Myrtle Beach Real Estate Attorney

FAQs For Sellers

Helping Our Myrtle beach Sellers

Ensuring Accuracy For Your Financial Process

Below are a few FAQs for sellers in the Myrtle Beach housing market. If your question is not answered below, please contact us here.

Frequently Asked Seller Questions

We prefer email for a few reasons, but primarily because it gives us both a nice record of the information we exchange and also affords us the ability to prioritize matters. Certainly, you are welcome to call us anytime.

In Horry County, closing proceeds are disbursed after the deed is recorded at the courthouse. Typically, recording takes place at approximately 4:00pm each day and proceeds are usually disbursed the following day. All closing disbursements are made by the buyer’s attorney and, unless our office also represents the buyer, we are not able to control exactly when the disbursement takes place.

While you may receive your sale proceeds by a check drawn on the closing attorney’s trust account, most sellers prefer to have their proceeds electronically wired into their own account. For security purposes, wiring protocol is very strict. Most attorneys will only wire proceeds into an account titled in the name of the seller (ex. If Mr. Smith is the seller, the buyer’s attorney may refuse to wire proceeds into an account titled in the name of an LLC even if Mr. Smith owns the LLC).

 

Most attorneys also require a copy of a check from the account into which the money is to be wired. It is extremely important when you come to your closing you bring the following, a copy of a check drawn on the account, your account number (which should be on the check) and the bank’s wiring number (this is usually, but not always, the “routing number” shown on the check). It is up to you to ensure the information you supply is 100% accurate and complete, so you should confirm everything with your bank before you supply wiring information to us.

 

The “closing date” is the date the documents are scheduled to be signed. The “recording date” is the date the Deed is recorded at the courthouse. Obviously, “closing” and “recording” can occur on the same day, but, where a party signs in the mid-to-late afternoon, the Deed will likely be recorded the following day. If you happen to be purchasing another property with the funds you receive at this closing, we recommend you allow the space of at least a few days between the transactions in case either closing happens to be delayed for any reason.

Except in unusual circumstances (such as a short-sale in which your loan is already in payment-default), you should continue to make the prescribed payments on your loan in order to avoid a payment-default and a possible adverse credit report. If you make a payment on your loan after we obtain the loan payoff from your lender, it will, of course, result in an overpayment on your loan following closing, but your lender will refund the amount of the overpayment directly to you.

While not forbidden, you really should not take an advance on your Equity Line. As we approach the closing date, we will obtain a payoff from your Equity Line lender and the figure presented to us cannot change prior to closing. If it does change due to a late advance, the payoff to your lender will be for less than the payoff and the entire transaction will need to be re-done at substantial cost to you. Therefore, once your contract is received in my office, you should freeze activity in your Equity Line account.

Except in unusual circumstances, you should continue to make your ordinary HOA payments. We recommend, however, you not make any last minute payments to the HOA for any purpose because, just prior to the closing date, we will obtain a Certificate of Assessment (defined in the next question) from the HOA which will set forth the account balance. If that balance changes after we receive the Certificate of Assessment, the amount paid to the HOA will be more than you actually owe and it will be your responsibility to obtain a refund from the HOA. If you have a specific question as to whether you should pay your HOA in any circumstance, please feel free to contact our office and we will be happy to help you.

If the subject property is governed by an HOA, a Certificate of Assessment is required to be issued by the HOA (or its management company) prior to closing. The Certificate of Assessment sets forth all information pertaining to your individual HOA dues account. All disbursements to the HOA following closing must be made in strict accordance with the figures presented on this Certificate of Assessment. The HOA or management company charges for the Certificate of Assessment and that charge is borne by either the buyer or seller depending upon what is stated in your contract.

Generally, your realtor will instruct you on this because the keys (pool passes, garage door openers, etc.) are typically handled through their office. If they instruct you to mail or deliver the keys to our office, we are willing to accept them, but we do not regard ourselves as responsible for them because it is not part of the services we provide.

Yes, any funds required at closing must be delivered by wire transfer to the buyer’s attorney. We will provide you with those wiring instructions prior to your closing.

Below are a few FAQs for sellers in the Myrtle Beach housing market. If your question is not answered below, please contact us here.

What is the best way to contact this office?

We prefer email for a few reasons, but primarily because it gives us both a nice record of the information we exchange and also affords us the ability to prioritize matters. Certainly, you are welcome to call us anytime.

