Frequently Asked Questions
Can I do a 1031 Tax Exchange?
Yes, we do numerous
1031 tax exchanges each year. Local attorneys are very knowledgeable about
handling a 1031 exchange. (Use link for details)
Exchange Guide
What about renting my property?
For the most part
owners like to be able to come and stay in their property at least part of the
year. In order to do this an owner will need short term rentals. We recommend
that you look for properties that are close to the beach for the best return on
your investment. We are associated with HiltonHeadRentals.com. (Use link for details)
Hilton Head Rentals.
Should I use a local lender or my banker back home?
We
strongly urge you to use a local lender. They are familiar with area
properties and understand the local market. Especially today with property
prices escalating, it’s best to use a local lender.
MORTGAGE CALCULATOR
LOCAL LENDERS
Judd Tracy, Harbourside Community Bank, 843.341.1247, at Hilton Head Island Mortgage
Bruce Builder, Builder Mortgage Co., 843-342-3355, bbuilder@hargray.com
Allan Perry, American Home Mortgage, 843-686-7814, allan.perry@americanhm.com
Lindsay Franklin, FedFirst Mortgage, 843-842-9007,
franklin@fedfirstmortgage.com
Do I need a lawyer?
Yes, legal representation is
required for real estate transactions in South Carolina. Local attorneys are
most familiar with South Carolina real estate law and unique local
circumstances, and handle closing on a daily basis. They will assist you
through the entire process, and be a strong advocate for your interest.
LOCAL LAWYERS
Simon Fraser, Fraser & Allen, LLC, 843-785-3311, sfraser@fraserallen.com
Charles A. Scarminach, Novit, Scarminach & Akins, PA, 843-785-5850
Thomas L. Brooks, Brooks Law Firm, 843-689-2661, thomas@thomasbrookslaw.com
Should I get a Home/Villa Inspector? We highly
recommend that you use a professional inspector for your purchase of a home or
villa, even if you’re buying a newly built property.
LOCAL INSPECTORS
John Wickline, JW Inspections, 843-681-7545, JWInspect@hargray.com
Rick Puplava, Southeast Inspection Services, Inc.,
843-757-1950
Do I need to be present for closing?
No, 90%
of our closings are done without either party being present. With
today’s technology and limited power of attorney a closing can take place with
you being comfortably at home.
What’s a transfer fee?
The Town of Hilton Head Island taxes a seller ¼% of the sales price of a home, villa or lot. This ¼%
tax goes into a Land Acquisition Fund for the Town. Some private communities
on- or off-island charge an additional transfer fee. Ask your Realtor.
What’s a regime? Good question!! Locally we call
our condominium associations “regimes”. The regime handles all the common
property associated with a condominium, townhouse or villa. The obvious things
like pool, landscape, and property maintenance are included. They are also
responsible for common area liability and hazard insurance,
common electricity, managing reserve funds, overall administration for the
property owners, and collecting regime fees.
What’s the difference between a Regime & a POA?
If
you bought a condominium in a private community you would in all likelihood
have both regime and property owners association (POA) fees. If you buy a
home, you would only have a POA fee. A property owners association is in charge
of handling all of the common properties owned by the private community. The
common properties are generally but not limited to: roads, open spaces, park
areas, community centers, swimming pools, tennis courts, garden areas, nature
preserves. They also might be in charge of handling security for a private
community. Some of the private communities own golf course and club house facilities,
and an owner in one of these communities would be an automatic member of the
club. The POA fees are going to range in price depending on what the POA owns:
i.e. golf course communities would pay a higher rate than a community that
doesn’t include golf.
What are the different fees associated with owning in a
private community?
As mentioned above the different types of POA
holdings will dictate the POA fee. For example, Long Cove, Wexford, Colleton River, Belfair, and Berkeley Hall all are golf oriented communities where the POA
includes the golf and clubhouse use. Sea Pines, Hilton Head Plantation, Port Royal and Shipyard all have golf clubs that you can elect to join, and because of this
the POA fee is lower.
Do golf privileges come with ownership?
Golf is
included in some communities and not in others. (See the answer of the above
question).
These are a few of the many reasons you need to use a
professional Realtor who has the local and regional knowledge to guide you
through the buying and selling process. Fraser Realty & Associates, LLC has
the local knowledge, professionalism, dedication, resources, and experience to
help you through the real estate process.
Real Estate Resources/Links:
Real Estate directory
Worldwide real estate companies directory and property buyers and sellers guide.
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