For most people, their home is their most valuable asset. Real estate transactions in Charleston, South Carolina are on an upward trend this summer. Going through a real estate purchase or a refinance can be overwhelming: dealing with realtors, lenders, homeowners’ associations, sellers, buyers, etc. can be daunting. However, it doesn’t have to be that way.
In South Carolina, a real estate transaction must be supervised at all points by a South Carolina-licensed attorney. In fact, the South Carolina Supreme Court has refused to honor mortgages when a South Carolina licensed attorney did not supervise every aspect of the real estate transaction: from title search to execution of the documents. This practice is meant to protect consumers who may be unfamiliar with reviewing title searches and with understanding loan documents and real estate law. In the case cited, the lender lost the right to enforce its mortgage and was unable to foreclose against the borrower. It is likely that a borrower could then have a cause of action against the lender for improperly foreclosing the loan.