The following information may or may not be applicable to your particular transaction. If you have any comments or questions regarding the specific applicability of any of this information, please do not hesitate to contact us.
- In the event that your purchase is contingent upon financing and you do not have confirmation of your loan within the time provided for in your Contract of Sale, you should notify the seller in writing by certified mail. Please inform us promptly if you do not obtain financing.
- For residential purchases, you should arrange for homeowner's insurance to be effective on the closing date (or date of possession if earlier). Note: If you are purchasing a home during hurricane season please check with your insurance agent for any restrictions waiting period that may apply. For your protection, care should be taken to obtain coverage in an amount at least equal to 80% of the insurable value of the residence (normally the replacement value, excluding the lot and foundation), to void the possibility of becoming a co-insurer. The insurance value is not always directly related to the purchase price and you should discuss this with your insurance agent.
- If a loan is involved, you will be required to provide your lender with a homeowner's insurance policy in at least the amount of the mortgage from an acceptable company at or prior to the closing, with evidence that the premium has been paid for the first full year. Normally, an insurance binder is not acceptable. We will be glad to provide the correct mortgagee information to your insurance agent.
- If you are purchasing a condominium, after the first year the condominium association will normally as part of your assessment provide fire and extended coverage on the unit and community areas and we will obtain an insurance certificate prior to closing. You will be charged the amount of the first years premium at closing. However, you will need to obtain separate insurance on your contents, furnishings and personal property. This is usually in the form of an HO-6 insurance policy and also provides you with individual liability coverage.
- If you are renting the residence, the insurance should include tenant's liability on the Owner's Landlord's and Tenant's form.
- If there has not been a survey of the property you are purchasing or the survey is NOT a current survey, then we would recommend that you obtain a survey and plat prior to closing to identify any easements, etc. that could adversely affect your property. (This is NOT applicable if you are purchasing a condominium).
- All monies required at the time of closing MUST be in the form of a cashier's check drawn on a South Carolina bank or savings bank, or a bank wire transfer of funds into our real estate trust account at the time of your closing, since all disbursements are made immediately following the closing. (Wiring instructions are noted below). Our bar association prohibits the disbursement of any monies otherwise. Personal checks and out of state checks cannot be accepted because the bank will not give us credit in our Trust Account until clearance of these checks.
- Real Estate taxes in South Carolina are due and payable in arrears on or before January 15th for the preceding year, and will be returned in the name of the registered property owner as of January 1st of the year of closing. Normally, taxes are prorated in favor of the purchaser at the time of closing and the purchaser will be responsible for insuring the taxes are paid. If you plan to occupy the property as your primary residence, you will be entitled to a special tax assessment which must be applied for in the Tax Assessor's office. We will provide you with additional information on this at the time of closing.
If you have any questions about any of the above information, please contact our Real Estate Department. We are ready to assist you.