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.

An attorney is a must in closing a real estate transaction in SC, we do not use title companies. In the yellow pages you can find plenty of real estate attorneys, I would suggest looking in the area the property is in.

You need to get a real estate atty in SC to represent you and make sure all the contracts/paperwork do not have anything that would not be in your best interests. Also verbal contracts/agreements are not enforceable in SC.

Would you happen to know what an attorney charges for such a transaction?

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.

I understand what you are saying. I do know that the person is in fact the owner because I have checked the county tax records. I have seen the home on Google search so I know it is there. As small a town as it is I don't think this person would want to be known as a "rip off". I have saved all emails and would not hesitate to take them to small claims court and inform the media. I trust my instincts and never felt that this person was out to rip me off. Foolish? Maybe.

I bought my previous home without stepping inside. Yes, I guess I lucked out.

I will see about an attorney as advised though as I will soon be making the move and want everything done correctly. Thank you all for your responses.

Every attorney will charge about the same in a given area, but it will vary depending on if it is a cash deal and other factors. I suggest calling several in the area. P NW gave some very sound advice.

Thank you Mark. Will do.