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What is the disclosure rule in law?

You may request that businesses disclose to you what personal information they have collected, used, shared, or sold about you, and why they collected, used, shared, or sold that information.

Which of these transactions is exempt from the disclosure requirements of the South Carolina Residential property Disclosure Act?

Transfers as a result of a divorce decree or property settlement are exempt from the disclosure requirements of the act.

What transactions require a transfer disclosure?

A seller is required to provide the TDS even when selling property without an agent, such as in a for sale by owner transaction. The TDS also must be provided for sales of a new residential property that is not part of a subdivision, such as a new home or a new four-unit building being built on a lot.

What is the disclosure law in South Carolina?

Before you can form a real estate contract with a potential buyer for your South Carolina home, state law requires that you give that buyer a disclosure statement. This is a document that tells the buyer about any known defects in your home and property. Defects come in all shapes and sizes.

Are property disclosures required in South Carolina?

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.

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What happens when someone lies on a sellers disclosure?

If a seller intentionally provides false information in a disclosure filing, they could face legal repercussions, including lawsuits or financial penalties, depending on the situation. Buyers who find out that a seller lied on the disclosure form may be entitled to cancel the sale or pursue compensation.

What is the disclosure statute in South Carolina?

ing to South Carolina Code 27-50-60, if you disclose any information that turns out to be inaccurate, or remember or find an additional defect requiring disclosure, you must promptly deliver a corrected disclosure statement to the buyer or make reasonable repairs before the closing.

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