Navigating the purchase and sale of real estate can be quite confusing and stressful at times. At Bradford Espinoza, P.A., our experienced attorneys and paralegals are here to assist you every step of the way. From drafting the initial contract, performing the title search, conducting the closing, and even through issuing final title insurance policies, our firm is here to help. Below is the typical progression of a residential real estate transaction:
- The buyer and seller (the “Parties”) enter into a contract.
- The Parties provide our firm with a final, signed copy of the purchase contract. If the buyer and seller are not represented by agents, our firm will gladly assist with the drafting of the contract per the request of our client. If the buyer is using a bank for a mortgage loan, once the loan has been approved, the bank will send a copy of the contract to our office, as well as a “title request” so that we may begin processing your transaction.
- A title search and review are performed by our title abstractors and attorneys. A title search is a 40-year examination of the specific piece of property and all the individuals or entities who were owners of the property during that time. A title search shows whether there are any defects, inconsistencies, or liens on the property that may make title unmarketable and uninsurable. If our firm does find liens on the property, the Parties will be notified, and we will discuss how the liens can be cleared prior to closing.
- Once the title search is complete, our paralegals and attorneys work with your lender to prepare the final closing documents and schedule a date for closing.
- The closing will take place at our office, 4 East Liberty Street, York, South Carolina. Our attorneys will walk you through each document you sign and ensure that you understand the terms of your transaction, as well as how your money is being spent.
- After the closing, our office will disburse all funds collected at closing to the appropriate parties. We will record your deed and mortgage with the Register of Deeds Office. If you are a homebuyer, we will mail the original deed to you after recording.
- Lastly, if title insurance was purchased for buyer and/or lender, our firm will generate the policies and send them out to the insured parties.
- Purchase & Sale Transactions
Once your property is under contract, our team will begin the title search and begin
communicating with your lender (if applicable). We will prepare all of the necessary documents to transfer title, answer any of your questions, and ensure that your closing goes smoothly. After the transaction is complete, we will provide you with your owner’s title insurance policy to protect your new investment.
- Refinance Transactions
Our office can assist you with the various types of home loans available today, including Home Equity Lines of Credit (HELOC), FHA loans, VA loans, Construction loans, and Conventional loans. Once we receive the request from your bank, we will conduct a title search, assist with the required clearing of any liens, and conduct a smooth closing. Our staff has extensive experience dealing with lenders and is ready to answer any questions about the process that you may have.
- 1031 Exchange Transactions
Our office has experience conducting purchases and sales of property in which one or more of the parties is participating in a 1031 exchange. Under certain conditions, a person or company may be able to defer paying taxes on gains from real estate sales by reinvesting the sales proceeds in additional real estate.