Attorney

The Closing Process Has Changed

The Closing Process Has Changed

The real estate industry changes constantly. While things like rates and loan products seem to evolve constantly, every few years something major will change that has a major effect on the industry. Every now and then, there will be perhaps a new version of the state contract or a new addendum that pops up. Things like this are perfectly fine as they are improved or developed to better serve our clients and they take very little time to acclimate to. However, some times there are major changes that can stunt the whole industry for a short period of time. Recently, it was revealed that we will be using an entirely new closing procedure when buying or selling a home. This was also designed to protect both buyers and sellers after many were unaware of their predatory loans in the mid-2000's. Rather than using the HUD-1 as the closing document that were all so used to, we will not be shifting to a new document and disclosures process. This process will take a little bit longer to get through than the old HUD-1, but it gives buyers much more transparency when it comes to their loan product. This blog post is all about the new RESPA-TILA activity and the new closing processes that have sprung from it. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.

Title Insurance - Inside and Out

Title Insurance - Inside and Out

Title insurance is very confusion. Most folks don't even know what it is unless they've bought a home. In fact, many homeowners don't know what title insurance is, either. It's one of those things that you just assume is necessary and good, but don't exactly know what it is. Title insurance is a type of insurance that is mean to protect you interest in your home. Before you buy your property, the closing attorney will do a title search to make sure there is no one else claiming to own the property other than the parties that are selling that property. If there is a conflict in the title, you are almost always encouraged NOT to buy the property because the title is not marketable. If the title is clear, which it usually is, then you will continue on to close the home. Once you've done so, your attorney will find you a title insurance policy that is designed to make sure that your title to your property is always marketable and that one can claim to own part of your property after you have closed. Like any other insurance, there may be claims that are not honored, but title insurance is something that you will always want! This blog post explains the ins and outs of title insurance in more detail. Remember me if you're interested in buying or selling residential, commercial or investment real estate in Charleston, SC.