Whats The Big Deal?
What’s the big deal? South Carolina’s Unauthorized Practice of Law (UPL) Issues in Commercial Real Estate Transactions.
So what if you do not have a South Carolina licensed attorney supervise your real estate closing in South Carolina? Short answer: Felony punishable by a fine of $5,000.00 and/or 5 years in prison. In a recent foreclosure case the Court found that a South Carolina licensed attorney did not supervise that real estate loan closing and held that the lender’s mortgage was void ab initio. No recovery for the bank.
Any South Carolina attorney who participates in a real estate transaction in which all aspects are not supervised by a South Carolina attorney will not be a South Carolina attorney for long. The South Carolina Supreme Court through the Office of Disciplinary counsel (ODC), has the authority and power to either suspend or disbar an attorney for being a part of a transaction in which corners are cut.
That’s the big deal.
As terrible as all that sounds, it is actually easier and more effective to simply handle the transaction the right way. Partnering with South Carolina Counsel gives you a local presence, knowledge of the rules and local customs and can save you and your clients a lot of headaches.
Our team works with you to be sure your transaction is handled appropriately under South Carolina law and efficiently so you can serve your clients with excellence. Contact us today to discuss how we can be of assistance with your next South Carolina commercial deal.