Residential Real Estate transactions require legal services.
The sale or purchase of a home by the average person is usually one of the biggest financial transactions of their lifetime. Legal obligations are involved from negotiating and signing a proper purchase and sale contract, examination of the title, evaluation of the importance of any title defects, possible refusal of one party or the other to comply with the contract – down to the closing statement, delivery of documents and the recording of the deed and other papers.
Each buyer or seller should be represented by an attorney, be fully informed, and know the answers to questions such as:
- Does the sales contract that is to be signed by the buyer and the seller cover every matter desired or contain any clauses that might work against them?
- Will the property be in the exact same condition at the time of the transfer as it was at the contract signing?
- Has a survey of the property been completed and is a detailed and accurate plat available?
- Is title insurance available or necessary?
- Are there any small or major title problems or defects, and if so, will they affect the buyer’s title to the property or affect the future sale of the property?
- Have any and all possible assessments, liens, easements, or restrictions been accounted for and made clearly known?
- Are there any zoning requirements or other restrictive covenants that may affect the use of the property?
- Have all of the closing documents been properly prepared with all funding, pay-off information, and closing details clearly stated and under control?
- Has the attorney participated in every step of the transaction, and counseled with the client(s) about all of the details or concerns about the transaction?
The Floyd Law Firm Real Estate Legal Services are here to help.
We offer experienced, flexible, knowledgeable, and thorough legal services for residential real estate transactions – focused upon the specific needs of each individual client. Our office will counsel and assist with the negotiation of a contract of sale between a buyer and a seller. We have the means, staff, and procedures in place to manage all aspects of a wide variety of real estate transactions. We aim to ensure that each client feels comfortable and able to participate during the entire process with open channels of communication and feedback.
Our firm offers comprehensive standard legal services regarding real estate transactions, or minimum closing services.
Standard legal services regarding real estate begin with the careful review of the existing title of the property, survey, tax data, mortgage data, assessments, liens, easements, and restrictions. Client(s) are interviewed and counseled of any findings or concerns relating to the transaction, payments of funds, obtaining or discharging a mortgage, obtaining title insurance, and the expenses related to the closing.
Making arrangements for obtaining funds from a new mortgage lender and paying off existing indebtedness is a necessary part of the process for many. We can help to monitor compliance with the contract including payment of the balance of earnest money, establishing a closing time, and arrangements for the transfer of property possession.
Coordination with lenders, realtors, and other attorneys takes place and all of the procedures and requirements of the purchase or sale are examined. An examination of the title and ascertaining the nature of title exceptions – and preparation of the documents necessary to clear routine title exceptions – is performed prior to finalizing the closing documents.
Closing documents include the deed to the real estate with counsel on the proper method of delivering and holding title, as well as the bill of sale of personal effects, loan documents, and the closing statement. The signing of the documents is supervised, including title procedures and the delivery of the closing documents. The closing figures are verified, compliance with the contract reviewed, payment of the purchase price or delivery of proceeds, delivery of possession, recording of the deed (and ordering title insurance) and pay-off of items that are to be paid from the closing proceeds.
Minimum closing services are available for those that are real estate agents, mortgage brokers, experienced buyers, or those making a smaller property purchase.
In recognition that some clients may not need the full scope of real estate legal services available, our firm has a lower fee minimum closing service. This service includes the initial consultation, examination of the title – with clear or normal objections, if any – preparation of the closing documents, and attendance at the closing and signing.
Certain real estate matters are to be conducted by attorneys licensed to practice law in South Carolina. Real estate is one of the most significant investments anyone ever makes. Whether you are buying or selling residential or commercial property, the reality is that you should do everything you can to protect that investment. Your attorney at The Floyd Law Firm PC has the experience necessary in real estate law to be able to effectively guide you through the process. It is an essential first step in protecting your investment.