Spartanburg lawyer focused on real estate, Wills, and small business corporations.


Bingman Law Firm
Stephen M. Bingman, Attorney
Providing Spartanburg Attorney Services since 1983


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"What does a lawyer do when I
buy or sell my home?"

Copyright Stephen M. Bingman, Attorney

There are three phases in the buy sell transaction: Pre-purchase, closing, and post-purchase.

1. Pre-purchase:

In South Carolina, the buyer has the right to decide which lawyer the buyer wants to handle the purchase and the seller has the right to decide which lawyer the Seller wants to prepare the Deed. Often, the buyer decides on which lawyer he/she wants to use and the seller then has the same lawyer prepare the Deed and seller's documents. Lenders cannot require you to use a certain lawyer.

Once you have decided on which lawyer to use, you need to give him/her a copy of your buy sell agreement. Your lawyer will contact your lender to set a closing date and determine what documents the lender requires. Different lenders have different requirements. Your lawyer will conduct a title search on the home to determine that the seller actually ownes the home, to determine what needs to be done to make sure that you will legally own the home after the closing, and to determine that the lender will have a valid first lien on the home after the closing.You lawyer will prepare for the closing by obtaining whatever documents that your lender requires, such as, homeowner's insurance and "termine letter". Note that your lawyer will only obtain copies of documents. You arrange for the homeowner's insurance, "termite letter", and other inspections and/or services. Your lawyer will find out what fees your lender is charging, how much your homeowner's insurance will cost, and determine what are the other closing costs. Your lawyer will then prepare a HUD-1 Settlement Statement which will show you exactly what you are paying and where the money goes.

2. Closing:

This is when you, the buyer and seller, meet with your lawyer to sign papers and complete the buy sell transaction. In South Carolina, a lawyer is required to be present at all real estate closings in case you have a question. At the closing, everyone will review the HUD-1 Settlement Statement to make sure that everyone agrees on the financial part of the transaction. The seller will need to sign a Deed, Seller's Affidavit, and certain other documents. The buyer will need to sign a Truth In Lending Form, a Promissory Note, a Mortgage, and other documents. It is your lawyer's job to see that all documents are properly signed and witnessed, or notarized. If you have any questions whatsoever, ask your lawyer. Once the closing is complete, the buy sell transaction is done.

3. Post-purchase:

After the closing, your lawyer will place the money you gave him/her to pay for your home and closing costs and the money he/she received from the lender into the lawyer's client trust account. Your lawyer will then record the Deed and Mortgage at the Register of Deeds Office. Your lawyer will also payoff any mortgages or liens against the property as well as paying whatever fees or costs he/she collected in the closing. The original closing documents will be sent to the lender.

Scope of Legal Services:

The above is a simplified statement of what a lawyer does when you buy sell your home. Some transactions are simpler than others. Not all transactions involve a lender. Not everyone wants a title search even though it is a good idea to have one. If you have any questions, call the Bingman Law Firm.


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Legal Disclaimer

All information on this web site is general information and not legal advice. Legal advice is based on the specific facts and circumstances of a matter and, of course, The Bingman Law Firm does not know your specific facts or circumstances. Further, nothing contained in this web site is to be interpreted as creating an attorney - client relationship. No such relationship can or will exist until Attorney Stephen M. Bingman has personally agreed to such a relationship. Should you have any questions of any nature whatsoever concerning information contained in this web site, contact Attorney Stephen M. Bingman or another licensed attorney.



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Copyright 2007 Stephen M. Bingman. All rights reserved.
Stephen M. Bingman is a Spartanburg lawyer focused on real estate, Wills, and small business corporations.