What You Need to Know Before Buying Property

Purchasing your first home is an exciting milestone. From finding whats best for your family, to admiring the beautiful homes in the neighborhood of your choice; there is a ton of things going on at once. However, it also comes with a lot of responsibilities and decisions. There are a ton of factors that most first-time homebuyers may not know to check or understand during their first homebuying journey. Understanding the legal aspects of buying property can save you from costly mistakes down the road. At Grand Strand Law Group, we are here to help first-time homeowners navigate the process with confidence.

Understand Your Purchase Contract

The purchase agreement is the foundation of any real estate transaction. This legally binding document outlines the terms of the sale, including the price, contingencies, and closing date. To prevent issue, have your real estate attorney review the contract to ensure everything is clear and protects your interests. Terms related to financing, inspections, and deadlines should all be thoroughly understood before signing.

The Importance of a Title Search

A title search verifies the property’s legal ownership and ensures there are no liens, claims, or disputes tied to it. Without a clean title, you could face legal issues after closing. That means, when you buy property, you may also inherit any negative fines on the land. A title search, often conducted by a real estate attorney or title company, provides peace of mind that the property you’re buying is free of hidden complications.

Budget for Homeowners Insurance

Homeowners insurance is more than just a requirement for mortgage lenders—it is made to protect your investment. Before closing, shop around for policies that provide coverage for potential risks in your area, such as hurricanes or flooding in Myrtle Beach.

Make sure to check which zones the property you’re looking at is in. Some zones may require flood or wind insurance, while others may be optional. Remember that your homeowners insurance will be due at closing, so be sure to include it on your to-do list as you shop.

Know the Role of Earnest Money

Earnest money is a deposit you provide to show the seller you’re serious about buying the property. This amount is typically held in escrow until the transaction is complete. If the deal falls through due to contingencies in the contract, such as a failed inspection, you can usually get this deposit back. Make sure the terms regarding earnest money are clearly outlined in the purchase agreement. If you have any questions regarding earnest money, our professionals at Grand Strand Law Group are happy to answer for any concerns you may have!

Have a Real Estate Attorney by Your Side

Real estate law can be complex, and having an attorney on your side can help you navigate the intricacies of property transactions. From reviewing contracts to guiding you through the closing process, an attorney ensures your rights are protected and that the transaction complies with state and local laws.

Real estate law different state to state. If you are buying a home in a specific state, it may be best to look for an agent that resides in that state. However, as long as they are licensed in that specific state, any real estate agent can help you. For Myrtle Beach homebuyers, working with a local real estate law expert who understands the unique aspects of South Carolina property laws is invaluable.

Don’t Skip the Home Inspection

A thorough home inspection is highly recommended before finalizing your purchase. It identifies any structural or mechanical issues that could affect the property’s value or your safety as a homeowner.

New consutrction homes, like the dozens of neighborhoods popping up in Myrtle Beach, often include a home inspection once construction is finished. However, know you are still allowed to have a private inspection as the buyer. If significant problems are discovered, you may have the option to negotiate repairs or adjust the purchase price.

Understand Closing Costs

Closing costs typically include lender fees, title insurance, attorney fees, and other charges. These costs can amount to 2–5% of the purchase price, so it’s important to budget for them in advance. Your real estate attorney can provide a clear breakdown of these expenses, ensuring you’re not caught off guard.

It’s also important to know that your basic closing costs do not include your down payment. When you close on your property, you will pay both at the same time. Because of that, expect to pay your percentage down payment plus the average 2-5%.

Legal Guidance in Buying Property with Grand Strand Law Group

First-time homebuyers face a lot of unknowns, but the process doesn’t have to be overwhelming. By working with a trusted real estate attorney at Grand Strand Law Group, you can address potential challenges before they arise. Whether it’s reviewing contracts, conducting a title search, or handling closing documents, professional legal guidance ensures your investment is protected.

If you’re starting your homebuying journey, buying property, or just shopping around, contact Grand Strand Law Group today. We are here to make sure you understand the importance of protecting your home and make the buying process as smooth as possible. Give us a call at 843.492.5422. Learn about how we can help with buying property now or in the future.