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Dan Simon's Blog

By Dan Simon | Agent in Charleston, SC

Changes coming to the SC Residential Property Disclosure

Starting January 1st, 2013 buyers and sellers of residential real estate in South Carolina will see a few changes and additions to the state required property disclosure statement. The disclosure has been increased from 4 pages to 5 pages and includes places that allow for attachments and additional explanation if needed. Sellers will be required to provide many more details as they complete the form. The State of SC still has a list of circumstances that allow certain sellers to be exempt from completing the disclosure.

A few (not all) key points of additional information that will be required in 2013

-    The name of the pest control company and details about the type of bond if the property is under a termite bond.

-    Details of repairs made to the property in the past five years that exceed $500 per item.

-    A contact for the Home Owners Association if there is one.

-    Details if the property is a manufactured home.

-    Additional information if there is flood insurance for the property.

-    Contact information for the property management company if the property is currently being rented and managed by a property management company.  

-    Details regarding HOA or condo regime fees, how much they are and what they include.

-     Resale or rental restrictions for the property

-     HOA or condo regime litigation, insurance assessments, transfer fees.


Comments

By Brian Walsh Buyer's Agent,  Mon Dec 10 2012, 18:06
Great post Dan, something we as agents should all know...
By Andy Potter,  Thu Jan 17 2013, 08:05
Great info, thanks!

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