After signing a contract, you should be able to turn it over to a team of competent professionals and rest easy: knowing you can show up to an on-time closing and essentially celebrate! Here, attorneys and paralegals are easy to work with and roll up their sleeves, providing you the high-quality legal representation you deserve.
We also know communication is key when in the middle of what may likely be one of the most significant investments you’ll ever make. So, with Toates Law Firm, you’ll proactively hear from our team all along the way. No emails from an automated system. No getting lost in the shuffle from managing multiple offices. We care about your closing like it’s our own – taking our stewardship of your business seriously.
Earnest Money is a type of security deposit required of the Buyer, per the purchase contract, to demonstrate to the Seller that you are serious and willing to complete the transaction. When a Buyer’s offer is accepted, the Earnest Money is held in escrow (by the closing attorney) and is generally applied toward the purchase price of the property at Closing.
Once an offer has been accepted and signed by all Buyers and Sellers in the transaction, you may send the contract to one of our attorneys or paralegals via email.
Unless otherwise agreed to in the purchase contract, the Buyer typically chooses the closing attorney. Realtors and lenders must heed the Buyer’s choice in closing attorney, though a Seller may opt for separate representation.
Buyers: Government issued photo identification (i.e. valid Driver’s License or Passport), and any funds due for closing via certified check or bank wire.
Sellers: Government issued photo identification (i.e. valid Driver’s License or Passport), and funds due for closing via certified check or bank wire (if applicable), keys and any garage door openers/fobs/remotes, and instructions for any proceeds.
Buyers/Borrowers: If you are going to be on (or are currently on) the deed to the property then you’ll need to attend Closing, even if you’re not the borrower.
Sellers: Anyone who is currently on the deed to the property needs to attend Closing.
If you are financing your transaction, your lender will let you know your final cash to close amount before the Closing. If you are purchasing with cash, your paralegal contact at Toates Law Firm can provide this information prior to Closing.
You may wire or bring certified funds for your closing. Please contact our office for wiring instructions if you choose to wire and make sure you verify those instructions with our office before initiating any wires.
We do not accept cash or credit cards. The SC Supreme Court does not allow firms to accept personal checks over $5,000.00.
While the specific process varies (depending on the county in which the property is located), it is vital you apply for the 4% Owner Occupant Tax Rate when you live in a property as your primary residence. Once a Deed is recorded in the State of South Carolina, the property tax rate reverts to 6%, which is the rate for commercial properties, investment and second homes, etc. While there are exceptions, most will begin the process by obtaining a new Driver’s License and updated Vehicle Registration reflecting the new residence. Each county has a different application, but you can contact your county (or our office) for next steps on completing the process.
After Closing, the Deed is recorded with the Register of Deeds Office in the county in which your property is located. Once our office receives the recorded original back from the county, we’ll send it via USPS to you. Your signed mortgage is mailed to the Lender.
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