Legal Question in Real Estate Law in South Carolina
Bond For Title
My father is getting a loan for me to buy a home. We are going to do a Bond for Title. I would like some advise or information on this. Can you help me with this? Thank you in advance.
Tara
Asked on 11/04/02, 12:46 pm
1 Answer from Attorneys
Otto Ferrene, jr.
Ferrene & Associates, PA
Re: Bond For Title
You need an attorney to represent you in this transaction. You need to know if anything is wrong with the title and to have the Bond for Title recorded with the County Register of Deeds.
This type of transaction means you will not own the property until you fully pay for it. The normal transaction is to purchase the property and give back to the seller a purchase money mortgage.
Answered on 11/06/02, 6:42 pm
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