FAQs

In South Carolina, services normally handled by title settlement companies in other parts of the country are handled exclusively by attorneys. The Supreme Court of South Carolina has identified five areas of real estate transactions that are considered the practice of law. Those areas are:

1.) Reviewing title work 
2.) Reviewing lending documentation 
3.) Overseeing the execution of closing documents
4.) Recording necessary closing documents (deed / mortgage)
5.) Disbursing funds 

Your attorney manages the legal side of the transaction, including:

1.) Preparing closing documents
2.) Coordinating with lenders and real estate agents
3.) Managing escrow funds
4.) Resolving title issues
5.) Conducting the closing
6.) Recording the deed and mortgage

The amount of earnest money and the method for delivering earnest money is identified in your contract. Our firm can receive earnest money by cash, personal check, certified check, wire transfer, or electronic deposit. Contact our office to determine which way is best for you! (843) 492-0101.

Closing costs for each party are identified in your contract. Buyers typically pay costs for title search, title insurance, lender fees, inspection costs, attorney’s fees, and other items related to the Buyer side. Sellers typically pay costs for resolving title issues, deed recording costs, deed tax stamps, and attorney’s fees. There are other costs that may apply, such as power of attorney preparation fees, technology fees, courier fees, overnight fees, and wire fees. There may also be prorations that each party is responsible for, such as taxes and homeowners’ association dues. If the property being bought or sold is in an homeowners’ association, other fees may apply, such as certificates of assessments, special assessments, or capital contributions.

Typically, you’ll need:

1.) Government-issued photo ID. It is best to bring two forms of government-issued photo ID. For example, your license and a passport.
2.) Any requested funds (usually by wire transfer) transfer documentation. 
3.) Proof of homeowners insurance (if applicable).
4.) Any documents your lender or attorney requested. For example, powers of attorney, trust documents, settlement statements from simultaneous transactions.

Your closing attorney will let you know exactly what’s required before your appointment.

Our area follows table funding procedures. For normal residential transactions, the keys and closing proceeds are disbursed when the Buyer’s attorney has the following items:

1.) Buyer’s executed closing documents;
2.) Seller’s executed closing documents, including the deed;
3.) All funds for the transaction (from the Buyer and the Lender); AND
4.) Funding authorization, if there is a lender involved.

Once the Buyer’s attorney has all of these items, the Buyer’s attorney will communicate that the transaction has been “funded” and keys and proceeds will be released. Sometimes the parties can work out a transfer of keys at closing, without funding authorization from the Buyer’s attorney. This is only by agreement between the parties. Make sure you speak with your real estate agent or your attorney about when you will be receiving keys.

If you have a party that is signing by mail, this may delay funding the transaction.

Typically, you will receive your final closing figure about 1-3 days before closing. The reason it takes time to provide the figure is because of the timing of the transaction. Different costs are provided at different times in the transaction. If you have a lender, the figures are typically finalized a day or two before closing. So, expect to receive a final figure late in the process. If you need to transfer funds earlier, you can contact our firm to get an estimate of the closing figures. Any amount provided over the actual figures will be reimbursed to you at closing. If your estimated figure is short, you may need to bring a certified bank check for the difference to closing. Make sure to follow up with our firm before you send your closing figures. Wire fraud is a major issue in the real estate industry. Always verify wiring instructions before sending funds. Call our office if you have any questions about your closing figures or our wiring instructions.

Our firm schedules closing when all of the closing documentation has been prepared. We work towards the closing date established in the contract. We only close transactions early if the parties agree to close earlier than contractually agreed. The time of closing and the location of the closing will be set by the paralegal team after they communicate with you. Typically, this happens a few days before closing. Make sure to communicate any timing needs with our office. It is a good idea to not schedule any service providers to go to the property until you have received a closing date and time. Closing dates and times may change based upon the needs of each transaction.

In South Carolina, there are two tax rates for your property: a non-resident rate and a resident rate. Non-resident means you do not live in the property. Resident rate is for individuals who will live in the property. The primary residence rate is significantly less expensive than the non-resident rate. Every owner is treated as a non-resident until they fill out the appropriate paperwork with the county to prove primary residence. Other tax benefits may apply, like homestead exemptions. Other taxes may apply, for example personal property taxes, if you use the property as an investment property.

No. You do not have to be present for closing. Preferably, we see you at closing in person! However, if you cannot be present, there are multiple ways to complete the closing. The two main ways are through a “mail-away” closing or through a power of attorney. A mail-away closing includes sending documents to the desired location and scheduling a notary to have the closing documents executed. We will help you set up the closing and oversee document execution, but delays can result from third-party carrier delays. A power of attorney may be utilized to have another person sign in person on your behalf. In that case, the power of attorney will stand in for you and sign the necessary documents. You would have to deal with the logistics of getting the power of attorney signed and make the original available for recordation, but it is an option in necessary circumstances.

Yes. We work with investors purchasing rental properties, vacation homes, commercial buildings, fix-and-flips, multi-property portfolios, and LLC-owned real estate.

Yes. We assist with a wide range of commercial real estate matters, including purchases, sales, refinancing, development projects, investment properties, and business real estate transactions.

Commercial transactions often involve additional due diligence, zoning considerations, environmental concerns, leases, financing structures, entity ownership, and more complex contract negotiations.