A closing attorney (also known as a settlement agent) is a legal professional who specializes in the all stages of real estate transactions from contract to post-closing. They ensure that the transfer of property ownership is conducted smoothly, legally, and without any hiccups.
The Role of a Closing Attorney in South Carolina
In South Carolina, the role of a closing attorney is particularly significant due to the state’s unique real estate laws. Here are some of the key responsibilities:
Title Search and Examination
The closing attorney conducts a title search to ensure that the property in question has a clear title, free from any liens, encumbrances, or legal issues that could hinder the transaction. If any clouds on the title are found, the closing attorney works to clear the encumbrances so that the purchaser has clear title to the property.
Preparation of Legal Documents
The closing attorney prepares all necessary legal documents for the real estate transaction, including the deed, settlement statement, and closing disclosure. These documents outline the terms of the transaction and the rights and responsibilities of each party.
Coordination with All Parties
The closing attorney serves as a liaison between all parties involved in the transaction, including the buyer, seller, real estate agents, and lenders. They ensure that everyone is on the same page and that all requirements are met from all parties for closing.
Conducting the Closing
In South Carolina, it is mandatory for a licensed attorney to conduct a real estate closing. The closing attorney explains all the documents to the parties, ensures they are signed and notarized correctly, and handles the exchange of funds.
Recording of the Deed
After the closing, the closing attorney is responsible for recording the deed at the office of the county’s Register of Deeds. This officially transfers ownership of the property from the seller to the buyer.
Issuance of Title Insurance
The closing attorney also facilitates the issuance of title insurance, which protects the buyer and lender from any future claims against the property.
The role of a closing attorney in a South Carolina real estate transaction is multifaceted and crucial. A closing attorney not only ensures that the transaction is conducted legally and smoothly, but also protects the interests of all parties involved. Whether you’re a buyer or a seller, having a competent closing attorney by your side can make the complex process of real estate transactions much more manageable and secure.
Need a Closing Attorney? We're Here to Help
Remember, the choice of a closing attorney can significantly impact your real estate transaction. Therefore, it’s essential to choose an experienced attorney who specializes in real estate law and understands the intricacies of South Carolina’s real estate regulations. Boger & Peters is standing by to assist with your real estate closing—to speak with a member of our team, call (803) 252-2880 today.