New Seller Disclosure (Historic District ?) (HOA?)

//New Seller Disclosure (Historic District ?) (HOA?)

New Seller Disclosure (Historic District ?) (HOA?)

SCR will post the new seller disclosure to the SCR forms library ASAP.

EFFECTIVE 1/1/19: REVISED South Carolina Residential Property Condition Disclosure Statement

South Carolina Residential Property Condition Disclosure Statement (Effective 1/1/19) (Revised 11/18) (pdf)

Due to a 2018 legislative amendment to the South Carolina Residential Property Disclosure Act, amendments to the South Carolina Residential Property Condition Disclosure Statement were approved at the November 14, 2018 meeting of the South Carolina Real Estate Commission. The following amendments have been made to the form:

  • Roman numeral V., adds a new item number 16: Designation as a historic building, landmark, site or location within a local historic or other restrictive district, which may limit changes, improvements or demolition of the property.
  • Adds new Roman numeral IX: WHETHER THE PROPERTY IS SUBJECT TO GOVERNANCE OF A HOMEOWNERS ASSOCIATION WHICH CARRIES CERTAIN RIGHTS AND OBLIGATIONS THAT MAY LIMIT THE USE OF THIS PROPERTY AND INVOLVE FINANCIAL OBLIGATIONS.
  • The disclosure Addendum for HOA’s is now attached to the same document as the main disclosure form. The Addendum page must also be completed if the seller answers YES to Roman numeral IX.

The new form may be utilized effective November 14, 2018. The new form will go into effect as the only approved form and become mandatory on January 1, 2019 for any new listings, or any listings renewed after the effective date.

LHA

Posted by : Byron King on 11/26/18 (This information is only accurate as of 11/26/18. You must contact SCR for updates and changes to this information after 11/26/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)

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By |2018-12-11T16:13:33+00:00November 26th, 2018|Legal FAQs|0 Comments

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