Anytime there is leasing involved (e.g., vacation rentals, long term rentals, short term rentals, solar panels leased, water treatment system leased, rollcarts leased, security system leased, spa leased) get the sellers to hire their closing attorney asap and the buyers to hire their closing attorney asap to work on all issues related to leasing.
SCR535 is a new form to help with vacation rentals and SCR310.
Reminder that SCR310 contract alone is designed for a typical vacant unencumbered transfer in a residential resale deal. Sellers with leasing issues risk breaching SCR310 without attorney modifications (e.g., attorney drafted addenda, SCR535) or clearing the lease by closing.
Posted by: Byron King on 05/22/23 (This information is only accurate as of 05/22/23. You must contact SCR for updates and changes to this information after 05/22/23 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)
This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.