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How to prepare South Carolina Residential Property Disclosure Form

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About South Carolina Residential Property Disclosure Form

The South Carolina Residential Property Disclosure Form is a legal document that must be completed by sellers of residential properties in South Carolina. It is designed to disclose information about the property that may affect the buyer's decision to purchase it. The form is required by South Carolina law and helps ensure transparency and fairness during the sale of residential properties. It covers various aspects of the property, including its condition, known defects, environmental hazards, and any other material facts that could impact the buyer's decision. The Residential Property Disclosure Form is necessary for all sellers of residential properties, including single-family homes, condominiums, townhouses, and multi-unit buildings. It applies to both new and previously owned properties. Sellers are legally obligated to provide this form to potential buyers within a specific time frame during the real estate transaction process. Buyers rely on the information disclosed in this form to make informed decisions about purchasing a property. It serves as a crucial tool for buyers to evaluate the property thoroughly and understand the potential risks or issues associated with it. If the seller fails to provide the Residential Property Disclosure Form or provides false or incomplete information, the buyer may have legal recourse and could potentially cancel the purchase contract or seek damages. Therefore, it is essential for anyone selling a residential property in South Carolina to complete and provide the Residential Property Disclosure Form to potential buyers in accordance with the state's laws and regulations.

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Video instructions and help with filling out and completing South Carolina Residential Property Disclosure Form

Instructions and Help about South Carolina Residential Property Disclosure Form

Hello everyone it's Lisa Patterson with Daniel Ravened's Sotheby's International Realty in beautiful Charleston, South Carolina I'm joined by Jennifer Flanagan of Case Law. Hey Jennifer, thanks for joining me today. Thank you today we're going to talk about property disclosures and how important they are for people outside of South Carolina that do not have property disclosures. It's a form that you fill out with basically mechanics things that you know about your house--everything from electrical to the roof to HVAC. You do that before you list your property. We include that in the Multiple Listing Service. It's a very important document you need to fill out to the best of your knowledge, because you don't want anyone to come back on you and say that you aren't honest on the document. Um Jennifer also one of the big things that has been added to that this year, as you know, is if the property has flooded. If you've had any FEMA claims, and it's very important that people are honest with that one, too. So let's talk a little about... You know what happens if you don't know about something or also what happens if you buy a property, and you find out they didn't fill it out to the best of their knowledge. Yeah, so... The form we're talking about is the South Carolina Residential Property Condition Disclosure Statement. There's a spot in the contract that the agents will mark, whether the sellers will be or will not be providing this document. There are some exemptions--where the seller is not responsible for providing this document. That's in the Code section. Anyone can reach out to me and be happy to go over, whether your seller falls into one of these exceptions. Most don't most sellers, are required to provide this document, unless otherwise agreed between the buyer and the seller. But one of the exceptions...