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Real Estate Law

Our Recommendation Regarding a Survey

(not applicable for condominiums)

Most lenders do not require a new survey because Title Insurance will insure the lender against loss due to survey matters. Title insurance (discussed below) will insure a purchaser against loss due to survey matters only if enhanced coverage is purchased. Title insurance, however, will not insure the marketability of your property as a result of survey matters. We strongly recommend a new survey of the property unless:

1. We are provided with a copy of a recent survey (dated within 10 years of closing);
2. The Seller is willing to sign a Survey Affidavit stating that there have been no changes to the property since the date of the recent survey; and
3. The recent survey is acceptable to you.

Our Recommendation Regarding Title Insurance

We conduct a title search of the property and certify the status of the title based upon our search and review of the public records. Owner's Title Insurance provides a purchaser with additional protection against loss as a result of defects in title, regardless of whether or not such defects can be found through a search of the public records. Defects not discoverable through a title search include, but are not limited to, the following:

1. A forged signature in the chain of title;
2. Unrecorded easements;
3. Improperly indexed conveyances or liens; and
4. Unknown heirs of estates in the chain of title.

The title insurance premium is a one-time charge and the owner's policy has no expiration date. Also, the additional cost for Owner's Title Insurance is minimal, especially in cases where the purchaser is borrowing a major portion of the purchase price and the lender requires title insurance to cover the loan amount.

Example: If the purchase price is $150,000 and the loan amount is $120,000, the purchaser will pay $310 for a title insurance policy that only insures the lender only. For an additional $127.50, we can issue a standard owner's policy. An enhanced owner's policy that includes the survey coverage discussed above can be issued for an additional 20% premium.

Therefore, we highly recommend Owner's Title Insurance. Unless we hear otherwise from you, we will include the cost of the Owner's Title Insurance on your closing statement. Also, if a new survey is not obtained, we will include the enhanced coverage in your policy.

Cancellation Fee

In the event you decide to cancel the closing for any reason, you will be required to pay a cancellation fee of $250.00 to cover our administrative costs and the costs of a title search. In addition, you will be required to pay the costs of the survey if one is ordered prior to cancellation.

Multiple Representation Disclosure and Consent

Unless the Seller(s) and Lender have their own attorney, we will be required to perform certain services on behalf of the Seller(s) (i.e. deed preparation, payoff of mortgages, etc.), and we will be required to perform such services as your lender may request. You will be required to sign this at document closing.

Feel free to call us at 864-242-0900. We look forward to representing you in all your real estate legal matters.

E. Scott Sanders Law offices

Come Visit us Today!

1151 East Washington Street
Greenville, SC 29601

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Firm Overview

Conveniently located at 1151 East Washington Street in the City of Greenville, our firm represents businesses and individuals in commercial and residential real estate transactions, other business transactions, and collection matters.

As a small firm, we focus on developing a close working relationship with our clients. Without the overhead and administrative requirements of a large firm, we are able to devote more of our time and resources to better serving our clients.

Most of our new business is referred to us from existing clients, so we value our reputation. We work hard to provide prompt and professional services and to ensure that our fees are reasonable.


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