Why Do You Need a Real Estate Lawyer?
In certain states, you can’t buy or sell a house unless a real estate lawyer is present. South Carolina is one of those states. The good news is that having an experienced attorney within reach can keep you from unintentionally breaking a law or doing something that could delay your real estate closing. If you’re not sure what real estate lawyers do, we’ll fill you in. The South Carolina Supreme Court believes that requiring an attorney to oversee the closing process, in the end, protects the consumer.
What Is a Real Estate Attorney?
A real estate lawyer is someone whose job it is to know the rules and regulations related to real estate transactions. Real estate attorneys help their clients understand contracts and other legal documents. They deal with zoning issues and mortgage fraud, negotiate on behalf of the parties they represent, oversee the transfer of deeds and titles and verify whether a commercial or residential property has a lien, a restrictive covenant or another legal issue.
What will my Real Estate Lawyer do?
Linking up with a real estate attorney can be a good idea when you’re facing a difficult circumstance such as a foreclosure or short sale, or when you want to purchase a property that’s owned by the bank. Having an attorney can be particularly helpful if you’re trying to buy or sell a commercial property since the rules regarding tenant relationships and a company’s tax filing status can be quite complex. Your lawyer will oversee the closing process and run the title search.
The SC Supreme Court has listed the essential components of a closing as 5 categories: title search, loan documents, closing, recordation of documents, and disbursement of transaction funds. This is where you need to have the representation of a lawyer, as each of these steps must be supervised by an attorney in order to protect SC real estate consumers. They will carefully review the language in purchase agreements and other contracts to make sure buyers and sellers get exactly what they want and ensure that everything is carried out in a lawful manner.
You must have a real estate lawyer in the state of South Carolina. By having a real estate attorney you will be less susceptible to various pitfalls and lawsuits. Discussing your concerns with your real estate agent and your broker can help you decide on the best course of action for your unique situation. We will help you navigate the process, and we have wonderful real estate attorney’s that work with us.
Sources: Amanda Dixon JUL 09, 2018 - smartasset.com, Holly Roberson Luxury Simplified blog