Unlike the vast majority of states, South Carolina requires an attorney to be part, and oversee, every real estate closing. In fact, the only other state within the United States that requires an attorney to oversee the entirety of a real estate closing is Georgia. So, why does South Carolina require a lawyer to oversee the closing process?
The South Carolina Supreme Court has expressly concluded that “real estate and mortgage loan closings should be conducted only under the supervision of attorneys.” The Court reasoned that “protection for the public is of paramount concern.” Due to the nature of the various stages of a real estate closing, the South Carolina Supreme Court believes that requiring an attorney to oversee the closing process, in the end, protects the consumer.
The Court has broken the essential components of a closing into five categories: title search, loan documents, closing, recordation of documents, and disbursement of transaction funds. Each of these steps must be completed under the supervision of an attorney, providing an extra layer of protection to the consumer.
In most states, these various stages of real estate closings are completed by independent entities. They, in large part, remain independently responsible for their own work product and closing responsibilities. However, in South Carolina, attorneys oversee the entirety of the work production and ensure a clean closing for every step of the closing process.
Choosing an effective real estate attorney for a real estate transaction in South Carolina cannot be underestimated. Real estate attorneys are paramount to the real estate closing. Selecting the right attorney, who is engaged and well informed, provides confidence and comfort for the client during the duration of the real estate transaction.
At Clemmons Law Firm, our practice is completely centered in real estate law. We have been practicing real estate law for over a quarter century. We know what it takes to get your transaction closed effectively. We work, so you do not have to worry. With Clemmons Law Firm, you can have confidence in your closing!