Closing is the last step in a real estate transaction, and it usually occurs at a time, location, and date agreed upon by the seller and buyer. During closing, paperwork is executed, and the property is handed over to the buyer. Below are some tips to help make the closing process easier in South Carolina.
- Expect to see certain documents for the first time at closing – As a Buyer, your loan package will be signed at the closing table on the day of closing, and it will likely contain paperwork that you have not previously seen. Your attorney at Klosinski Overstreet will go over the documents with you at closing and explain their purpose.
- Leave the personal checks at home – Georgia law (O.C.G.A Section 44-14-13, the “Good Funds” law) requires all funds received by the closing attorney in excess of $5,000.00 be in the form of a wire or cashier’s check. For amounts in between $1,000.00 and $5,000.00, a certified check issued by a local bank will be accepted.
- Buy title insurance – When you purchase a piece of property, there is always a slight chance that the seller isn’t the rightful owner. Therefore, it’s important to consider purchasing title insurance at closing, as it protects property buyers and mortgage lenders from problems with title that may arise in the future. Please feel free to ask an attorney at Klosinski Overstreet to discuss the different options and benefits to title insurance.
Real Estate Attorneys
When buying or selling residential or commercial property of any kind, experienced real estate legal counsel is imperative to ensure that things go smoothly. At Klosinski Overstreet, LLP, we will assist you with all legal aspects of your real estate transaction. Our real estate attorneys have experience facilitating the purchase and sale of residential and commercial properties, including single family homes, condominiums, multifamily homes, retail centers, office buildings, hotels, apartment complexes, and vacant property slated for development. Therefore, if you are planning on buying or selling residential or commercial real estate, please contact us as soon as possible for a consultation.
Posted in: Real Estate