Frequently Asked Questions

Q: Why do I need an attorney to close my transaction?

A: South Carolina law mandates that the closing of residential and commercial real estate transactions can be legally conducted by attorneys only. A HUD-1 Settlement Statement must be used to fully disclose all fees incurred during the closing process to the parties. This HUD-1 document is mandatory and informative, reflecting all costs and expenses incurred. While the process of completing the form may be time consuming, completing it in its entirety and accurately is critical to the closing process. The team at the Bolen Law Firm is well trained to handle this matter for you.

Q: What is title insurance and will I need to purchase a policy?

A: Title Insurance is a contract of indemnity between the insurer (which is the title insurance company) and the named insured (which is either the lender or the owner, depending on the policy type being purchased). For a one-time premium, the contract covers the insured for loss or damage by reason of stated insured provisions listed in the policy. Title insurance policies are purchased through licensed agents. The Bolen Law Firm is a licensed agent of Chicago Title Insurance Company. The most thorough and competent title examination cannot protect you against loss from hidden defects affecting your title. A few of these hidden defects that are seen most often are undisclosed or “missing” heirs; fraud or forgery of documents in the chain of title; errors or indexing in the public records; defective deeds in the chain of title; errors of indexing in the public records; etc.  Please click here to view 55 Very Good Reasons why you should be protected by title insurance.

Q: Who is responsible for preparing the deed from the Seller to the Purchaser?

A: As your closing attorney, our firm will retrieve the current deed of record from the county courthouse. We will then prepare the new deed conveying the property from the seller to the purchaser. This document will then be signed by the seller at closing.

Q: Who is responsible for paying the closing costs?

A: Your contract or purchase agreement typically sets forth who will be responsible for paying closing costs. There is a transfer fee charged by the County anytime the ownership of property transfers to another. This fee is typically paid by the Seller, unless otherwise set forth in the contract or purchase agreement. The Seller also typically pays for the preparation of the deed.