In residential sales, we represent homebuyers, sellers, developers from the initial purchase forward throughout the process and builders from the foundation up. We do likewise in the commercial development sector, representing developers, builders, sellers and purchasers alike in commercial transactions.
Things to do if you are thinking about buying a home:
- Know and understand your Credit and FICO Credit Score
- Know your Budget and what you can afford to buy (consider buying what you need, not what you want… always under your budget)
- Choose a Realtor and Banker that you feel comfortable with
- Choose a Mortgage that is right for you
Good sources of information can be found at the following websites:
National Association of Realtors: https://www.nar.realtor/
Neighbor Works America: http://www.neighborworks.org/
Home Closing 101: http://www.homeclosing101.org/
Home Builders Association of SC: http://hbaofsc.com/
Things to consider in a Residential Real Estate Purchase:
“There is more to it than simply making an offer and borrowing money.”
Survey Plat — A survey plat will determine actual acreage; it will point out the boundary lines, flood plains and any easements, encroachments and improvements found on the property. It is for your protection. So, always insist on a survey prior to closing. If problems such as encroachments are found, the seller will have to correct the problems prior to closing.
Title Search — For your protection, you will want a title search and opinion rendered. The attorney will search or will have the public records searched under his or her supervision to determine ownership and whether the seller can convey good, marketable title. The seller will be required to pay off any liens or judgments and cure any other title defects found affecting the property prior to closing.
Termite/HVAC Letters — Most lenders require a CL-100 termite letter to prove that the property is free of termites. They will also require an HVAC letter showing that the heating and air conditioning systems are in good working order. These are for the buyer’s protection, and you should insist on these prior to closing. If problems are found, the seller will have to correct the problems prior to closing.
Title Insurance: Your lender will require title insurance to protect the lender’s financial interest against loss due to title defects, tax liens, mechanics liens, judgments, unsatisfied liens or other matters such as the invalidity or unenforceability of documents. There is a one time premium paid at closing for this coverage. Because of the nominal cost and the benefit of the protection afforded, a purchaser should obtain an owner’s title policy, as well.
Hazard (Homeowners’) Insurance: Naturally, you will want to insure your home against loss. Property/casualty insurance protects from fire and other risks which might cause damage to property. It should also afford liability coverage for injuries to others on premises. The lender will require hazard insurance as assurance that the buyer can be repair or replace the property in the event of a sustained loss. Also, flood insurance could be required where the property is found to be within a flood zone. You will want to provide all insurance coverage as required by the lender because failure to so provide will constitute default under the terms of the mortgage.
Mortgage Insurance: Depending on the loan program, the lender may require private mortgage insurance (PMI), also known as mortgage insurance protection (MIP), when you do not have the required down-payment amount. Typically, the lender will require PMI coverage until you have paid down to 80%. This allows you to borrow a greater loan amount with a small amount of down payment.
Additional terms pertinent to homebuyers and lending can be found at:
http://www.hbaofsc.com/content/view/99/88/
We handle it all from:
- Real Estate Closings: Sales Transactions — Buying and Selling/Refinancing
- Real Estate Litigation — Mortgage Foreclosures/Mechanics Liens
- Document Preparation: Contracts/Deeds/Notes/Mortgages/foreclosures
- Title Examination and Opinions
- Title Insurance (Agents for Fidelity National and Southern Title)
- Residential/Commercial Development Projects/Leases
- Construction and Development Loans/Litigation
- Land Use, Variances, Zoning, Easements, etc.
So, did you just sign a contract on a house? Have you been approved for a loan or a refinance? Perhaps, you are just wanting to purchase and don’t know where to start?
Contact The Hanson Law Firm (803) 798-9446