SC Real Estate Forums

Posted: Wed Sep 15, 2004 8:30 pm Post subject: Potentially stupid question

Mr. Ridgeway
I have tried, in vain. To have a question answered. If a person wished to purchase an existing home or even a vacant lot. However was going to make that purchase with cash and not using a mortgage company. To whom would the payment be made to. The listing realtor, the current owner?

I have made several inquiries and have not gotten any replies. I realize that this is a rather unorthodox question.

Thank you

Posted: Wed Sep 15, 2004 9:03 pm Post subject:

Hi Greg,

In the state of South Carolina it is the law that there must be monetary consideration for the transfer of property. This is why you often hear of relatives selling property to one another for $1.00

In my experience, the cash buyer that I represent has wired, transferred, or brought a certified check to the attorney prior to or at closing.

The attorney then divies out the cash from his escrow account to the appropriate people, ie: realtor, seller, home inspector, himself.

So I would have to say write the check out to YOUR closing attorney.

I hope that this has answered your question.

Mac Ridgeway
(843) 442-4814

Posted: Thu Sep 16, 2004 12:33 am Post subject:

Yes Sir
It does in fact it answers it perfectly. Thank you !!!