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According to corelogic.com, home prices in the United States, including distressed sales, increased by 3.4% in December 2024 compared to December 2023.
South Carolina’s real estate law requires a buyer to do a title search to guarantee that the property transferred to you is free from any damage and liabilities. If you will be lending from the bank, chances are you will be required to pay for a title insurance policy. A closing disclosure will need to be signed to determine which side is responsible for covering certain closing costs.
Whether you are a buyer or a seller, it is important that you first research these important factors in buying and selling real estate properties.
Real estate contracts specify how the buyer and seller will enter into a legally binding agreement.
Meadows Law Office says that you would normally see the price of your offer, conditions attached to acceptance of the offer, and other specifics related to the closing date. The date marks when the transfer of property will happen.
It is important to discuss with the seller who pays for what, how closing costs are split, and how each will contribute to house repairs.
Carefully read any fine print to avoid any surprise or false transaction files. You can seek the legal advice of a real estate lawyer who can guide you so you can be aware of your rights and make informed decisions concerning the property.
Familiarize yourself with key legal terms in real estate so it will be easier for you to deal with the challenges of buying or selling property.
An “escrow” is a contractual agreement in which a neutral third party holds the funds and documents until all the conditions imposed in the sale occur.
"Contingency" refers to certain conditions that must be met before the deal can be finalized, such as home inspections or financing approval.
“Title” shows the proof of legal ownership to a property. A clear title refers to the ownership of property that has no legal disputes against it. A title search would uncover any potential problems that are associated with the real estate property.
“Conveyance” is a legal form that transfers property ownership from the seller to the buyer.
“Closing costs” refer to fees that are paid to close the transaction. Aside from property fees, it also includes payments for taxes, insurance, and legal fees.
It is advised to check if the title of the property is clear before buying or selling any property.
Look for whether the title search information is available or not. A title insurance will protect you when you are faced with something after executing a deed of purchase. Study the difference between "joint tenancy" and "tenancy in common.” It determines how a person gets his assets as part of the estate and its consequences in terms of access rights. Joint tenancy means multiple owners share the property equally. Meanwhile, tenancy in common is a legal agreement wherein multiple owners have distinct shares over the property, which may not always be equal.
Checking a property's title and identifying any ownership issues will help you avoid potential problems.
Real estate brokers play an important role in mediating the buying and selling process by facilitating sales and providing critical market information.
They can coordinate with homebuyers or their representatives in finding and acquiring the apartment or house that suits your needs and taste. Real estate agents provide advice with a solid basis to their clients concerning decisions on selling prices.
Real estate brokers compare the prices of similar houses in the market, which helps sellers in making informed decisions about the pricing of their property. They are skilled in negotiations and can obtain a favorable price for your real estate.
Research the property’s history, zoning laws, and potential liens. Failure to do so can result in unexpected expenses or legal problems.
Investing in a real estate lawyer can help you understand the terms outlined in a contract. Getting interpretations wrong can lead to forfeiting deposits or unforeseen burdens.
Seek the assistance of a professional to inspect the real estate before closing to avoid missing out on issues that will result in costly repairs.
Do not overlook title insurance. It plays an important role in protecting you from any future claims on the property that may arise post-closing.
When making real estate decisions, stick to your budget and your needs.
