If you are considering purchasing a home or other real estate, it is critical that you consult with an attorney BEFORE you sign a contract. If you have signed a contract to buy or sell a home without the services of an attorney, it is critical that you contact an attorney promptly. The process of buying and selling real estate in South Carolina is extremely complicated and the risks of making an enormous mistake are very real. Dennis E. O’Neill has maintained an active real estate closing practice, representing buyers and sellers for 40 years. He is a licensed real estate broker, licensed title insurance agent and has successfully conducted thousands of real estate transactions involving more than a billion dollars in the last 15 years alone.
For buyers of real estate, it is important that your attorney begin working on your closing as soon as possible. Preparing for your closing includes title examination, home inspections, CL -100 Termite Inspections, surveys, appraisals, title insurance and countless other details. We assist our clients in securing the keys to their new homes every day.
For sellers of real estate, it is increasingly important that you consult your own attorney to discuss your responsibilities and obligations to transfer title to your property in accordance with the terms of your contract. We find that more and more sellers are unwilling to rely upon the buyer’s lawyer to prepare all the documents required of them for even the most routine transaction. If you would like independent advice in the sale of your real property, contact us promptly.
Sweeping changes contained in a new federal regulation, effective October 3, 2015 called the Truth in Lending Act – Real Estate Settlement Procedures Act Integrated Disclosure Rule, commonly referred to as TRID will have a substantial impact upon residential real estate closings. Although the rigid requirements of this new federal law are intended to provide buyers with a better understanding of the financial obligations they are signing up for when they take on a home loan, the new responsibility upon lenders to comply with strict disclosures and time-lines for producing these disclosures will substantially burden an already-stressed lending industry. Sellers should be keenly aware that their expectations for closing time-lines will be the very last consideration in the loan approval, disclosure, funding, and closing process despite the best intentions and efforts of all involved.
IRS Code Section 1031 allows a seller of real property, held for investment purposes, to sell that property and defer the taxes upon the profit from the sale provided the seller purchases a, “like-kind” replacement, according to very strict rules.
Dennis E. O’Neill, the founder of Tax-Free Exchange Services, has provided 1031 Exchange services in hundreds of transactions. If you are considering selling investment property, it is important that you receive advice from an experienced professional.
If you are considering buying or selling real estate in the Charleston, Berkeley, Dorchester, Williamsburg, Horry, Georgetown or other lowcountry counties, contact us for a consultation on your real estate needs as soon as possible. We assist clients in the purchase and sale of real estate in Charleston, Mt. Pleasant, Sullivan’s Island, Isle of Palms, Wild Dunes, Kiawah Island, Seabrook Island, John’s Island, Edisto Beach, Walterboro, McClellanville, and all surrounding areas. Contact Dennis E. O’Neill at the O’Neill Law Firm, LLC, at (843) 884-9494. His office is located in Mt. Pleasant, South Carolina, three miles from the base of the Arthur Ravenel Jr. Bridge, less than 10 minutes from the heart of Downtown Charleston.