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Federal Legal Holidays (Typically Ten of Them)

By |2018-12-14T14:33:15+00:00December 14th, 2018|Legal FAQs|

Please see the federal website link with the dates of the typically occurring ten federal legal holidays: (NYD/MLK/Wash/Memor/Indep/Labor/Colum/Vets/Thx/Xmas) https://www.opm.gov/policy-data-oversight/snow-dismissal-procedures/federal-holidays/#url=2018 SCR310 residential contract when counting 24 hour periods for business days, do not count any hours on Saturdays, Sundays, or Federal Legal Holidays. Posted by: Byron King on 12/14/18 (This information is only accurate as of [...]

Insurance: Buyers Need to Investigate Pre-Contract or At Least During Due Diligence

By |2018-12-14T11:26:04+00:00December 14th, 2018|Legal FAQs|

Buyers are solely responsible to investigate all issues about their insurance needs pre-contract or at a minimum during their due diligence period so the buyer does not become obligated to buy a property when their insurance costs are on the high end of their budget or expensive repairs are required (e.g. old roof, +20, old [...]

New Seller disclosure

By |2018-12-14T11:25:17+00:00December 14th, 2018|Legal FAQs|

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 [...]

Forms Webinars Ranked by Views

By |2018-12-14T11:24:23+00:00December 14th, 2018|Legal FAQs|

Ranked by views: SCR Contract (7/27/17) Forms Chair Liz Loadholt (5200+ views) https://www.youtube.com/watch?v=m0XktGXlwuw&t=31s SCR Contract SCR staff (5/2/13) (4000+ views) https://www.youtube.com/watch?v=WDDoGEK5ibk&t=1190s Seller Disclosure SCR staff (7/25/13) https://www.youtube.com/watch?v=JY8VIzZM1oo&t=909s SCR forms update SCR staff (12/20/16) https://www.youtube.com/watch?v=FLL8Feutzn4&t=682s SCR Forms (1/11/18) Forms Chair Liz Loadholt https://www.youtube.com/watch?v=v-w5xOjajsI&t=205s SCR Forms (7/21/16) SCR staff https://www.youtube.com/watch?v=LsDBPb1l_o8&t=85s SCR311 Due diligence (12/16/13) SCR staff https://www.youtube.com/watch?v=t7Z_zxrbR0Y&t=32s [...]

October 2018 Housing Affordability Index

By |2018-12-14T11:24:03+00:00December 14th, 2018|NAR|

At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.88 percent this October, up 18.7 percent compared to 4.11 percent a year ago. Housing affordability declined from a year ago in October moving the index down 9.7 percent from 162.7 to 146.9. The [...]

SCR310 Inspections: Buyers can Perform Off Site Conditions

By |2018-12-14T11:23:40+00:00December 14th, 2018|Legal FAQs|

Buyers should never solely rely upon the seller disclosure and advertising materials regarding the property that the buyers are considering buying. Buyers should hire qualified expert inspectors for all issues that matter to the buyers. Often there is great uncertainty about how offsite properties and offsite conditions might change in the future. Buyers must understand [...]

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

By |2018-12-14T11:22:01+00:00December 14th, 2018|Legal FAQs|

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 [...]

Follow Up Answers to 314/312 Webinar (Offer Rejection Form & Multiple Offer Form)

By |2018-12-14T11:21:30+00:00December 14th, 2018|Legal FAQs|

A few questions came in as the 11/15/18 SCR314/SCR312 webinar was wrapping up so here are the answers: Does SCR314 apply to commercial deals? Yes. Commercial brokers send SCR314 offer rejection for to buyers when the seller rejects the commercial buyer's offer without a counter offer or acceptance of offer. What is the counter offer [...]

Slaying Patent Trolls

By |2018-12-14T11:20:41+00:00December 14th, 2018|Legal FAQs|

NAR reports a win against patent trolls after a decade of legal fighting. Patent trolls are generally defined as a person/organization that asserts a patent on a common generic procedure or idea then uses threats of patent litigation as leverage to extract monetary settlements from businesses who use the common/generic procedure or idea. Brokerages sometimes [...]