Assisting in the Purchase of Property and Construction of New Structures
There are generally two types of construction loans: a construction loan converted to permanent loan and a stand-alone construction loan. A construction to permanent loan is two loans in one. The loan pays for the construction of the home and is then converted to a permanent mortgage once construction is complete. A stand-alone construction loan finances the construction of the home, but after the completion of construction, the borrower must then obtain a mortgage to pay for the construction loan.
If you are building a home or commercial building in South Carolina, you will likely face a combination of risks and legal issues. It is important that you receive knowledgeable legal help as you navigate your construction loan. The attorneys at Weeks & Irvine, LLC, have provided construction loan and real estate legal services to clients throughout the state of South Carolina.
We can assist you in purchasing the lot, closing the construction loan and working with the bank throughout the disbursement period. Time requirements regarding construction loans are dictated by banks’ specifications: we can review lender documents, provide title updates and help you understand the responsibilities and obligations that will result from your loan.
For more information about construction loans and South Carolina’s requirement that an attorney be involved, please contact our office.
For experienced legal help in the Charleston, South Carolina area, contact Weeks & Irvine, LLC. To contact us, call 800-553-7449. All materials have been prepared for general information purposes only to permit you to learn more about our firm, our services and the experience of our attorneys. Communication by or through this website does not create an attorney-client relationship. The information presented is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice.