Specific performance is a legal remedy in real estate where a court orders one party to carry out their obligations under a contract — usually the sale or purchase of a property. In other words, if someone backs out of a signed real estate deal, the other party can sue to force them to complete it. /*! elementor - v3.23.0 - 15-07-2024...
Carolina Properties at Lake Marion
Tenancy in real estate refers to the legal arrangement under which two or more people hold ownership or rights to use a property. It defines who owns what, how ownership is shared, and what happens if one party dies or wants to sell. /*! elementor - v3.23.0 - 15-07-2024 */ .elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a...
The Closing Disclosure is a five-page document that outlines the final terms of your mortgage loan, including all costs, fees, and payments due at closing. It’s designed to protect both buyers and sellers by providing a clear, detailed summary of the financial side of the transaction. /*! elementor - v3.23.0 - 15-07-2024 */ .elementor-widget-image{text-align:center}.elementor-widget-image...
Due diligence in real estate is the period of time after a contract is signed when the buyer investigates the property before fully committing to the purchase. During this time, the buyer can inspect the home, research the title, confirm financing, and ultimately decide whether to move forward or back out. /*! elementor - v3.23.0 - 15-07-2024...
A disclosure statement in real estate is a legal document where the seller lists known issues or defects with the property. It helps protect buyers from surprise problems and protects sellers from legal claims after the sale.In South Carolina, sellers are required to complete a Residential Property Condition Disclosure Statement unless the property is exempt (like in estate or foreclosure sales). This form...
A contingency in real estate is a condition written into the purchase agreement that must be met before the sale can move forward. If the condition isn’t met, the buyer or seller may cancel the deal without penalty.Contingencies exist to protect both buyers and sellers. For example, a buyer might make an offer that’s contingent on securing financing or the home passing an inspection. Sellers,...
An easement in property is a legal right that allows someone else to use a portion of your land for a specific purpose, even though you still own it. That might sound simple enough, but easements can have big implications when it comes time to sell your Lake Marion home.If your neighbor has the right to use your driveway to reach their land, or if the local utility company has access to dig through your...
An encumbrance in real estate is any legal claim, lien, restriction, or right held by someone other than the property owner that affects the use or transfer of that property. If you're selling a home near Lake Marion, this could be the hidden issue that delays or even kills your deal.Encumbrances don’t always mean something is wrong, but they do mean you’ll need to be transparent, and in many cases,...
A Complete Guide for Lake Marion Home Buyers: What Is PMI and Why Does It Matter?If you're planning to buy a home in South Carolina—especially in the Lake Marion area—you’ve probably heard the term PMI, or Private Mortgage Insurance. So what is it, exactly?PMI is an insurance policy that protects the lender—not you—if you put down less than 20% on a conventional mortgage. It allows more buyers to...
Thinking about buying a home “as-is”? It can be a golden opportunity—or a costly mistake—depending on how prepared you are. In the Lake Marion area, “as-is” listings often draw attention due to their lower upfront costs or fixer-upper potential. But what exactly does “as-is” mean, and what should you look for—especially when an inspection is involved?In this article, we break down the...