Real Estate Closings FAQ
Do I need an attorney to handle my closing?
Yes — in South Carolina the buyers select an attorney to handle the issues associated with closing.
What does a real estate law firm do at a closing?
Most of the work is done before the actual closing. The lawyers at Blackacre Law LLC in Greenville prepare documents, research the history of the title, gather all relevant invoices and other paperwork, and generally provide start-to-finish assistance with the closing process.
Do I need to bring anything to the closing myself?
When you show up at the closing, you should have two things that are essential to making sure the transaction can take place. The first is your driver’s license, which will be photocopied for records purposes. The second thing to bring is a check or arrange to wire the funds. If the amount is $5,000 or more, you must provide a certified check (a standard personal check is not sufficient). Alternatively, you may wire any amount, but you must contact Blackacre Law LLC in advance for the wiring instructions. It goes without saying that this is an essential part of the closing, so if the funds are not available, the closing could be jeopardized.
Is title insurance required when I am buying property?
Yes, title insurance is a requirement if you are financing your loan through a lender. Owner’s title insurance, however, is optional. In any case, the benefits of title insurance can be substantial and provide considerable value for the cost of a one-time premium.
Would I need to have a closing if I am just doing a refinance on my existing property?
Yes, definitely. New loans such as refinances, home equity lines of credit and construction loans also go through the closing process.
What happens if I cannot travel from another state to make it to my closing in person?
Other options, including conducting the closing via mail-away or with a power of attorney may be available. However, it is highly recommended that you make every effort to attend the closing. Contact Blackacre Law LLC to learn more about how to handle these kinds of closing issues. Reach us at 864-326-3507 or submit your information online through our website.