Attorneys At Law
FAQ's
Frequently Asked Questions Regarding Real Estate Closings
What is the best way to contact you?
We prefer to communicate with you through a phone call or by email. Emailing allows us to respond quickly and effectively, while also keeping a record of our communication. Our goal is to ensure all questions and concerns are answered in any way we can. With that said, please communicate with us in whichever method suits you and your needs or personal preference.
When can I expect to have my final figures for closing?
As closing attorney, part of our job is to gather information from various sources. This information is needed to get you your final figures. We make every attempt to get you your figures at the earliest possible time, but please understand time frames are not always in our control. We will get closing items to you as promptly as we are able.
What type of funds do you accept?
Our Title Insurance underwriter requires all funds we receive over $5,000 to be in form of a wire. We will provide you with our wiring instructions – they will not change from the time we give them to you to the time of closing. Please call and verify these wiring instructions with our office. If funds are less than $5,000, they can be in the form of a certified/bank check made payable to Long & Millsaps, P.A.
Why do you need to know what my gain is?
All property sold within the State of South Carolina by a NON South Carolina Resident must pay a gain tax. South Carolina charges a tax of 7% of your gain amount on the property sold within the state. Once we receive your gain amount, 7% of that gain amount will be collected on the closing statement and sent directly into the S.C. Department of Revenue.
*To figure out your estimated gain, please contact your CPA.
Why do you need my social security number?
When purchasing a property, we need your social security number for identification and verification purposes. In addition to needing your SSN for verification purposes, we are required by the IRS to file a 1099 for those selling a property. You will then file any available exemptions to the 1099 when you file your annual tax return.
*All the information you provide to Long & Millsaps during your closing process is kept confidential. It is not released except when required as part of the closing.
What do I need to bring with me to closing?
Our Title Insurance underwriter requires we receive one form of identification. Examples of an acceptable photo ID include a driver's license, passport, military ID or state issued ID.
*Some lenders may require a second form of identification. Examples of a second form of ID include; a social security card, student ID, insurance card, library card, etc.
What do you do with my information?
All the information you provide to Long & Millsaps, P.A. during your closing process is kept confidential. It is not released except when required as part of the closing.
Where can I find more information about taxes?
In regards to property located in Horry County: Visit www.horrycounty.org or call the Assessor's Office at 843-915- 5040 for real property taxes. For furniture taxes/personal property taxes visit the auditor’s office or call 843-915-5055.
In regards to property located in Georgetown County: You may visit their website at www.georgetowncountysc.org or call the Assessor's Office at 843-545-3014.
What are your fees?
Each transaction is unique. We can provide you with an estimate of our closing costs and fees. Please give us a call to discuss with someone in our office.
Helpful Items
Frequently Used Terminology
Title: A title gives a person (or entity) ownership of the property
Deed: The written document that transfers title to another person (or entity). This document must be recorded in the Register of Deeds in the appropriate county.
Title Insurance: Insurance to protect real estate owners and lenders against liens, encumbrances or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.
Wire: A direct transfer of funds from one bank to another.
Escrow: A contractual arrangement in which two parties assign a “third party” (neither the buyer nor the seller) to hold funds, documents, or other assets for a transaction on their behalf until the transaction is finalized.
Mortgage: Agreement by which a lender loans funds in exchange for taking title of the debtor's property.
Payoff: A statement providing information on exactly how much is owed on any current mortgages.
HOA: Home Owners Association
COA: A Certificate of Assessment. Documents provided by the HOA listing special assessments, HOA dues, etc. This document is almost always required for closing
CL-100: Termite inspection
Settlement Statement/CD/HUD/ALTA: Closing statements listing each transaction cost for both buyer and seller that is signed by both parties to authorize final figures.
Closing Attorney: The attorneys office which represents the buyer(s)
PIN/Tax ID: Unique set of numbers assigned to the property
Real Property Taxes: Real property taxes refer to all land and the buildings, structures, or improvements on that land. Assessed at either a 4% or 6% ratio
Furniture (Personal Property) Taxes: Taxes on the property if it was rented on December 31st of the prior year.