The biggest investment for an American is the residence. So it is very important to protect their asset. It is also very important to protect their rights during the time buying or selling the property. Like the other American states, South Carolina also has the real estate laws. Real estate industries basically governed by the Statutes and regulations of South Carolina.
Before buying any home or property in South Carolina a Buyer needs to check the conditions of the home or property. The state law of the South Carolina requires the disclosure statement from the home or property seller. The seller should disclose all the known defects of the home or property to the potential buyer. It means the seller has to disclose all the known defects in any form in all shapes and sizes.
Disclosure Law in South Carolina:
The disclosure law is basically governing by the South Carolina Code Section 27-50-10 et seq. This section not only covering the purchase but also covering the lease of the home or the property.
According to South Carolina Code Section 27-10-40, a seller “shall furnish to a purchaser a written disclosure statement.” and it may be “delivered electronically through the internet or other similar methods.” In simple words, the seller can send an e-mail to the potential buyer.
The South Carolina Real Estate Commission has created a five-page disclosure form. This form lays all of the information regarding the defects of the home or property. This five-page disclosure form contains 24 questions and these questions will be answered in “YES”, “NO” or “NO REPRESENTATION” by the seller.
If the answer is “YES” then the seller has to add an additional page to explain the defect. If the answer is “NO REPRESENTATION” then it will be a red flag to the potential buyer and the buyer has to beware about the specific portions of the home or property before buying it.
Now have a look at the defects the seller has to disclose:
The seller has to disclose the following defects through the disclosure statement to the potential buyer:
- The water supply and sanitary sewage disposal system;
- The roof, chimneys, floors, foundation, basement, and other structural components and modifications of these structural components;
- The plumbing, electrical, heating, cooling, and other mechanical systems;
- Information about current or prior infestations of wood-destroying insects or organisms;
- Whether any zoning laws, building codes, boundary disputes, or easements affect the property;
- The presence of lead-based paint, asbestos, radon gas, methane gas, or toxic material; and
- Whether there are any operable rental or lease agreements on the property.
According to South Carolina Code § 27-50-60, if seller disclosure an inaccuracy or additional defect requiring disclosure, “the owner shall correct promptly the inaccuracy by delivering a corrected disclosure statement to the purchaser or make reasonable repairs necessitated by the occurrence before closing.”
If the seller fails to disclose the defects of the property, the buyer may file a lawsuit against the seller to get the remedies.
South Carolina Code § 27-50-65 states that “An owner who knowingly violates or… discloses any material information on the disclosure statement that he knows to be false, incomplete, or misleading is liable for actual damages proximately caused to the purchaser and court costs. The court may award reasonable attorney fees incurred by the prevailing party.”
If you have any other quarries regarding the South Carolina Real Estate Law, then please do contact with Experienced Real Estate Lawyer.