Real Estate Law in Cowpens, SC

Do You Need a Real Estate Attorney for Refinances in South Carolina?

Refinancing typically involves the rearrangement of a mortgage. In effect, this means replacing an old mortgage with a new one. Many homeowners in South Carolina choose to refinance their mortgages to reduce their interest rates, shorten their repayment terms, or capitalize on the equity they have accumulated.

With that said, a lawyer's oversight is necessary for closing on a home refinance. The mortgage will be tied to the property and influence the title. After the refinancing documents are signed, a knowledgeable real estate attorney will verify that the lender obtains all original documents, that the new mortgage is registered, and that all title policies are prepared to align with the loan obligations. At Cobb Hammett LLC, we always adhere to South Carolina consumer home loan laws to ensure that all refinancing processes comply with state regulations and standards.

Who Picks the Lawyer for Real Estate Closings in Cowpens, SC.?

In accordance with the South Carolina Consumer Protection Code, the buyer normally selects the closing attorney. This ensures that the attorney provides the buyer with a clear title to the property as intended. Realtors and lenders must respect the buyer's decision regarding the closing attorney.

At Cobb Hammett, LLC, our firm treats both the buyer and seller equally throughout the transaction process, offering assistance to both parties. Furthermore, the attorney maintains neutrality and will not advocate for either the buyer or the seller in the event of a dispute regarding the closing procedures of the home.

Which Parties Need to Attend Home Closings in South Carolina?

Typically, both the Buyer and Seller will be present at the closing unless documents have been signed ahead of time or remotely. The Buyer and Seller will individually review and sign the necessary documents. It's important to note that if a husband and wife jointly own property in both of their names, both parties must attend the closing. Realtors often choose to attend the closing as well, and sometimes, loan officers may be present, too.

What Should Home Buyers and Sellers Bring to South Carolina Real Estate Closings?

Regardless of whether you're the buyer or seller, you should have two valid forms of identification. Usually, a driver's license and a Social Security card will suffice. You can also present other types of government-issued identification, such as a passport, military ID, or voter registration. The buyer must bring sufficient funds to close the deal in the form of certified funds. Of course, the seller must bring the keys to the property. You might be surprised at how often this last step doesn't happen - most often by accident.

Fees Associated with Home Closings in City, State

We should state upfront that every real estate law firm in South Carolina may have different fees and pricing structures. At Cobb Hammett, LLC, we provide transparent pricing information for every client who walks through our doors. With that said, residential real estate closing lawyers usually charge a flat fee for handling the closing process. Typically, this fee amounts to several hundred dollars, and in some cases, it can exceed $1,000.

Many clients only interact with their real estate closing attorney during the actual closing and may question the reasons behind the fees. However, there is a significant amount of work that closing attorneys must complete in preparation for the closing to ensure the proper transfer of property from sellers to buyers.

To begin, your closing attorney will conduct a title search to verify the status of the property. The title search will confirm that the seller holds complete ownership of the property and is authorized to transfer it to the buyer. The title search will also reveal any easements, encroachments, or other restrictions that may affect the property. The attorney will also draft a title opinion to be provided to a title company. This document is used if the buyer decides to obtain title insurance.

What Does a Lawyer Do After a Real Estate Closing in South Carolina?

The role of a closing attorney extends beyond the closing meeting. After the closing, they update the title on the local registry of deeds and record the deed and mortgage, if applicable. They are also responsible for disbursing fees such as brokerage fees, taxes, loan payoffs, seller proceeds, insurance premiums, and inspection fees.

If issues arise after the transaction, the closing attorney may help resolve them. Their guidance is essential for a smooth ownership transfer and ensuring all legal requirements are understood by the parties.