MOGIL LAW FIRM

Mogil Law Firm represents purchasers, sellers and borrowers in real estate closings for transactions in Beaufort and Jasper Counties. We also negotiate short sales and loan modifications.

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Mark Zarra manages real estate transactions. Mark had a long and successful career as a banker and mortgage banker and brings a wealth of experience and ability to the firm. Mark's email is realestate@mogillaw.com.

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Lorraine Wilson handles post closing and title insurance follow up requests.

 

Michael W. Mogil is an authorized agent and approved attorney for First American Title Insurance Company. Michael can be reached at mike@mogillaw.com.

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Please review our coverage on WHHY:

 

 

Effective May 1, 2023, our basic settlement fees are as follows:

Purchase Single Family Home with Lender        $ 1000      without Lender   $ 850

Purchase Condominium with Lender                  $ 950      without Lender   $ 800

Purchase Lot with Lender                                   $ 850     without Lender    $ 650

Refinance  Residential                                        $ 600-$800

Sale of Single Family Home/Condo                    $ 850 (non short sale transactions)

Sale of Lot                                                           $ 700

For short sales, we may assess an additional fee of up to $ 1500 to cover the additional time and costs associated with the short sale process.

For short sales in which our firm negotiates the lien release terms and renders advice to the seller, we provide customized fee quotes for those services. For certain transactions, we may quote a fee based on the cost of sale, if circumstances will require additional legal work.

We offer a discounted fee for multiple transactions and for repeat clients, to be discussed and negotiated on a case by case basis. The above fees are exclusive of title search, title insurance, and out of pocket expenses (see below). In addition, our standard retainer agreement provides for increased attorney fees in the event of a default by either party, or a closing where the condition of the property or some other factor necessitates beyond normal attorney involvement. We will always notify my client in advance of them incurring any charges or fees beyond the settlement fee quoted in your retainer agreement or introductory letter. There are no surprises.

 

General Information

Title insurance is quoted per published rates.

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All firms charges for out of pocket expenses. Generally,  you can expect to pay between $75 and $150 for out of pocket expenses related to the settlement including long distance phone and fax charges, overnight and courier deliveries, and copying charges. We also charge a $25 fee if we have to print out a loan package received by email, to cover both the administrative time downloading and printing the package and the cost of toner to print out up to 100 pages at a time.

If you are purchasing property within the Town of Hilton Head Island limits, the standard realtor form contract allocates the cost of the Hilton Head Island Transfer tax to the Purchaser. The tax is calculated at .0025 percent of the purchase price of your property. If you seek to allocate this cost to the Seller, this must be negotiated in the Contract of Sale BEFORE both parties execute that contract. Otherwise, it is normal custom and practice for the Purchaser to pay this tax, which is collected at closing and due upon recording of your Deed.

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The Seller in a sales transaction customarily pays for the CL 100 report ($125-$325) and deed stamps at $3.70 per thousand, as well as an attorney fee to their attorney for preparing the deed and sellers’ affidavits and reviewing the contract.

Normally, in a loan financed transaction you will need an appraisal which will cost $250-500 depending on whom you use and how much the house is valued.

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Your lender will require you to have bound hazard and flood insurance prior to closing. Your lender may or not escrow money for future insurance and tax liabilities. Discuss this at the outset. Once you choose your insurance agency, we will arrange for the binder. NOTE your regime insurance does not normally cover general liability or contents coverage. We strongly recommend that you obtain separate coverage for these matters.

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We strongly recommend that you obtain a survey in advance of closing. Normally, title insurance does not cover property defects that a survey would disclose.

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Lenders typically charge an underwriting and/or processing fee which ranges from $250-500 (each) as well as for a credit report ($50-100) and other miscellaneous charges. They often charge up to two points (two percent) of the loan as a fee, but this is negotiable. Finally, remember to discuss with your lender the whether your loan will have pre-payment penalties, mortgage insurance premiums, or other charges.

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If your loan or transaction does not close, you will still be responsible for all out of pocket and third party costs associated with your transaction, as well as an attorney fee of $450.00 plus any additional agreed upon charges for extra work.

The nature of Hilton Head area closings is such that a fair number do not actually fund on the date scheduled for closing, due to a wide variety of circumstances including seller/buyer delays, lender delays, wire transfer deadlines, and other third party issues beyond our control. Therefore, I caution against planning occupancy on the scheduled date of closing when  purchasing  or on making commitments for use of sales funds for the date of closing when selling. We usually have a better idea of exactly when the transaction will close as we move into the process. Also, remember that in South Carolina, unless a contract for purchase states “Time is of the essence”, it is the common law that a non defaulting party must give a defaulting party 10 days to cure any default, including the failure to close on time. This means that you may be ready to close, but the buyer/seller on the other side can delay the transaction up to 10 days without you having much legal recourse.

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I appreciate the process of closing a real estate transaction is a new one to most of my clients, and I encourage you to contact me with any and all questions you may have during the process. I will try to return all calls on the days that I receive them, but I suggest email as a very accurate and convenient way for us to exchange detailed information. My address is mike@mogillaw.com. Check back soon for more detail on "What is Title Insurance"

 

Insurance information for condominium owners and purchasers:

Please remember that standard insurance carried by the Horizontal Property Regime 
does not provide you with general liability protection in the
event that your tenants or their guests, or your guests, get injured or
cause injury to anyone in the unit. It also does not provide coverage 
for damage to the unit's contents or interior structures, or
protect you from claims from the regime or other owners for damages
caused by your unit (ie water flowing from your unit, fire emanating
from your unit).

We recommend that you contact an insurance agent and discuss a Homeowners (Apartment Owners) policy that provides general liability coverage as well as contents, theft etc. If your unit(s) are rented or held for rent, make sure you state this on the application so those losses are covered. Farm Bureau, Beacon, Nationwide, State Farm, HUBl, Kinghorn, Seacoast and Coastal Plains are companies with offices here that sell these policies
in the $700-1500 range for condo units. Your local insurer may be able to help you as well. Our office does not procure this type of coverage for clients--it is your responsibility.

Also, if your unit is managed by a rental agent, make sure the agent knows where to send your rent checks and communicates with you regarding evictions, repairs, etc. Your rental agent may be able to assist with recommending insurance coverage as well.

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2010 UPDATE--New RESPA procedures apply for all loans originated after January 2, 2010. The rules primarily impact loan origination and attendant disclosures, but they also mandate a new HUD 1 settlement statement and additional compliance requirements for settlement agents.