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Facts about closings and why an attorney is necessary

If you're planning on closing a purchase and buying a property, it's important that you understand the role your attorney will play in this situation. You can't move forward without one in South Carolina, but you may have a few questions about the process.

Is it necessary to have an attorney at a closing?

An attorney can be helpful at a closing, because an attorney in real estate law is familiar with closings and is required to be present at one. In South Carolina specifically, anyone who is a reputable lender will require an attorney be present to conduct a closing.

There are also titles, liens, and other records that need to be reviewed, and only an attorney will have the knowledge to do so.

Who gets to select the attorney for the closing?

The buyer of a property is the party responsible for paying the closing attorney, so that means you're the one who can determine who the attorney is going to be. The closing is, essentially, for you and should be in your favor. The attorney you work with should have your best interests at heart.

What do you need for a closing?

When you arrive at the closing, you need to have your government-issued ID. This needs to have your photo on it for legal purposes. You'll also want to have your closing costs ready for the transaction. You can bring the funds as an official bank check, a money order, or a cashier's check. Wire transfers or cash can also be acceptable forms of payment. The closing payment is made to the closing attorney's trust account.

Source: Findlaw, "Frequently Asked Questions About Closings," accessed Feb. 17, 2016

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