Is It Important to Ask a Lawyer When You Are Buying a Residential House?

You may be aware that the state of South Carolina requires licensed attorneys to conduct real estate closings in person, and you will want to have a skilled South Carolina real estate attorney helping you throughout your real estate process.

The seminal case was State v. Buyers Service Co., in which the Supreme Court of South Carolina wrote that it was convinced that real estate and mortgage loan closings must only be conducted under the supervision of attorneys with the ability to furnish legal advice and that protection of the public was of paramount concern.

Duties of the Closing Attorney

South Carolina requires a lawyer to be present at the closing of a real estate transaction and has issued best practices guidelines relating to this order. The South Carolina Supreme Court lists essential components of closing as including five categories:

• Title Search
• Loan documents
• Closing
• Recordation of documents
• Disbursement of transaction funds

All of these steps exemplify when you want and need to have legal representation because every step should be supervised by a lawyer. Specific steps that demonstrate the need for attorneys include:

• Receiving the contract — Essentially the first step in the home buying process, receiving a contract leads to a closing attorney reaching out to every party to gather all of the information on the transaction required of both the buyer and the seller. When it comes to the buyer, the attorney will coordinate with a lender to obtain banking documents and keep tabs on receiving inspection reports while ordering a title abstract. For a seller, a lawyer will gather information about mortgages needing to be paid off, loan insurance, inspection reports, and other homeowner documents.
• Reviewing the title to the property — An attorney will learn all about the history of your potential property. Examining the title will mean researching the chain of ownership, including deeds from one owner to the next, going back a minimum of 61 years for a particular parcel of land. An examiner will verify that all mortgages or liens against the property are satisfactory, and also lists any easements or defects in the title. A title search often requires research on an exact parcel that has been deeded. A piece of land may have been combined or divided over the course of many prior decades.

• Applying for Title Insurance — This will secure your purchase. After a clear title has been determined and an attorney has issued a title opinion, they will apply for title insurance. The title insurance will be the policy insuring the good title of the property so a lender has an assurance that it can be used as collateral for a loan.

• Collecting and preparing documents — An attorney collects all of the documents from a lender as well as disclosures and assorted other documents from a realtor’s closing coordinator. The deed and settlement statement will then be prepared, and an entire package of all required paperwork to finalize a purchase will be readied.
• Closing — At closing, the parties will meet with an attorney who will explain all of the legal documents to the parties and then walk each party through what needs to be signed, as well as how they affect each party. A buyer should expect a closing attorney to explain all of the loan documents, including the interest rate, amortization schedule, late payment or prepayment penalties, terms of the loan and maturity date, and events of default. Following the signatures, the buyer receives the keys to their new home.

• Disbursements of Transaction Funds — Essentially the loose ends, an attorney will be the clearing house for all of the funds being brought to a closing with the lender, the seller, and the buyer. The funds will be held in a trust account until disbursement, and the attorney will coordinate payments based on a settlement statement. Prior mortgages will be paid off, and bills from third parties included in the transaction, commissions, and seller’s funds are also dealt with.
• Recording the Legal Documents — This step makes the transaction official. Every executed and pertinent document to the transaction will be filed in the appropriate public records, and proper indexing will be verified. An attorney continues to follow up with lenders to make sure the satisfactions of liens or mortgages are filed when appropriate, and then file for the final title insurance opinion. Both the buyer and seller will receive original documents filed and a record book of the transaction.

Schedule a Free Consultation with a South Carolina Real Estate Attorney

Are you preparing to buy or sell a home in South Carolina? You are going to need to retain legal counsel at some point, so you might as well contact South Carolina Real Estate Attorney as soon as possible.

How to Negotiate a Commercial Lease Effectively?

Renting commercial property may be one of the most expensive business activities. So, it is important to know various aspects of commercial real estate for an astute negotiation. Here are some game-changing ideas to help you strike the best bargain, which will impact the bottom line of your business for years to come.

When negotiating a commercial leasing agreement, the odds are generally stacked against you. As the landlord is well-versed with the process, it becomes necessary to walk the slippery slope cautiously.

Signing a business lease is a significant milestone in the entrepreneurial journey. Its importance in corporate success cannot be overstated. The landlord will aim to maximize the earnings from his/her property and may incorporate certain crucial conditions. It is critical to note that practically every clause in the lease is negotiable.

What is a Commercial Lease?

A commercial lease is a legal agreement or contract that allows a company to rent a commercial property to conduct business from that location. The legally binding contract between the landlord and the business tenant is to use the property solely for commercial purposes, such as an office, warehouse, industrial complex, or other comparable facilities. The five types of business leases are:

• Net lease
• Double net lease
• Triple net lease
• Percentage lease
• Gross rent lease

What Should a Commercial Lease Include?

Some key features of a business lease to look for are:

• Rent amount
• Insurance
• Security deposit
• Exterior Appearance
• Maintenance and renovations
• ADA compliance
• Lease term/type
• Subleasing
• Exclusive use
• Personal guarantee
• Permissions

Any first-time entrepreneur should consider expert assistance and consult a lawyer with extensive contract law knowledge before signing any agreement.

Tips To Negotiate a Commercial Lease

Here are some helpful tips for negotiating a commercial lease that works best for your company.

Evaluate Your Space Requirement: Carefully determine your company’s current and future space requirements. Second, examine your budget, preferred location, and available amenities. If you are unsure about your company’s prospects, a short-term lease may be a wise option.

Do Your Homework: Try to learn everything you can about the commercial real estate market in your chosen location. The terms may be widely different in each state and region. Gather information regarding security, crowds, neighborhood, and other vital aspects of the property. Collect information on the prices of comparable properties as well. All this data will prove to be very useful when negotiating a fair contract.

Think of the Long-Term: If the property is suitable for your business and the landlord has a good reputation, you may consider long-term leasing. Tenants who sign long-term rentals have greater bargaining power at the negotiation table. Landlords do not like to negotiate with a new tenant every year and may offer some concessions in exchange for a longer-term contract.

Learn the Real Estate Terminology: Premium property in a desirable location offered at a reasonable rent can significantly propel your business. However, before signing an agreement, look for any hidden expenses. This will prevent you from being stumped later. These additional costs include real estate taxes, insurance, electricity, maintenance, and operation expenses. Check the contract for the amount of rentable space. You may be charged extra for the unused area. You can bargain to pay rent only for the usable space.

Review Termination Clause: Read the lease agreement carefully to understand the termination clause conditions. What if, for example, the building is completely sold out? What happens in the event you miss paying rent for a month? What if you wish to grow and need more space? Can you sublet the property if your business operations contract? You need to consider all possibilities when bargaining for an early termination clause.

Negotiate Leasehold Improvements: Before you occupy and begin using the space, you may need specific modifications to fit your business. Request for concessions if you plan to take on the expenses of any repair or remodeling of the space. This might include things like reimbursement for alterations costs in the form of a rental waiver for a month or two in the agreement.

A commercial lease is essential before beginning the operations of your business. The terms of the legal agreement establish the middle ground between the landlord and the tenant, and the penalties must be fulfilled if either of them breaches the contract. Commercial leasing is a complicated procedure that should be handled by a legal professional who can negotiate on your behalf and get you the best price and terms.