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Common Real Estate Jargon: An Interview with Dan Guiney of Murray Law Offices, PA

By Dan Guiney

Tell us a little bit about your company and its foundation.

Murray Law Offices opened in 2001 by Jim Murray, a real estate agent with over 30 years experience, and a South Carolina licensed attorney. We have since grown to five locations on the Grand Strand, with seven attorneys, and are consistently one of the top ten title insurance producers for Chicago Title (one of the nation's largest title insurance companies) in South Carolina. Murray Law Offices is committed to excellent client service and has built its reputation in the area by providing clients with fast, friendly and affordable real estate closings, realistic contract negotiations, and quick resolution to the occasional, but inevitable settlement problems. Over the years the real estate market has drastically changed and new laws, regulations and title problems soon emerged to further complicate the settlement process. Murray Law's dedicated staff changed with the market to better assist both buyers and sellers through the new regulatory requirements, foreclosures and short sales.

What are some of the services your company provides?

In addition to representing clients in purchases, sales, refinances, and equity line transactions, Murray Law also handles business formations, estate planning, contract litigation, family law, and criminal law.

What are the most common and useful terms used in The Real Estate Law business that others might not be familiar with?

Closing
Closing takes place when all buyer and seller documents are signed and all funds are delivered to the closing attorney from the buyer, the lender and seller, if they are required to bring in funds.

Recording
Recording occurs when the deed and mortgage (if one) is recorded at the county register of deeds office where the subject property exists.

Disbursement
Actual disbursing of the closing costs, fees, and proceeds.

Do you believe it's necessary your customers understand the basics of Real Estate Law prior to working with an attorney?

Most of our clients are not familiar with the basics of real estate law, and many are involved in their first real estate transaction. It is our job to walk the client through the closing process, and let them know what to expect.

How does your company help teach people and walk them through the process so they can understand everything?

We have created a brochure, "10 Tips for a Smooth Cost-Effective Closing" to help clients learn what to expect during a closing. Our staff is always happy to answer any questions from clients, perspective clients, or real estate agents that may make the process easier to understand.

Is there any other information involving real estate law terms and information that you wish to expand upon?

One of the most important parts of a real estate purchase is obtaining title insurance. If they buyer is getting a loan, the lender will almost always require the buyer to obtain a lender's policy, but that does not protect the buyer. It is very important that a buyer fully understands the benefits and protection title insurance provides them.

What is the best way for people to reach you or your company?

We can be reached at 843-286-1000 and each of our offices have individual phone numbers (Myrtle Beach- (843) 286-2000, Little River (843) 399-9000, Murrells Inlet (843) 651-5100, Carolina Forest (843) 236-2400, Pawleys Island (843) 979-9400.) Visit www.murraylawofficespa.com for additional information on our offices.

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About The Author

Dan received his Juris Doctor degree from the University of Memphis, Cecil C....

Phone: 843-286-1000

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