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Real estate transactions in South Carolina are legal minefields

When you make the decision to purchase real estate, it's not something you take lightly. Knowing the rates and how much this property is going to cost you is absolutely vital to your success as a home or business owner. Whenever you purchase property, it's important to know your legal rights and have support during the process.

In South Carolina, state laws require that you work with a licensed real estate attorney when you purchase property. This can help prevent making bad purchases or errors that are not compliant with state laws.

There are several reasons that people need to understand how the law affects them during a property purchase. For example, you're spending a lot of money on this property; not following all the right rules and regulations could result in higher taxes or fines. Sometimes, the legal jargon on paperwork can be confusing, too. You need to understand the lending terms of loans and make sure that you can afford to pay back the rates and payback amounts stated in the contract. It's also important that those parts of your loan contract are fair to you as a buyer.

What if you're trying to claim possession of a property? Are there claims against it? You need to know to prevent legal issues down the line.

No matter what you're trying to do, whether it's taking out a loan or buying a foreclosed property, knowing you have the law on your side is always helpful. You can read more about your rights in the state of South Carolina on our residential real estate webpage, so you can know what to expect during the buying process.

Source: Weeks & Irvine LLC, "Real Estate Purchase Transactions" Sep. 11, 2014

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