South Carolina Closing Process

To any out of state buyer, the South Carolina closing process can seem a little different from the state that you may be moving from. First, South Carolina is an “attorney state”. Where you may have just gone to a title company in a prior state, South Carolina Supreme Court has stated that a transaction for real property must be overseen by a licensed South Carolina attorney. This is “for the protection of the public from the potentially severe economic and emotional consequences which may flow from erroneous advice given by persons untrained in the law” (State v. Buyers Service Co., Inc., 292 S.C. 426, 357 S.E.2d 15 (S.C. 1987). So your first step in any closing is choosing a law firm you can trust to make the process as smooth as possible while protecting your legal interests. 

Next, you’ll have your real estate agent send the contract in to your chosen attorney’s office. They will open a file and order all of the necessary documents including but not limited to CL-100 (termite inspection), Certificate of Assessment, Title Work, Pay-offs, and anything else deemed necessary by the contract. 

Your chosen attorney’s office then communicates with the lender and reviews your title work. The title work is all of the history including any previous deeds, liens, or encumbrances on the property you are going to purchase. If there is insurable title the attorney will issue Title Insurance. (See post for why Title Insurance is Important). If there are problems with your potential property’s chain of title, your attorney will work with you, your agent, the lender, and the sellers attorney to correct those issues and advise you of the best course of action. 

After Title has been reviewed the legal documents are prepared and put into Closing Package. On the day of closing your attorney will sit with you and make sure all of the documents are signed correctly, your documents are recorded properly at the Register of Deeds, and will disburse all fund, ensuring all of the invoices are paid. 

This process can be a daunting one, so make sure you choose a law firm who can give you comfort and confidence for one of life’s largest purchases.