Tag Archive for: real estate closing

How Can a Real Estate Lawyer Help You?

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About 5.8 million houses sold in May 2021. That’s 44.6% up from May of last year! Whether you plan on buying or selling this year, there are many legal variables to consider first.

You don’t have to navigate these legal complexities alone. Instead, consider hiring an experienced real estate lawyer. You can rely on their experience and expertise throughout every step of the process.

What is a real estate attorney, exactly, and what do they do? When should you hire an attorney to help? Keep reading to find out!

After reading this guide, you can hire the best real estate lawyer to help you through your next transaction. Identifying the benefits of having a lawyer at your side will help you make a more informed choice.

Read on to learn everything you need to know before buying or selling a property today!

What is a Real Estate Attorney?

First, let’s answer the question that likely brought you here: what is a real estate attorney?

A real estate lawyer can help guide you through the legal process of buying or selling property. They can negotiate the transaction and handle any disputes that occur.

Some states even require you to have a real estate attorney present during the closing process. Even if you live in a state that doesn’t require one, you might want to consider it. After all, a lawyer will have your best interests in mind every step of the way.

They can prepare and review any legal documents or paperwork in advance. They can also advise you if there are any problems or omissions in the documents. Otherwise, you might not realize there’s a problem until after the fact.

Real estate law is a matter for local and state jurisdictions. Make sure to hire an attorney with experience in the area.

You can rely on their experience and expertise to make more informed decisions before buying or selling property.

Real estate law covers selling, buying, or legal issues related to real property.

Make sure to find a lawyer who specializes in real estate transactions. They’ll understand the proper procedures you’ll need to follow. For example, you might want to ask them about:

  • Zoning
  • Titles
  • Estate planning
  • Deeds
  • Property taxes

These laws can vary by local or state government. Make sure to choose a lawyer licensed to practice in the state where the transaction is taking place.

Why Hire a Lawyer?

Remember, you’re required to hire a lawyer in some states. Your lawyer can help prepare or review documents before a transaction takes place. These documents can include:

  • Purchase agreements
  • Title documents
  • Transfer documents
  • Mortgage documents

They’ll also attend the closing (when money is paid and the title is transferred). They’ll make sure the transfer is legal and binding.

You might want to hire a lawyer to ensure the necessary documents are in order. They can also write insurance policies as needed. Otherwise, you might want to hire them to handle the transfer of funds for the purchase.

If you’re financing the purchase, talk to your real estate attorney about the federal HUD-1 Form. Discuss any related transfer of funds documentation for the lender, too.

Appeal to State or Lender Requirements

If you’re buying a home in certain states, you’re required to retain a real estate attorney. These states include:

  • Connecticut
  • Delaware
  • Georgia
  • Massachusetts
  • New York
  • North Carolina
  • South Carolina
  • West Virginia

State law will require you to retain a lawyer for specific parts of the transaction.

Some states require you to have an attorney to provide a title opinion. These states include:

  • Alabama
  • Louisiana
  • Mississippi
  • North Dakota
  • South Dakota

An opinion shows a lawyer reviewed the title abstract or examination. The document indicates they didn’t see any obstacles to the transaction.

Remember, you still might want to hire an attorney even if the state doesn’t require one. They can help if you’re dealing with a tricker type of purchase. They can also assist if there’s an issue regarding property lines.

Some mortgage lenders also require you to hire an attorney as part of the transaction.

Avoid Contractual Issues

Only 5% of all buyers choose to purchase a home directly from the owner. Before going this route, you might want to hire an attorney. Otherwise, you might encounter contractual issues and disagreements.

For example, you might encounter disputes related to:

  • The chain of title
  • Lot line problems
  • Other contract issues

Consider hiring a real estate lawyer if the purchase involves any out-of-the-ordinary elements. Otherwise, these elements might complicate the purchase contract.

An experienced lawyer will take the complexity of your situation into account. If any contractual issues arise, they’ll know how to respond.

Your attorney can help resolve the problem. For example, they can provide legal representation if a dispute ends up in a courtroom.

Your lawyer will gather information from both parties and try to encourage a resolution. They might hire a surveyor or title company to gather additional evidence, too.

Peace of Mind

You never know when something could go wrong. With that in mind, consider hiring an attorney before there’s an issue. Having a lawyer at your side will ensure your bases are covered.

They can provide peace of mind before a transaction goes awry. They’ll also consider your best interests every step of the way.

How to Find a Real Estate Attorney

To find the best real estate lawyer in town, turn to friends, family members, and neighbors. Start developing a list of referrals. Visit your local bar association website online, too.

Look for a real estate attorney with years of local experience in the industry. Their prior experience will give you peace of mind. They’ll have the expertise and know-how necessary to offer the help you need.

Buy or Sell With Ease: Hire a Real Estate Lawyer Today

Buying or selling property doesn’t have to feel stressful. Instead, consider hiring a real estate lawyer. They’ll protect your best interests through every phase of the process.

With their help, you can complete the transaction without unnecessary hassle.

Need help right away? We’re here for you.

Schedule a consultation today to get started.

Buying a Property? Do These 9 Items Before the Real Estate Closing

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So, you’ve finally found your dream home, and you’ve entered into an agreement with the seller. Congratulations!

With the end in sight, now may seem like the perfect time to rest and unwind after the hard work of your real estate search—but not so fast. There’s a reason the average real estate closing takes almost 50 days on average: there’s a lot to do!

Before you let yourself relax, there are a few essential items to take care of. Let’s take a look at the things you’ll need to do before your upcoming closing.

1. Apply for a Loan

Whether you’ve secured pre-approval or not, now is the time to apply for a mortgage loan. This is one of the most important things you’ll want to do before the closing, as nearly half of all closing delays happen because of financing issues!

This will mean doing some research to find the best mortgage lender for your needs. To do this, you’ll need to compare rates as well as any additional fees and requirements. Don’t forget to also lock in your interest rate once you’ve been approved.

2. Hire a Real Estate Attorney

The closing process can be complicated, and having someone look out for your best interests is a great help for most buyers. Even with a helpful closing organizer in hand, buyers often find that the expense of hiring a real estate lawyer pays for itself!

Real estate attorneys can review each of the many contracts and documents involved in the purchase of your home. They can help negotiate on your behalf, watch for elements that could complicate the purchase, and offer peace of mind during any tricky situations you find yourself in moving forward.

3. Get Ready for the Closing Fees

The loan may be the biggest financing issue on your mind, but it’s not the only one. Every real estate closing comes with a host of closing fees, which are payments made to third parties for various services related to the property transfer. These fees can include anything from an appraisal fee to Homeowner’s Association fees.

On average, the total will range from 2% and 7% of the home’s purchase price. This, of course, is shared between the buyer and the seller, with the buyer often paying slightly more, usually 3-4%.

4. Examine the Title

Before you move any further into the home closing process, you’ll need to clear the property title. The last thing you want to learn at this point is that the seller doesn’t own or have the right to sell the house! This can happen when relatives or an ex-spouse claim that they, too, are a legal owner of the home.

Working with a title examiner can ensure that no one aside from the seller can claim ownership of the property. As the buyer, you’ll have the opportunity to choose the real estate attorney or title company you partner with. If needed, seek out recommendations from your lender or real estate agent to be sure you’re working with a reputable expert.

5. Do the Home Inspection

At some point during the escrow period, you’ll want to have a professional come out to do a home inspection. Most major lenders require this, but even if yours doesn’t, it’s still a good idea.

This preventative measure can help ensure that there are no issues with the home before the official property transfer. An inspector will look for major problems with the building’s structure, wiring, plumbing, and more—all of which could be costly to fix.

If the home inspection uncovers any previously unknown problems, you can choose whether or not you wish to continue moving forward with the closing. If you decide to move forward, you can negotiate with the seller to have them pay to fix the issues.

6. Have the Home Appraised

Again, this is a service any major lender will require. An appraisal will determine how much money the property is worth, which keeps your lender from loaning you the wrong amount of money. It can also help keep you from overpaying for the loan.

This process is often separate from the home inspection, and you or your real estate agent will need to reach out to an appraiser to set it up.

7. Get Homeowners insurance

Before the home closing is complete, you’ll need to show proof that you’ve taken out a homeowners insurance policy on your new home.

Beyond this requirement, it’s simply a good idea to have a policy in advance. This type of insurance will help cover exterior and interior damage to your home, as well as the loss or theft of your belongings and any injuries that happen on the property.

You have multiple options available to you when it comes to finding the right policy and coverage, so allow yourself plenty of time to research your choices and weigh the pros and cons.

8. Do a Final Walk-Through

This step isn’t to be confused with the home inspection process above. A final walk-through happens in the days leading up to the closing, and both the seller and buyer should be present for it.

During this walk-through, you’ll have one last chance to inspect the property. Take the opportunity to check everything from the big-ticket appliances to the doors and windows. If the status of any part of the property doesn’t mind its agreed-upon condition, you’ll want to bring it up now.

9. Get Ready to Sign

Bring your favorite pen and flex your fingers: you’ll be signing a lot of documents and contracts!

Before you head to the closing table, prepare in advance by grabbing your proof of homeowners’ insurance, your home inspection reports, the paperwork for your home loan, a photo ID, and a copy of your contract with the seller. Your attorney will help guide you through the signing process from there.

Let Us Help Prepare for Your Real Estate Closing

There are few worse things than allowing your dream home to slip through your fingers on a technicality. Following the steps above can help you make the most of your real estate closing process, securing your new property for the future.

If you’re looking for further expert help during your closing, partner with our team! Our experts can help you review your contract, secure title insurance, and much more. Learn more about our services or reach out today for a no-obligation consultation.

13 Simple Steps to Closing on a House

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

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

1. Open an Escrow Account

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

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

2. Get an Appraisal

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

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

3. Get Pre-Approval for Your Mortgage

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

4. Lock in Your Interest Rate

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

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

5. Perform a Title Search and Get Title Insurance

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

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

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

6. Hire a Real Estate Attorney

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

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

7. Negotiate the Costs Involved

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

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

8. Get a Home Inspection

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

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

9. Get a Pest Inspection

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

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

10. Renegotiate Your Offer

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

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

11. Remove Any Contingencies

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

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

12. Arrange for Payments Before Closing

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

13. Get a Final Walkthrough of the Property

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

Use These Steps to Closing on a House for Success

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

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

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!

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.

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.

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.

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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