Real Estate Information Buyers Miss in Myrtle Beach
Spring is here, which means people are starting their home buying journey in Myrtle Beach! Coastal homes remain popular by both local and out-of-state buyers, especially those coming from New England. With a strong investment potential (plus beautiful beaches and tons of community opportunities), it is easy to focus solely on location and price when you’re buying a home. However, buyers in coastal markets can face legal roadblocks that can impact their investment long term. Real estate law differs greatly between the northern and southern states, and sometimes you don’t notice until it’s too late.
Hidden real estate information can be easy to miss, and noticing them before closing can save you time and stress. Here’s a quick list of things to keep in mind before you buy.
Hidden Title Issues
A clean title is an important aspects of a successful real estate transaction. You want to ensure there are no outstanding interests, judgments, or liens that could attach to the property, or any other public or unknown knowledge that may affect your life if you purchase the plot you’re interested in. Buyers may assume that title searches catch all problems, but hidden title defects can show unresolved liens, boundary disputes, incorrect information, or even easements that restrict property use.
These things might seem like a simple fix. However, an old lien from a previous owner can become your problem if you do not take care of it before everything is finalized. Boundary issues can cause tension between future neighbors.
A Myrtle Beach real estate attorney can help you in correcting these problems before closing on any property. A real estate law professional can help ensure you have clear ownership and the ability to protect your coastal investment properly.
Flood Zone Disclosures and Insurance Requirements
When you choose a home close to an ocean or other large body of water, flood risks should not be a surprise. While South Carolina law requires sellers to disclose if a property is in a designated flood zone, buyers should take additional steps. Properties outside official flood zones can still face risks from storm surges, rising sea levels, and heavy rainfall. Recent studies show that around two million homes in the United States may face significant flood risk without being in FEMA high-risk flood zones. These homes are collectively valued at nearly one trillion dollars, and many owners may be unaware of their exposure. (X)
What may homeowners may not know is that flood insurance is not necessarily included in your homeowners insurance. Because of that, it means including another mandatory cost into your budget when searching for a coastal home. Buyers should request detailed flood zone information and obtain (potentially mandatory) insurance quotes before closing.
Zoning and Land Use Considerations
Myrtle Beach zoning laws vary between municipalities. Buyers planning to build additions or create need to verify that their plans comply with local ordinances. Zoning restrictions can also limit home business operations, and discovering these limitations after closing can be costly.
Consulting a Myrtle Beach real estate law professional can help buyers determine if a property meets their needs according to their lifestyle and intended use for the property.
Plan Your Real Estate Journey in Myrtle Beach
Purchasing a Myrtle Beach home requires more thought than just aesthetics and price. Small hidden details or overlooked information can interfere greatly with your home-buying journey.
If you are considering buying or selling a home in Myrtle Beach or elsewhere along the Grand Strand, contact Grand Strand Law Group today. Our real estate law professionals can guide you through every step of the process, making real estate transactions smooth and easy. Give us a call at 843.492.5422. Learn about how we can help with your real estate journey now or in the future.