Frequently Asked Questions (FAQs)

DO I NEED A LAWYER FOR A REAL ESTATE CLOSING IN SOUTH CAROLINA?

In the interest of consumer protection, our State Supreme Court has held that all real estate closings are the practice of law in South Carolina. Therefore, the process must be supervised and certified by a licensed South Carolina attorney. [State v. Buyer Service CO., 357 S.E.2d 15 (S.C. 1986). The Attorney must certify the title opinion, conduct the closing, supervise the recording of documents, and supervise the disbursement of funds.]

THINGS TO AVOID WHEN CLOSING ON YOUR HOME?

Avoid making the following mistakes during the closing process that could jeopardize your closing.

  • Open or close a line of credit

  • Cosign a loan with anyone

  • Deposit or withdraw large amounts of funds

  • Change your employment

  • Buy a big ticket item

  • Switch banks or move your money to another institution

WHAT STEPS SHOULD I TAKE BEFORE SENDING WIRED FUNDS FOR MY CLOSING?

Considering today’s increased risk of email phishing and hacking scams, it’s important to be vigilant when sending wired funds for your closing. Cyber Criminals can hack email accounts and send emails with fake wiring instructions in an attempt to defraud unsuspecting people involved in real estate transactions. These emails can be convincing and look official. Always independently confirm your wiring instructions in person or by speaking to a trusted individual at a verified phone number at the place you are sending funds to before wiring them. Also, it should raise red flags if you receive instructions asking you to change where to wire the funds.

WHAT DO I NEED TO BRING TO CLOSING?

Closing day is an exciting time for both buyers and sellers. Make sure you bring the necessary items to closing to ensure a smooth process. Sellers should bring a valid government-issued photo ID, all keys, garage openers, and other items that the new owners may need. Buyers and borrowers should bring two (2) forms of ID- one being a valid government-issued photo ID and proof of funds wired or certified funds in accordance with our office policy.

Keep in mind that if you are selling a house or refinancing all owners on title will need to be present to sign documents. This applies even if not all sellers/borrowers are on the loan or note.

HOW DO I QUALIFY FOR THE SPECIAL 4% PROPERTY TAX RATIO IN SOUTH CAROLINA?

South Carolina entitles buyers to a 4% discounted property tax rate if they are going to use the property as their primary residence. However, buyers don’t automatically get that special rate. They must apply for the 4% primary residence rate with the applicable county assessor’s office and provide supporting documentation showing the property is their legal primary residence to qualify.

WHEN WILL I RECEIVE MY FUNDS (PROCEEDS) AFTER CLOSING?

The closing attorney may disburse funds on a sold property at closing. However, if you are refinancing or taking out a Home Equity Line of Credit (HELOC) on your primary residence the loan is subject to a 3-day right of rescission, and will not be disbursed until three (3) business days after the closing documents are signed.

WHY DO I NEED TITLE INSURANCE IF I’VE HAD A THOROUGH TITLE SEARCH AND EXAMINATION DONE?

Even a thorough title examination by an experienced attorney cannot guarantee with 100% certainty that no title hazards are present. Errors in legal documents recorded, forged legal documents, impersonation of the actual property owners, and other things could cause problems in the future. Title claims are usually long, expensive processes, and your title insurance policy can pay your legal fees, resolve the title problems, or pay your covered loss should a claim arise challenging your title to property.

WHAT’S THE DIFFERENCE BETWEEN A WILL AND A LIVING WILL?

A Will is a legal document that details your wishes regarding the distribution of your assets and the care of your dependents, if applicable, in the event of your death. A Living Will is a legal document that informs your health care providers and family about your desires for medical treatment in the event you become unable to speak for yourself.