all of the parties involved in the closing. This means that the attorney must communicate with the buyer, seller, and lender, and any additional players, such as brokers, surveyors, the homeowner’s insurance company, home inspectors, contractors, homeowners’ associations, and more. The closing attorney must coordinate all of these parties in order to ensure that the closing occurs in a timely manner. Throughout the entire process, the closing attorney is necessary for communication, but is especially crucial when preparing the settlement statement and when confirming the dates and amounts of money needed for closing.

Review Of Documents

The day of closing, the real estate closing attorney must be present to go over the various documents. The closing attorney can offer explanations for any confusing documents, such as the deed, settlement statement, and loan documentation.

Record And Disbursement Of Funds

Finally the closing attorney must close the transaction and distribute all the funds. After reviewing all the documents, the real estate closing attorney will make a final review of the title and deed, then issue the final opinion on the title and pay the title company. The closing attorney will then distribute all of the funds in the transaction, such as brokerage fees, county taxes, homeowner’s insurance premiums, inspection fees, seller’s proceeds, and the attorney fees.

Clearly, a real estate attorney is essential for a real estate closing. When you need a real estate attorney to help you buy or sell real estate in South Carolina, De Bruin Law Firm has the experience you need. Contact us today.

3 Issues That May Come Up During A Refinance

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Refinancing a home can be a really big task that has the potential to get complicated quickly. There are many different reasons a homeowner might want to refinance from wanting to lower the interest rate on the loan, remove the PMI, or receive an infusion of cash to improve the house. Even in the case of a refinance, an attorney is required for many of the aspects involved with the closing in South Carolina. Contacting a closing attorney early in your refinance process may be beneficial. Let’s take a look at what these issues are and why you might want to call De Bruin Law Firm for assistance during your refinance.

Timeliness

Whether buying a new home or refinancing your existing home, having all of the evaluations and paperwork complete by specific deadlines is essential. What can happen is banks will continue to ask for current paperwork as they push out your refinance up to even 90 days. If your bank is giving you the run around, it could be beneficial to bring in a real estate attorney to protect your investment and time.

Low Appraisal

Receiving a low appraisal can also be a really big problem when refinancing. The appraisal dictates what the bank is willing to do in terms of relieving you of the PMI or cashing out for improvements. There are several steps that can be taken to escalate this problem, which is often why you need to consult with a real estate lawyer.

Negotiations

Having a good attorney on your side means that if things escalate, negotiations need to happen. A real estate lawyer can help avoid disputes and protect the borrower’s rights throughout the process. If you’re thinking about getting your home refinanced contact Bryan De Bruin at the De Bruin Law Firm to handle you closing.

3 Reasons To Hire A Lawyer For Your Commercial Property Purchase

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Buying commercial real estate, much like buying residential real estate, is a large investment. There are many complexities and intricate details that are involved with the purchase, along with the large financial risk. Having a real estate attorney on your team throughout the process provides benefits and protection to you as the buyer. Here are three reasons you would want to hire a real estate attorney when purchasing commercial property.

Unique Details

The purchase of commercial property is rarely straightforward. Problems that could come up include corporate ownership, leaseholds, tenant claims, or environmental issues. These are not easy to resolve and need the help of a real estate attorney that can work through the difficult legal issues that will arise.

Negotiations

The number one benefit to enlisting the help of a real estate attorney is their strong negotiation tactics. Because of the large investment, negotiations can become emotional. Utilizing the skills of a third party who knows the intricacies of the law and has a fiduciary responsibility to their client means that you will get the best resolution possible to benefit you as a buyer.

Reduce Risk

Unlike renting to individual tenants, which can be done with standard legal leases, negotiating long term leases or purchasing property that may have risk associated with them needs the help of a real estate lawyer. The lawyer is able to protect your finances and look into any idiosyncrasies with the property. This reduces your overall risk and improves the overall transaction.

We pride ourselves on our ability to provide the quality service throughout all aspects of your real estate closing. If you are 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.

Should You Hire An Attorney Before Buying A Home?

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A home is one of the highest dollar purchases that any person will make in their lifetime. Especially the first time you buy a home, the process can be quite overwhelming. It’s hard enough to choose a real estate agent, find a home, make an offer, and survive the inspections and negotiations that will follow.

Then, on closing day, you sit down at the table and look at an intimidating stack of paperwork on which you’ll have to sign your name. The legal implications of buying any type of real estate cannot be overstated. Many people wonder whether or not they should enlist the services of a closing attorney before they sign on the dotted line. In South Carolina, an attorney is required to handle and or supervise many aspects of a real estate closing.

Your Real Estate Agent Is Inexperienced

On one hand, real estate contracts have become very standardized. An experienced real estate agent will have gone through the process many times, and they’ll be able to explain each step of the legal process in terms you can understand. However, all real estate agents have to start somewhere, and it’s possible that you’re working with an agent that’s only sold one or two other homes before yours. In this case, it’s probably a good idea to consult with a real estate attorney just to make sure the paperwork is in order and your rights are being duly protected.

Investigating Title Issues

One document you’ll be asked to review during the home buying process is the title report. This is a “written analysis of the status of title to real property, including a property description, names of titleholders and how title is held (joint tenancy, etc.), tax rate, encumbrances (mortgages, liens, deeds of trusts, recorded judgments), and real property taxes due.” These documents can be quite convoluted and if there’s anything you don’t understand completely, it’s a good idea to get the professional opinion of a real estate attorney.

There Are Special Circumstances Involved

Not two real estate transactions are exactly the same. If you’re in a situation where there will be multiple owners, strange HOA requirements, or the condominium association from which you’re buying is involved in current litigation, it’s very important to make sure you’re not getting involved in something illegal. Failure to do so could forfeit your rights in unforeseen ways.

Hiring De Bruin law firm as your real estate attorney can provide peace of mind in any situation involving the buying and selling of property. Contact us for a consultation today.

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

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