As you can probably gather from our weekly blog post topics, we get asked a lot of questions here at Jerry Pinkas Reality from potential and current clients alike. Many of the questions we see overlap from person to person, and situation to situation. Those questions are the ones we cover here in hopes to bring clarity to any confusion or frustration you may be experiencing in relation to all things real estate. Today’s post is centered around the question of if you are required to have an attorney when you close on a property in South Carolina. Is this a topic that has crossed your mind or has come up in conversation and you were not sure of the correct answer? If so, today’s post is for you! Keep reading for more information on this topic and we hope it answers any questions you have.
Is an attorney really required when you want to buy a home in Myrtle Beach, SC?
The answer to this question, simply put, is yes. South Carolina, unlike many states, does require that an attorney be involved in the house-selling transaction and must oversee real estate closings. A licensed South Carolina attorney will represent you in your best interests in all relevant areas of the closings of the transactions. Now you may be wondering why South Carolina requires an attorney while in some other states buyers, for example, will have title companies that will come in and close. And the answer to this is quite simple actually.
The beautiful state of South Carolina classifies a real estate closing to be a practice of law, and therefore only an attorney that is certified in the state can legally facilitate. It is also important to realize just how complex South Carolina estate laws really are, and thus why you need (and would want) an experienced attorney to ensure things are done properly. Also, in South Carolina, again unlike most other states, the closing attorney is a completely separate party from the title insurance company. We also want you to understand that the use of a closing agent in the replacement of an attorney to close the loan is not only illegal, but it can also be a dangerous move on your end. You should insist on and demand on using your own attorney during this process. Another item to note in regards to your money is that it will go into an escrow account which will be used towards your closing, and the attorney or brokerage you are working will hold that until the closing is complete.
What are the benefits of having an attorney when buying real estate in Myrtle Beach, SC?
It is important to note that as the buyer you are able to select the attorney you want to work with and are responsible for paying the fees associated with the closing attorney that is chosen. And as we touched on quickly above, one of the greatest benefits of having an attorney when you buy real estate is that you have someone on your side, representing you, that you know will have your best interests at heart in all decisions. Because this is such a large purchase, we understand the emotions and confusion that can sometimes accompany the home buying process. You want to make sure you are doing everything right and have all your I’s dotted and your t’s crossed.
And let’s be honest, unless you are educated on (or have experience with) real estate contracts, files, and paperwork, the verbiage may be a little over your head. So there is something to be said for the peace of mind that comes with an experienced attorney that is on your side and working on your behalf, and also knows what they are doing. Especially during a particularly stressful time, knowing that this part of the process is handled by an attorney should allow you to sleep a little more soundly at night. And that is always a welcomed bonus.
In addition, your closing attorney will prepare and review all the documents, thus ensuring that your rights and best interests are adequately protected. You can also count on your closing attorney to address any potential issues in regards to conditions and terms of the documents, as well as answer any questions that may arise during the process. So while you may think that the extra step of finding and hiring on a closing attorney seems a little much, we assure you that it is not overkilled and actually can prove to be a huge benefit and asset for you during this exciting time.
What documents do I need to bring to the closing?
You will need to be sure to bring a few items on the day of closing. You want to ensure you have a current (not expired) government-issued identification that has your photograph on it. This can include items such as a passport, driver’s license or military ID. You will also need to bring the money with you in the form of “certified” funds. If you are not familiar with this, all that means is the money can be in the form of a certified check, an official bank check, money order, or cashier’s check, and you want to make sure it is made payable to the closing attorney’s trust account. (You can also do a wire transfer of the money or even bring cash if you so choose).
What if I live out of state and I can’t be in person for this process?
There are many people who live out of state that is either relocating to beautiful Myrtle Beach, SC, or they live out of state and are purchasing a second home in the area. Maybe you have seen the house, did a walkthrough, fell in love with it and went back home, but are ready to start the purchasing process. We see this quite frequently. And you may be asking yourself if you will need to make a special trip for the closing and to sign the papers, especially since you are using an attorney in South Carolina. But don’t sweat it, you don’t necessarily have to be sitting in Myrtle Beach, SC as there are other options to help facilitate this, such as having the documents mailed to you. You can even have them overnighted for a speedier process. And in this case, you will then simply sign the papers and mail them back.
What should I do if I am interested in buying or selling a home in Myrtle Beach, SC?
Now that we have covered the specifics on attorneys and home buying in South Carolina, you may be asking yourself what you should do if you are ready to take the plunge on either buying or selling a home in Myrtle Beach, SC area. Lucky for you, the next step is pretty simple – give our experienced team here at Jerry Pinkas Realty a call today! Allow our agents to understand your situation and exactly what you are looking for, and work with you to find your perfect home or the perfect buyer for your current home. We know what we are doing, we are good at it and we do it every day. Let us help you avoid the pitfalls in the home buying and selling process that can be costly. Give us a call today, we look forward to working with you!
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