Buyers
Why do I need a Closing Attorney?
South Carolina law dictates only South Carolina attorneys can close loan transactions involving South Carolina property.
What is a Title Search?
Public records search and attorney review of results to determine issues to be addressed before closing to ensure title is clear.
What are Recording Fees, Courier Fees and Overnight Fees?
Recording fees are charges for filing mortgages on the public record. Courier fees are charges for transporting mortgages to the courthouse. Closing documents to be received by the bank within 24 hours are shipped overnight.
Loan Fees, Terms and Penalties
Lender fees appear on your good faith estimate, loan terms appear on your promissory note and pre¬payment penalties appear on your truth in lending statement. Where terms conflict with your agreement the lender is contacted for clarification or revised documents so never sign anything you don't understand.
What is an Escrow Account?
Account maintained by your lender with funds for taxes and insurance. Initial deposits are collected at closing and monthly deposits are built into your payments. Without it you pay taxes and insurance in full as they come due.
What is Interim Interest?
Interest begins when funds are disbursed, which is the closing date. Monthly interest in your first payment does not include interest for the month of closing so it is collected at closing.
Closing Credits
Earnest money, fees paid prior to closing and applicable seller and lender credits are reflected on the closing statement and deducted from the amount you are required to bring to closing.
Title Insurance
Lender required policy protecting against defects undiscovered during the title search due to forgery or errors in county records. Title binder issued upon loan approval reflects search results and gives assurances issues will be resolved before closing. Premium quote mybottornline@ashelaw.com.
Property Taxes
Paid annually, bills are issued October 1 and payable by January 15. If payable at closing buyer and seller portions are collected and remitted to treasurer. If not yet payable, buyer is credited seller's portion and buyer pays entire bill when due. If seller already paid the bill, seller is credited buyer's portion.
Personal property tax is assessed against rental property. If rented by seller but not buyer, adjustment is possible after bill is paid.