Section 1: SCR505 is sent from the Seller side to the SCR504 Buyer when a subsequent buyer exists and Seller desires to put Buyer "on the clock" per the SCR504 timetable for a subsequent buyer who is not asking for a sale of buyer's property contingency (e.g. SCR504). https://screaltors.org/wp-content/uploads/Forms/505.pdf Once Buyer side receives a SCR505… Continue Reading SCR505 Buyer Sale Contingency Notice
Page one of SCR310 Section 2 has checkboxes if the deal is contingent upon buyer selling other real property and if SCR504 is attached. SCR504 can be used when the buyer needs/desires to sell their real property before closing on the subject property. https://screaltors.org/wp-content/uploads/Forms/504.pdf Section 1: Describe the Buyer's other Property and Address on which… Continue Reading SCR504 – Sale of Buyer’s Property Contingency
Listing reps should alert sellers to secure all opioid drugs and painkillers and all prescription drugs at all times during the listing. All drugs, alcohol, chemicals, poisons, etc. should be safely stored. There are sometimes children with parents who are potential buyers viewing the property. Valuables, weapons, identity theft info, sentimental items, pilferable items should… Continue Reading Opioid Crisis, Listings
The SCR620 earnest money disclosure form is used to reinforce earnest money issues when BIC is holding earnest money in addition to SCR310 residential contract's earnest money section which states earnest money issues. SCR620 is useful to remind buyers and sellers that BIC held earnest money requires some legal formalities prior to disbursement. https://screaltors.org/wp-content/uploads/Forms/620.pdf LLR… Continue Reading Earnest Money Disclosure Form SCR620
SC market sounds red hot in some areas of SC. Hotline getting multiple offer questions daily. Multiple Offers - What factors make the Seller choose a buyer? Buyer reps are interested to learn how to make their buyer offers more attractive in multiple offers. Listing agents, please feel free to email info and let SCR… Continue Reading Multiple Offers – Factors
Guide to SCR310 and SCR300: Section 1: Write in the names of the parties and buyer's law firm info. Section 2: Write in the purchase price in numbers and words. Checkbox appropriate boxes. Section 3: Write in address and property info as solicited by the form. Write in personal property including make/model/serial number that will… Continue Reading Residential contract (SCR310/300) guide
Here is SC license law on material adverse facts. Obviously, timely/proper disclosure is a risk management strategy. Because the RPCDS and RPCDS addendum aka "seller disclosure" statute and case law provides a strong risk management liability for sellers and real estate licensees, SCR generally recommends that all listing brokerages require a seller disclosure and post/provide… Continue Reading Material Adverse Facts
Keep in mind that the question about receipt of contract acceptance is going to be most important when parties have a contract dispute and hire lawyers and go to court. Example: One party is suing the other party for breaching the contract and the other party defends by arguing "I did not breach because we… Continue Reading SCR310 Requires Signed + Initials + Dates + Deliver + Received + Awareness of Receiving
(D)(1) A broker-in-charge or property manager-in-charge shall for a minimum of five years maintain and furnish to the commission upon request a written copy, when applicable, of a: (a) lease; (b) contract of sale and any addenda; (c) listing contract or buyer agency agreement; (d) transaction broker agreement; (e) option contract; (f) property management agreement;… Continue Reading License Law on Records (Storage/Time/Electronic/Copy/Backup)
***When using LLR seller disclosure forms, Sellers failing to accurately disclose all the owners association charges to the buyer will expose the sellers to a buyer lawsuit suing the sellers for the buyer's damages (aka the undisclosed owners association charges/fees/assessments/arrearages/etc.) AND THE BUYER'S ATTORNEY FEES (which could dwarf the charges).*** http://www.llr.state.sc.us/POL/REC/RECPDF/Residential%20Property%20Condition%20Disclosure%20Statement%20Addendum.pdf Here is the language… Continue Reading Sellers Should Disclose ALL Owners’ Association Fees/charges/arrearages/assessments/etc. When Completing the LLR Seller Disclosure and HOA Addendum