From Byron King: SC Vacation Rental Act Compliance

//From Byron King: SC Vacation Rental Act Compliance

From Byron King: SC Vacation Rental Act Compliance

To comply with pre-contract SC Vacation Rental Act disclosure to buyers/buyer rep:

Send this written information:

" Property __________________________________________________________ SC is subject to vacation rentals from _____________________, 2019 through ________________________ 20__."

Send this written information to the buyers/buyer rep prior to contract via:

Paper (delivered by US mail, courier, hand)
Text
Email
Fax
Seller Disclosure Forms
MLS remarks
Flyers/postings at the listed property so buyers/buyer rep see during showings

There are other requirements beyond this disclosure to the buyers/buyer rep pre-contract as well. See the laws below.

SECTION 27-50-250. Transfer of title of residential property subject to vacation rental agreement.

(A) The grantee of residential property subject to a vacation rental shall take title subject to the vacation rental agreement and the vacation rental management agreement for all vacation rental periods that begin no later than ninety days after the date the grantee’s interest is recorded in the office of the register of deeds. If the vacation rental begins more than ninety days after the recording of the grantee’s interest, then no party has the right to enforce the terms of the vacation rental agreement or occupancy provided for in the agreement, but the tenant is due a refund of any payments towards the agreement within forty-five days of the recording of the transfer of interest.

(B) Before ratification of any contract of sale, the grantor shall disclose to the grantee in writing all future time periods that the property is subject to a vacation rental. Not later than fourteen consecutive days after entering into a contract of sale or transfer of interest, whichever is earlier, the grantor shall disclose in writing to the rental management company the grantee’s name and address. Not later than fourteen consecutive days after the date of the transfer of interest, the grantor shall disclose in writing to the rental management company the grantee’s name, address, and date the transfer of interest was recorded. A grantor or grantee who knowingly violates or fails to perform any duty prescribed by any provision of this article is liable for actual damages proximately caused to the tenant and court costs. The court may award reasonable attorney fees incurred by the prevailing party. No action may be brought against an owner or rental management company by a tenant for any damages or injuries that occur as a result of property defects of which an owner or rental management company had no actual knowledge.

Posted by: Byron King on 02/06/19 (This information is only accurate as of 02/06/19. You must contact SCR for updates and changes to this information after 02/06/19 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)

By |2019-02-06T11:17:42+00:00February 6th, 2019|Legal FAQs|0 Comments

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