Eversole Monthly
August 2018
Why You Need an Attorney for Closings
Steps That Can Help You in the Long Run August is a busy month at Eversole Law. While we always have a lot going on, we tend to do more closings in August because families want to be settled in their new homes before the school year begins. Here are a few things to keep in mind if you are ready to buy or sell in South Carolina. The South Carolina Supreme Court views closing real estate transactions as the practice of law. Attorneys are required for closings for several sound reasons. A closing where lenders are involved can be a complicated process involving legally binding documents such as contracts, promissory notes, and mortgages — the overview of which ensures that your rights are protected. Attorneys will also look back through the public records for previous liens encumbrances, errors in the deeds in the chain of title, and other documents to make sure that you will have marketable title to the property or otherwise bring problems to your attention that may prevent the title from being marketable and that the seller should cure before the closing takes place.
When it comes to choosing an attorney to represent you, the choice is entirely yours. Some people have been told that they had to use a particular attorney or firm even if the buyer hadn’t heard of them before. Whether you’re told to or not, you can choose who you want to represent you. If you do not know a closing attorney, your Realtor or mortgage broker should give you the names of at least three attorneys they know are competent closing attorneys, and you then have the option of choosing from that list. Let’s face it: Since you are paying the attorney, you should choose who you want to represent you. Likewise, sellers have the right to choose their attorney to assist them in the transaction. Unlike other states, the buyer and seller do not usually come together to close at the same time. If you think about it, why would a seller need to be present for the buyer’s closing on the loan? When the day of closing has arrived, there are a few things that you’ll need to bring with you. Whether you’re a buyer or seller, you will need a government-issued photo ID, such as a driver’s license, military ID, or passport. If you’re the purchaser, you will need to bring any necessary final funds, which can be in the form of an official bank check, cashier’s check, certified check, or money order made payable to the trust account of the closing attorney, or the funds can be wired to the attorney beforehand. If you are the seller, you will sign a deed and other seller’s documents. You will then receive your proceeds from the sale when there has been an exchange of the proceeds for the deed conveying title to the purchaser and the keys. The day of closing is usually a happy occasion. We enjoy doing them here and look forward to helping you buy or sell. Until next time, we hope you have had a wonderful summer. -Alysoun Eversole www.eversolelaw.com 1
“When it comes to choosing an attorney to represent you, the choice is entirely yours.”
There have been times when lenders from other states have tried to either entirely avoid the use of an attorney or tried not to get one involved as much as possible in what are known as “witness only” closings. In South Carolina, it’s considered illegal for lenders to not use an attorney for a closing on a mortgage. Although title agents conduct closings in other states, it is not permitted here. As soon as you’ve signed a contract agreeing to purchase a piece of real estate and chosen your lender, contact an attorney to discuss the closing process if you have not already done so before signing the contract.
How to Achieve A More Restful Night ’s Sleep
morning). If you do need an alarm, consider a wake- up light. Wake-up lights mimic the sunrise, slowly brightening the room, waking your body in a natural, gentle way. Kick the screen habit. You’ve heard it before, and you’ll hear it again: Looking at an electronic screen — a TV, computer, tablet, or smartphone — before bed is detrimental to sleep quality. Light from these devices is disruptive to your brain’s suprachiasmatic nucleus (SCN), which helps regulate your circadian rhythm, and screen time before bed can throw off normal SCN function. Put your excuses for staying up too late to bed. Say no to “one more episode.” And all those emails? They can wait until tomorrow. Not getting enough quality sleep is harmful to your mental and physical health. When you get into the habit of following these three tips, you’ll find yourself feeling rested and refreshed in no time.
A good night’s sleep is one of the most important things you can do for your mind and body. One study published in the Journal of Psychosomatic Research found that the quality of your sleep is much more important than the quantity — that is, if you want to feel rested. And we all want to feel rested. So, what can you do to improve the quality of your sleep and get the rest you need? Listen to your body. This, above all else, is crucial to a good night’s sleep. Your body knows when it’s time for bed. Generally, you want to go to bed when you feel tired, whether that’s at 8 p.m. or 1 a.m. Whenever your body tells you it needs rest, you should make a habit of going to bed then. The more consistent you are, the better your sleep will be. Wake up naturally. Jolting yourself awake with an alarm or radio isn’t doing your brain and body any favors (it can be stressful on the body and even elevate blood pressure, which is not good first thing in the
Employee Spotlight Meet Debbie Rogers
challenges every day about the property being bought or sold, and the people buying and selling, but it’s been rewarding. Working with Alysoun Eversole has been an equally rewarding experience. She’s a great boss. It’s been really wonderful working here.” She enjoys talking to the clients and Realtors who come through the firm, helping them solve any problems they face, and guiding them through the process. “I was the administrator for the office,” she comments, thinking back to when Eversole Law first started. “But I prefer to prepare the real estate closings for the firm.” When Debbie isn’t in the office, she enjoys spending her time outside, playing golf and tennis and visiting with her neighbors. She’s also fond of spending as much time as she can with her family on the beach. “It can be hard to get everyone together with everyone’s schedules, but when we do, we always have a good time together.” We are proud to have someone as experienced and devoted to her career as Debbie is on our team. Everyone who comes to the office immediately loves Debbie.
This month, we wanted to feature the backbone of our real estate division, Debbie Rogers. As we mentioned in our newsletter’s first edition, Debbie has been working in her field for 30 years and, by good fortune, has been our real estate closing paralegal since Eversole Law Firm started in 2004.
