financing

If you are dealing with a transaction involving seller financing, recommend that the parties hire their own attorneys. The ethical answer for REALTORS® remains "You should discuss seller financing issues with your attorney and hire your attorney to implement the legal documents necessary to create and secure your loan. Foreclosure will require hiring an attorney and going to court." Sellers should use due diligence and have reserves to handle these issues.

Sellers who provide owner financing to buyers should consult their attorney about SC mortgage lender licensing requirements and the federal SAFE Act. Due to excesses and criminal acts by some mortgage lenders that led to the mortgage crisis, licensing and background checks were made more strict to prevent these problems from occurring as easily in the future. While SC license law provides exemptions from mortgage lender licensing for owner financing, sellers who engage in multiple owner financing transactions may fall under licensing and federal lending laws.