Closing on a real estate deal can be an exciting experience. However, real estate is a complex area, since there is a lot of money involved and a lot at stake.
When the home or property is about ready to close, you will need to have a closing attorney present. In South Carolina, a real estate attorney is required to process real estate transactions, including closings, and they are typically hired by the buyer. This person goes by other names as well, such as real estate attorney, escrow agent, or settlement agent.
This person plays an important role. They are responsible for organizing and overseeing the closing of a real estate transaction. Here is a look at their duties in more detail.
Facilitating the Closing Process
The closing agent serves as the main coordinator, ensuring that all necessary steps are completed before the transaction is finalized. They communicate with the buyer, seller, real estate agents, and mortgage lender to ensure everyone meets their obligations. They schedule the closing date and ensure that all conditions set forth in the purchase agreement are satisfied before closing the transaction.
Conducting a Title Search
The closing agent conducts a title search to verify the legal ownership of the property and check for any liens or claims against it. If any title issues arise (such as unpaid taxes or unresolved ownership disputes), the agent helps resolve them.
Handling Funds
The closing agent acts as a neutral third party to handle all financial transactions. They collect the buyer’s down payment, lender’s loan proceeds, and any closing costs from both parties. They ensure that outstanding balances, such as the seller’s mortgage payoff and any unpaid taxes or liens, are cleared before the title is transferred. After closing, the agent disburses funds to the seller, lender, and real estate agents.
Preparing Legal Documents
The closing agent prepares and reviews essential documents, ensuring that they comply with local laws and lender requirements. Key documents include the deed, settlement statement, and mortgage documents. The agent ensures these documents are properly signed, notarized, and executed.
Recording and Filing
Once the closing is complete, the closing agent ensures that the deed and the mortgage lien, if applicable, are officially recorded with the local county recorder’s office. This legal recording provides public notice of the ownership transfer. The agent may also handle post-closing matters, such as distributing copies of the final documents to relevant parties and ensuring that all contractual obligations are fulfilled.
Contact Us Today
Closing attorneys are beneficial in many ways. They can catch errors and help negotiate new terms if there are any discrepancies.
Do not let closing day be a letdown. Count on Blackacre Law, LLC, to ensure your closing goes smoothly. Our South Carolina real estate attorneys help ensure your closing is free of last-minute surprises that could derail your real estate purchase. Schedule a consultation today by calling (864) 775-5400 or filling out the online form.