Title insurance is almost always required by lenders and is generally collected by the final lawyer. The title insurance premium is paid by the buyer only once as part of the completion fee. Title insurance ensures that the lender has an ordinary mortgage guarantee right on the land and that there are no defaults that could affect the lender`s pledge. The policy received for the lender does not guarantee the buyer against the damage caused by the money in the event of a default of ownership. For an additional premium, which often costs only a small amount, the buyer can acquire property insurance from the owner who insures the buyer`s property on the property. The buyer may want to discuss the details of the cover with his lawyer. Disclosure statement of residential real estate conditions. South Carolina law requires a property owner to provide the purchaser with this completed and signed disclosure statement prior to the incorporation of a contract. (No. 27-50-40) Disclosure of residential real estate conditions (No. 27-50-40) – All sellers of real estate must submit this status report to buyers before entering into a residential real estate contract. This document explains the seller`s current knowledge of the physical condition of the property.
When searching for a home or other property, an offer is usually made to the owner, often through the real estate agent (if you are involved). This offer is usually in the form of a legal “contract.” This is very important because the buyer and seller are bound by the terms of the contract as soon as they are agreed. Each part of the agreement also has the field for the initials of the buyer and seller. This information has been prepared to give you some general information about the law. It is not designed as legal advice on a particular problem. If you have questions about the law, you should consult a lawyer. If you don`t know a lawyer, you can call the South Carolina Bar Lawyer Referral Service on weekdays between .m 9 and 17.m. The number is 799-7100 in Lexington counties and 1-800-868-2284 from other parts of the state. Residential sales contracts generally contain promises and provisions that guarantee the condition of a property.
Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud.