Buying Owner Financed Property in SC?

[Virginia Hilton]

I am purchasing a home in SC that the owner is doing an "owner financed". I have made 3 payments and we still have not signed a contract. I have not moved in as yet either or even seen the home in person. Is anyone familiar with the real estate laws in SC or know where I can look for info about real estate contreacts?

Here in AZ I purchased a home previously and the owners and I went through an escrow company and they did all the paper work and I made all my payments to the escrow company. I was glad I had done it that way even though the owners had said it was not necessary. After moving into the home I found out from neighbors that the home had been sold "owner finance" quite a few times.

Anyway, I carried my own homeowners insurance and I was listed as owner on title and the owners were the lein holders. When the home burnt down my insurance company made the check out to myself and the owners and we cashed the check and I got a cashiers check for the payoff amount and paid it to the escrow company and paid off the loan. The reason I am telling you about how it was in AZ is because I am wondering if the same can be done in SC. I know, from watching HGTV, that some states requires an attorney to handle any real estate transaction. I'm trying to find out how it works in SC w/o having to hire an attorney to find out what to do.

I don't think the owner will try to rip me off, but I just want to find out all my options and if an attorney is not necessary, as it is not in AZ, then I need to find out.

Thanks for any info.

[Account Closed]

I find your faith in humanity to be touching. Foolish, but touching.

How do you know if this guy you are sending payments to, on a house you haven't seen, without any escrow, is even the pwner of the property? Heck, you don't even know that the property exists.

Contact the seller and tell him no more money until the contract is signed. Suggest that you will hire a lawyer yourself and pay for one to be drawn up if the seller doesn't want to do it himself.

No money without a contract. Not a penny. Not ever. If he does own a real property and is really selling it to you, at this point, he could put any thing into that contract and it might contain clauses that you should not sign.

You aren't too far in to get this problem fixed. You simply need to be firm and put your foot down.