When will I receive my sale proceeds?

In Horry County, closing proceeds are disbursed after the deed is recorded at the courthouse. Typically, recording takes place at approximately 4:00pm each day and proceeds are usually disbursed the following day. All closing disbursements are made by the buyer’s attorney and, unless our office also represents the buyer, we are not able to control exactly when the disbursement takes place.

How will I get my money?

While you may receive your sale proceeds by a check drawn on the closing attorney’s trust account, most sellers prefer to have their proceeds electronically wired into their own account. For security purposes, wiring protocol is very strict. Most attorneys will only wire proceeds into an account titled in the name of the seller (ex. If Mr. Smith is the seller, the buyer’s attorney may refuse to wire proceeds into an account titled in the name of an LLC even if Mr. Smith owns the LLC). Most attorneys also require a copy of a check from the account into which the money is to be wired. It is extremely important when you come to your closing you bring the following, a copy of a check drawn on the account, your account number (which should be on the check) and the bank’s wiring number (this is usually, but not always, the “routing number” shown on the check). It is up to you to ensure the information you supply is 100% accurate and complete, so you should confirm everything with your bank before you supply wiring information to us.

What is the difference between “closing date” and “recording date” and why does it matter to me?

The “closing date” is the date the documents are scheduled to be signed. The “recording date” is the date the Deed is recorded at the courthouse. Obviously, “closing” and “recording” can occur on the same day, but, where a party signs in the mid-to-late afternoon, the Deed will likely be recorded the following day. If you happen to be purchasing another property with the funds you receive at this closing, we recommend you allow the space of at least a few days between the transactions in case either closing happens to be delayed for any reason.

Should I continue to make payments on my loan between now and closing?

Except in unusual circumstances (such as a short-sale in which your loan is already in payment-default), you should continue to make the prescribed payments on your loan in order to avoid a payment-default and a possible adverse credit report. If you make a payment on your loan after we obtain the loan payoff from your lender, it will, of course, result in an overpayment on your loan following closing, but your lender will refund the amount of the overpayment directly to you.

May I take an advance (write a check) on my Equity Line between now and the closing date?

While not forbidden, you really should not take an advance on your Equity Line. As we approach the closing date, we will obtain a payoff from your Equity Line lender and the figure presented to us cannot change prior to closing. If it does change due to a late advance, the payoff to your lender will be for less than the payoff and the entire transaction will need to be re-done at substantial cost to you. Therefore, once your contract is received in my office, you should freeze activity in your Equity Line account.

Should I continue to pay the HOA between now and closing?

Except in unusual circumstances, you should continue to make your ordinary HOA payments. We recommend, however, you not make any last minute payments to the HOA for any purpose because, just prior to the closing date, we will obtain a Certificate of Assessment (defined in the next question) from the HOA which will set forth the account balance. If that balance changes after we receive the Certificate of Assessment, the amount paid to the HOA will be more than you actually owe and it will be your responsibility to obtain a refund from the HOA. If you have a specific question as to whether you should pay your HOA in any circumstance, please feel free to contact our office and we will be happy to help you.

What is a Certificate of Assessment?

If the subject property is governed by an HOA, a Certificate of Assessment is required to be issued by the HOA (or its management company) prior to closing. The Certificate of Assessment sets forth all information pertaining to your individual HOA dues account. All disbursements to the HOA following closing must be made in strict accordance with the figures presented on this Certificate of Assessment. The HOA or management company charges for the Certificate of Assessment and that charge is borne by either the buyer or seller depending upon what is stated in your contract.

What should I do with my keys?

Generally, your realtor will instruct you on this because the keys (pool passes, garage door openers, etc.) are typically handled through their office. If they instruct you to mail or deliver the keys to our office, we are willing to accept them, but we do not regard ourselves as responsible for them because it is not part of the services we provide.

If I have to pay money in order to sell my property (if you will lose money on the sale), am I required to electronically wire my money somewhere?

Yes, any funds required at closing must be delivered by wire transfer to the buyer’s attorney. We will provide you with those wiring instructions prior to your closing.

Why do you need my social security number?

We are required to report the transaction to the IRS; this, of course, requires your social security number. It is also sometimes used to distinguish among any recorded tax liens and/or judgments. Be assured our office is strictly bound by law and professional mandate to protect your privacy and will only disclose your social security number to a third party in connection with the closing.

Scroll to Top