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An important SC update for your colleagues and closing attorneys and title insurers as SC seeks to remedy a growing statewide title issue and legal issues that was impacting consumers. https://www.scstatehouse.gov/query.php?search=DOC&searchtext=881&category=LEGISLATION&session=125&conid=42195246&result_pos=0&keyval=1250881&numrows=10 NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL. (A165, R191, S881) AN… Continue Reading NTRAPS Unfair Real Estate Service Agreements

For risk management reasons, all licensees should get into the habit of properly providing paper or e-doc or link of the SCR110 to consumers at first substantive contact. This government form SCR110 is known as the LLR SCREC SCDREBR aka the old agency brochure. https://screaltors.org/wp-content/uploads/Forms/110.pdf One way to help think of SCR110 is to think… Continue Reading SCREC LLR’s SCDREBR AKA The Old Agency Brochure

The new license law includes a 48 hour requirement for the offer rejection form: (5) If an offer is rejected without counter, an offer rejection form, promulgated by the commission, signed by the licensee affirming presentation of the offer must be provided to the offeror by the licensee within forty-eight hours of rejection, whether the… Continue Reading New License Law for Listing Agents/TB/BICs and Buyer Agents/TB/BICs – 48 hours

https://www.nar.realtor/videos/window-to-the-law/updates-to-anti-money-laundering-rules https://www.nar.realtor/money-laundering-and-terrorism-financing https://www.nar.realtor/washington-report/fincen-extends-the-beneficial-ownership-rule-reporting-deadline-for-certain-entities https://www.nar.realtor/washington-report/fincen-issues-final-beneficial-ownership-access-rule https://www.fincen.gov/boi https://www.nar.realtor/washington-report/nar-engages-with-treasury-on-beneficial-ownership-matters SPE, Beneficial Ownership Filing, Special Purpose Entity Posted by: Byron King on 05/24/24 (This information is only accurate as of 05/24/24. You must contact SCR for updates and changes to this information after 05/24/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org… Continue Reading Own a Business? Register with the Feds By 2025

https://www.scstatehouse.gov/query.php?search=DOC&searchtext=4754&category=LEGISLATION&session=125&conid=37998232&result_pos=0&keyval=1254754&numrows=10 Some excerpts on wholesaling: (44) "Wholesaling" means having a contractual interest in purchasing residential real estate from a property owner, then marketing the property for sale to a different buyer prior to taking legal ownership of the property. Advertising or marketing real estate owned by another individual or entity with the expectation of compensation… Continue Reading SC Regulates Wholesaling in New RE License Law