Sullivan's Island Magazine Summer/Fall 2018

23 www.SullivansIslandMagazine.com | www.SullivansIslandHomes.com Closings Made Simple Pearce Law Firm “O ur job is to get buyers a clean title, follow lender instructions and get them a first lien mortgage, close according to terms of contract and provide title insurance for the lender and buyer,” said Kelley Sassard of Pearce Law Firm. In South Carolina, real estate law is a bit different than it is in other states. The law in the Palmetto State says that you have to use an attorney throughout the closing and insurance process. That means the attorney is responsible for handling the title insurance of the home, unlike in most other states. Sassard said there are a few things that a lot of people do not know when it comes to real estate that potential buyers should be prepared for. According to Sassard, the lending process has become an extreme ordeal for most buyers, and the underwriting is extremely difficult both for lenders and buyers. The closing process is something many buyers don’t necessarily look forward to, but Sassard explained it in simple steps: Step 1: The attorney will receive a contract for the purchase. Step 2: The attorney searches the title to be sure it’s clean. Step 3: The attorney obtains the payoffs of the seller’s mortgage or the other liens, if there are any. By Alli Steinke Step 4: The buyer’s lender information and title insurance is provided. Step 5: Here comes all of the coordination between the buyer, seller, RIE agents, insurance agent, lender, termite inspector, the HOA and anyone else who needs to be involved. Step 6: Schedule and complete the closing. Once all of those things are completed, there is still other work to be done according to Sassard: “Disburse checks to everyone involved, record deed and mortgage, return lender’s package and then send the recorded documents and title insurance policies when the recordings come back.” This process can take up to 30 days after the closing is finished. Sassard offered sage advice for people who are looking to hire a real estate attorney: Don’t use the cheapest guy in town for what is, for most people, the biggest purchase of your life. As a small, locally-owned company, Pearce Law Firm prides itself on providing its clients with personal service that goes above and beyond what people might expect. They also put a heavy focus on the quality of their work. With such a close-knit team and very little turnover, clients can be sure that they are going to leave Pearce Law Firm having received some of the best service the Lowcountry has to offer. [ Real Estate ] Photo by Jess Wood. Sponsored Content