If you are purchasing a house in South Carolina, the law requires that an attorney handle the closing of your new home. This helps ensure that both you and the seller understand the documents you are signing and that the transaction is legally binding.
However, an attorney can also help you during the home buying process itself in a few important ways.
In addition to the price of the home, your purchase contract may include important details and contingencies about the condition of the property as well as instructions for the escrow process. An attorney may be able to help by reviewing and amending the agreement if needed to ensure the contract is legal, enforceable and suits your needs.
If you are taking out a loan for your purchase, your lender may require that you clear any defects on the title before closing. While this information is public record, real estate attorneys can perform a title search quickly and efficiently, ensuring that the home is free from liens, judgments or other encumbrances.
Your lender may also require you to purchase title insurance as part of your closing expenses. An attorney can help explain the terms of coverage under this policy and help you determine whether you would like to purchase an additional owner’s title insurance policy.
You may only buy a new home a few times during your life. From making an airtight offer and researching potential property defects to filing the final paperwork with the state and county, consulting a real estate attorney may help to protect your investment, your interests and your rights.