There are many elements that are involved in a real estate closing on Hilton Head Island. The primary function of a closing attorney and the reasons why a local attorney is better suited to perform these functions efficiently for a purchaser are as follows:
Review the Purchase Agreement. Only an attorney licensed in South Carolina is authorized to determine whether the contract complies with South Carolina law. Only a local attorney is familiar with the provisions which are typically included in a contract for the purchase of property on Hilton Head Island.
Obtain a Title Examination. Only an attorney licensed in South Carolina is legally authorized to issue a legal opinion regarding the acceptability of a title examination and to determine whether the title is marketable as required by the purchase agreement. Only a local attorney is familiar, on a day-to-day basis, with the title exceptions disclosed by the title examination and knows whether such exceptions actually have an adverse effect upon the property to be purchased.
Determine the Amount and Status of the Liens Affecting the Property and Other Closing Expenses. An experienced local attorney will know who to contact to determine the amount and status of the various liens affecting the property, such as the annual property owner's assessments, the monthly regime fees, and the utility charges. The local attorney will know the manner in which such charges are customarily allocated between the parties. A local attorney will know the amounts charged for recording fees and transfer fees and will collect them from the proper party.
Review Termite Inspection (CL-100) and Home Inspection Reports. A local attorney will be familiar with the matters appearing in termite and home inspection reports, will know whether such matters are serious, and will know how to resolve any matters requiring repairs or treatment, most of which is resolved through negotiation with the attorney for the seller. Clearly, attorneys who frequently deal with one another on such matters are better able to amicably resolve such important issues.
Documents & Closing. An attorney will usually be responsible for the preparation and/or examination of all the documents necessary to complete the transaction. These documents would include: the deed, closing statement and other related papers. The final settlement or closing of the transaction will be conducted by your attorney. At the closing, the parties and their attorneys will assemble at a place and time most convenient to everyone. The closing documents will be explained: executed and financial matters will be reviewed and approved by the parties. All of this work is done in cooperation with the Purchaser, Seller, Lender and REALTOR.
