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Office: 803.951.0389
Cofield Law Firm
809 South Lake Dr
Lexington, SC 29072
Purchasing Real Estate
When purchasing real estate, the real estate agent you are working with is required to disclose
to you whether her or she is actually representing you or representing the seller. Typically, both
the listing and the selling agents split the commission that is paid by the Seller.
Any written offer by you to purchase property should spell out the "contingencies" of your offer.
Be sure to include all contingencies required by your mortgage lender. For instance, you may
want the right to obtain an inspection and a survey of the property. The inspection will inform
you of any structural problems with the property, as well as the existence of termites. If the
inspection shows that repairs are needed, the contract should specify the extent or your rights to
have the seller make those repairs before closing. The survey will report the boundary lines of
the property. Discuss your responsibility for closing costs with your lender and agent before
signing the contract, and you may want to consult with a real estate attorney before you sign.
On the day of closing, be prepared to pay your required closing costs. Often, among other
things, the buyer pays for the inspections, survey fees, title insurance premiums to ensure good
title to the property, his attorney fees, and any loan costs or "points"; however the seller and
buyer can negotiate for the seller to pay some or all of these closing costs. And, of course, you
must make any required down payment.
Selling Real Estate
When selling real estate, first decide if you want to hire a real estate agent to help you sell your
property. You are not required to use an agent, but the services provided by the agent
throughout the process may be helpful to you. If you decide to hire an agent, you will sign a
listing contract with the agent, which typically includes a section that gives the agent the
exclusive right to sell your property. This section means that the agent will be paid the
commission if the property sells. The commission rate paid to the agent may be negotiable, but
most agents have a standard rate. Finally, you should set the length of the listing term, and a
shorter period is usually beneficial to the seller in the event that the agent is unsatisfactory and
you would like to replace him or her.
When you receive a proposed contract for purchase of your property, review it carefully. In
addition to your agent, you may want to review the proposed contract with an attorney for the
legal effects, or with an accountant for any tax concerns. Once you have negotiated and signed
a written contract to sell your property, your agent with typically direct you through the closing
process.
The personal representatives of estates, and the trustees of trusts, all have one
thing in common - they owe what are called "fiduciary duties" to the
beneficiaries of estates and trusts.
A title search of public records will be done by the buyer's closing attorney prior to closing. If
there are any problems found, you must take steps to clear the title. Finally, you must complete
any necessary repairs to meet the buyer's conditions specified in the sales contract.
At closing, you must sign all necessary document to transfer ownership of the property to the
buyer, and pay your required portion of the closing costs. Typically, the seller pays any
commission to real estate agents, prorated expenses such as taxes, homeowner associate
dues, and also pays legal fees for preparation of the deed and legal filings. The seller and
buyer may negotiate for the seller to pay more or less of these costs in the sales contract.
A beneficiary is entitled to be fully informed about all matters material to his or
her interest in the estate or trust. Ultimately, beneficiaries have the right to
receive an accounting for the estate or trust funds. The will or trust documents
will often specify the rights of beneficiaries, so the beneficiary has the right to
receive a copy of the will or trust document. The trustee or personal
representative is expected to exactly follow the tenns of the trust document or
will. A beneficiary has the right to ask for a court to get involved in how the trust
or estate is being handled ifthe rights of the beneficiary are not being followed.
Title Insurance
The purpose of Title Insurance is to guarantee the ownership of the title to a tract of land a
person is buying. Lenders require mortgagee title insurance coverage. This one-time premium
is paid at the closing and insures the validity of the lender's lien on your property. For an
additional cost, you may obtain an owner's title insurance policy.
The real estate attorney's examination of the title obviously can only cover matters that appear
on the public records. Title insurance, however, protects you against many matters that may not
appear of record or that may not be apparent from a record examination. The possibilities may
include rights someone has acquired by usage and even forged documents in the chain of
ownership. Before the closing, you should discuss title insurance with your attorney.
