Legal FAQs

Current best practice with flood insurance: REALTORS® always get a seller disclosure and owners association addendum (SCR230, SCR231). Seller Disclosure (LLR RPCDS Question #19 asks about water issues (e.g. floods, leaks, mold, wood destroying organisms, plumbing issues) during the seller's ownership. https://screaltors.org/wp-content/uploads/Forms/230.pdf REALTORS® always have buyers sign SCR233 Flood Insurance Disclosure form. https://screaltors.org/wp-content/uploads/Forms/233.pdf Buyer reps… Continue Reading Flood Insurance Disclosures (SCR233 flood insurance disclosure form)

Current best practices for listed residence: Recommend sellers obtain legal counsel before using microphones because of potential wiretapping/eavesdropping laws/issues. Considering mentioning in all advertising/communications and even a small posted sign at the listing: "Property subject to surveillance at any time. By entering the Property you consent to surveillance (e.g cameras, microphones, eyes, ears)." That is… Continue Reading Surveillance Issues

http://www.llr.state.sc.us/POL/REC/Minutes/8-17-16.pdf SCR has requested that LLR SCREC look at solutions for "pay at close" by law or regulations to assist brokerages and associated licensees who desire to enter disbursement agreements with the closing law firm and directing the law firm to disburse money in amounts agreeable to all involved. Posted by : Byron King on… Continue Reading 2016 LLR SC Real Estate Commission Opines that “pay at close” Violates License Law

When BICs and sellers agree the residential listing (e.g. SCR220, SCR210) is to be transferred from BIC#1 to BIC#2, REALTORS® have an ethical duty to ensure the forms match the real world listing practice. SCR standard forms may be timely/property released, terminated, amended, renewed, transferred, or created by both "in person" wet blue ink on… Continue Reading Keep those Listing Agreements Updated

Advertising Traffic Tickets Did you know that you can file certain ethics complaints that do not require a full formal hearing in Columbia? Please see the SCR citation level offenses listed below. Most citation offenses are for advertising issues. Just like a traffic ticket, these citation offenses are generally less serious offenses and just like… Continue Reading Citation Offenses are like Traffic Citations

If new buyers do not reset security applications/passwords, the sellers may still have access to front door locks, garage doors, cameras/microphones inside the home/bedrooms, thermostats, other connected devices after closing. SCR contract requires sellers to provide all "codes" and "documents" which would include the passwords to change the surveillance app access and other connected devices.… Continue Reading Buying a Smart Connected Home? Ensure the Seller Can’t Spy/Unlock

The General Assembly saw that commercial leases give much value to the real estate, much like a tradesman gives value when installing kitchen equipment in a restaurant, etc. So, commercial leasing can enable you to use the mechanic's lien statute. https://www.scstatehouse.gov/code/t29c005.php SECTION 29-5-21. Services of surveyor and real estate licensee as improving real estate; real… Continue Reading Commercial Leasing, Mechanic’s Lien for BIC’s

Best practices for extending the closing date in a residential deal on SCR310/300 forms can be read in this article. Because parties sometimes desire to extend the closing date for a variety of reasons and because at the end of that extension when the closing still has not occurred, the parties often argue if the… Continue Reading Extending the Closing Date

Example: Repair Procedure with 10 business days filled on SCR310 in for buyer inspection date. (Inspection period can be more or less than 10 business days depending on what the buyers and sellers agree upon in SCR310). While some buyers might only order a home inspection to save inspection money, there is a long list… Continue Reading Repar Procedure Due Diligence

At recent 2018 law firm training events, a law firm stated that they have received reports of real estate licensees facing discipline at the SC LLR Appraisers Board for "unauthorized practice of appraisal" arising when county tax assessors report real estate licensees for providing BPO/CMA/similar documents to property owners and property owners use these documents… Continue Reading Unauthorized Practice of Appraisal (The Price is Right)