Real Estate

Addressing the Issues

Normally, when you purchase or sell a home, you are represented by a real estate agent, and the seller also has an agent. You and the other party negotiate price, occupancy, repairs, or any number of items. When both parties are in agreement, and financing is arranged, the closing is scheduled and the property is transferred. Easy, right? Unfortunately, the process can be a minefield of undiscovered problems, undisclosed issues, and outside influence.

When you purchase a home, you may be required to pay for title insurance, deed transfer fees, certificate of assessment, and commissions. Many times buyers and sellers fail to properly allow for the added expenses. Home buying and selling are not every day transactions for most people. You need to hire professionals.

When you enter into a sales contract, there are many things you need to address. Is there an HOA (Home Owners Association) and what are their bylaws and restrictions or covenants. Are there any current or pending legal issues with the HOA? Are all the dues or liens current with the HOA?

You may be required to have a professional home inspection. This is a good idea to protect the buyer and the seller. This charge is normally paid for by the buyer. This inspection can protect you from hidden damage such as insect infestation, or poor repairs or modifications to the property.

Many things may affect the deed or the deed transfer. You will need a title search made to make sure the seller has clear title to the property, and can make a legal transfer. A title search also can find some past problems with a property. Was it previously used for some non-conforming use that can affect the value? Has the title been updated? Are there any property disputes? Are there any pending zoning changes or zoning changes that will affect you, the new owner? Are there any easements or agreements that will affect your use of the property? You need this information to make a proper decision.

If the property is currently occupied, will you be able to take occupancy at the closing? If there are tenants, is the rent current? A lease agreement that was signed by the previous owner may be binding on you. Are you going to continue to rent to them? Eviction issues can take a long time to make their way thru the court system.

You’ve reached an agreed sale price on property, the property inspection has come back positive, financing is in place, and both parties are in agreement.

You now have a closing. Closings are complex, and can be confusing if you are not prepared. Is it a Fee Simple or Fee Absolute closing? Are both parties prepared for the deed transfer? Normally, both sides of the transaction are represented by an attorney at the closing. There may be a contract dispute that needs to be resolved at this time. Any lease agreements, long term leases, or trusts must be recorded. Paperwork for any mortgage must be processed. The title should have been reviewed, and updated to reflect the transaction. Money is transferred, deposits need to be credited, and any other issue needs to be addressed to both parties satisfaction.

The Law Offices of N. David DuRant & Associates

Buying or selling property can be one of the best days of your life. The Law Offices of N. David DuRant & Associates can help you to enjoy that great day.

Whether your new home is in:

• Surfside Beach
• Myrtle Beach
• Socastee
• Burgess
• Murrells Inlet
• Pawleys Island
• Anywhere in the Grand Strand area, we can handle the job.