“I worked with Realtors,” Debbie says, “and then I just started out on my own in Columbia and thoroughly enjoyed it.” She’s been working in the field ever since. Though she didn’t know much about real estate until she moved to Columbia from New Jersey, she picked it up quickly. Once in the new city, she started working as a secretary and, gradually, was groomed in the real estate division of that firm. “I progressed from there, worked my way up, and became really integrated into that line of work.”
During her years of working, she’s faced many challenges along the way. “I love the challenge,” she says. “There are
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Ways to Hold Title
Joint Tenants With Rights of Survivorship (JTROS) means the ownership interests are equal, and when one co-tenant dies, title automatically vests in the surviving co-tenant(s). Although JTROS is popular for married couples, it’s not limited to husband and wife. However, if the grantees are husband and wife and their names are followed by the words “as joint tenants with rights of survivorship, and not as tenants in common,” the law specifically provides that the survivorship aspect is automatically severed by a divorce, meaning that they are considered co-tenants without survivorship benefits. If title is held as Tenants in Common With a Right of Survivorship (TICWROS) or includes a statement to the effect of “jointly and upon the death of either of them, the title vests to the survivor of them,” then title is indestructible. In other words, the divorce does not destroy the survivorship tenancy, and no co-tenant can convey his or her ownership interest to a third party without the other owners’ express consent. How title is held is complex. It would be wise for you to consult an estate planning attorney during or after the purchase process to ensure that you are holding title in a manner suitable to your circumstances and desires and that the property will pass to your loved ones the way you want it to upon your death.
Title to real property is conveyed by way of a deed. Title can be held in various ways — as Individually, Tenants in Common, Joint Tenants
With Right of Survivorship, or Tenants in Common With a Right of Survivorship. But what are the differences? The subtle
differences can have a significant impact on you when you want to sell or if you co-own the property with someone else when you pass away.
Holding title Individually speaks for itself — you own 100 percent of the property rights. If you hold the title as Tenants in Common, it means two or more owners each possess a percentage of ownership interests in the entire property. The percentages of ownership interests don’t have to be equal, but each owner has the right to convey his or her ownership interest to someone else without the consent of the other co-tenant(s). Each co-tenant’s interest is assignable, inheritable, and devisable, so the co-tenants can change over time. But if there are creditors who get a judgment against one owner, it can detrimentally affect interests of the other owners.
LEARNING
LEGALESE
Ingredients SummerGrilled
Halibut Inspired by Bon Appetit magazine.
Estate With respect to real property, or land, “estate” is the degree, quantity, nature, and extent of the ownership interest a person has in that property. In the context of estate planning or probate administration, the total property a person owns, real and personal, at the time of death is his or her “estate,” which passes to others pursuant to a Last Will and Testament or under the laws of intestacy.
• 2 pounds mixed tomatoes, sliced • 1/2 cup hearts of palm, drained • Basil leaves, for garnish • Kosher salt and black pepper, to taste 4. In a mixing bowl, combine tomatoes, hearts of palm, juice from lemon, and oil. Season with salt and pepper. 5. Garnish salad with basil. Spoon salad over grilled halibut. Serve.
• 4 boneless, skinless halibut fillets, about 5 ounces each • 1/4 cup olive oil, plus extra for drizzling • 1 lemon
Directions
1. Lightly oil grill grates and heat grill to medium. 2. Grate 1 teaspoon lemon zest onto halibut fillets. Drizzle with olive oil and season with salt and pepper. 3. Grill halibut, turning just once, for about 5 minutes on each side.
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Eversole Law Firm, P.C. 1509 King Street Beaufort, SC 29902 (843) 379-3333 www.eversolelaw.com
Disclaimer: The content of this publication has been prepared by Eversole Law Firm, P.C. for informational purposes only and is not to be construed as legal advice. It does not create an attorney-client relationship with its readers and may not be used by you, the reader, as legal advice. You are encouraged to consult with us or another attorney about your circumstances to which the information in this document may apply.
What’s Inside
1. Real Estate Closing 2. Sleep Better and Feel Great Employee Spotlight 3. Buying a House? Summer Grilled Halibut 4. The Strangest Holidays in August
August’s Silliest Holidays Are These on Your Calendar? February has Valentine’s Day; September has Labor Day; December, of course, has Christmas; and August has, um, National Raspberry Cream Pie Day. August may not host any major holidays, but it doesn’t lack for some of the goofiest on the calendar.
August 17: National Thrift Shop Day Thrift shops are a staple of American commerce, so it makes sense that there is a day devoted to them. Take the day to hunt for lost treasures and screaming deals. Many thrift shops also benefit nonprofit organizations, giving you even more reason to frequent them. August 27: National ‘Just Because’ Day This celebration is really scratching the bottom of the holiday barrel. Joseph J. Goodwin created National “Just Because” Day in the 1950s. It’s a day to do something “just because.” Be spontaneous and have a little fun. There’s no one way to celebrate, which is fitting, given that the existence of the holiday seems to defy logic altogether.
August 6: National Wiggle Your Toes Day While the origin of this holiday is uncertain, it’s held every year on August 6. To celebrate, people are encouraged to wear sandals, flip flops, or other toe- exposing footwear. You can also frolic barefoot in the grass or simply stretch those digits throughout the day. Just don’t expect to see any Hallmark cards devoted to National Wiggle Your Toes Day anytime soon. August 13: Left-Handers Day About 10 percent of the population is left-handed. Lefties may be stuck in a right-hand-dominant world, but on August 13, they rule the roost. Originally founded in England, Left-Handers Day has taken off in the U.S. Righties are encouraged to try out a left-handed approach for the day. Lefties, for their part, are free to be themselves.
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