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Who is responsible for completing the South Carolina Residential property Condition Disclosure Statement?
South Carolina law requires a Seller Disclosure form be completed by the seller and given to the buyer prior to entering into a contract of sale. This includes transfers of residential real property consisting of at least one, but not more than four, dwellings units.
What is a South Carolina residential property disclosure form?
The South Carolina property disclosure statement is document that residential property sellers must complete to disclose details of their property and its condition to potential buyers.
Is a property disclosure statement required in SC?
Owner must provide the completed disclosure statement to the purchaser prior to the time the owner and purchaser sign a real estate contract unless the real estate contract states otherwise. Owner should provide a signed copy to the purchaser and keep a copy signed by the purchaser.
Is a property disclosure required in South Carolina?
The South Carolina Residential Property Condition Disclosure Act, the Act, is a statute that requires that every seller of a residence must complete a statement disclosing any problems in the residence and provide a copy of the statement to a purchaser of the property.
What form is used to disclose the condition of the property?
The (TDS) describes the condition of a property and, in the case of a sale, must be given to a prospective buyer as soon as practicable and before transfer of title.
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South Carolina is not a buyer beware state. Interestingly enough, South Carolina will not require you to disclose problems if you and the buyer agree in writing that no statement is necessary. They also make figuring out what needs to be disclosed and how to read their forms rather simple.
What is a South Carolina residential property disclosure form?
The South Carolina property disclosure statement is document that residential property sellers must complete to disclose details of their property and its condition to potential buyers.
What document provides the condition of the property?
The Transfer Disclosure Statement is the document provided by the seller that describes the condition of the property, and it is mandatory. The TDS protects both the buyer and seller and ensures a fair transaction based on the actual condition of the property.
What must a South Carolina real estate licensee whos purchasing a property disclose on the contract?
The statute requires that the disclosure statement include information on: (1) the water supply and sanitary sewage disposal system; (2) the roof, chimneys, floors, foundation, basement, and other structural components; (3) the plumbing, electrical, heating, cooling, and other mechanical systems; (4) past or present,
Is South Carolina a full disclosure state?
South Carolina requires a seller of residential property to disclose known defects, damages, and other issues to a potential buyer prior to entering into a contract for sale. While the form is required by law, it is often completed incorrectly or not at all.
Related links
42 U.S. Code 4852d - Disclosure of information concerning
(a) Lead disclosure in purchase and sale or lease of target housing Every purchaser of any interest in residential real property on which a residential
Commission Approved Forms and Resources South Carolina Disclosure of Brokerage Relationships (Formerly Agency Disclosure Brochure) South Carolina Residential
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