Storms and Forms
If you ever have a buyer or seller or tenant or landlord impacted by a natural disaster or a man-made disaster/disorder always recommend the parties obtain legal counsel asap. You are ethically bound to make this recommendation under the NAR Code of Ethics, Article 13.
The law firm can discuss statutory and case law impacts as well as the potential judge/jury impacts on the real estate transaction (e.g. impossibility/contract, the frustration of the contract’s purpose, extensions, contingencies, renegotiations, breach, termination, options, lawsuits, mediation).
Since SC is an attorney closing state, most residential deals already have a law firm involved so buyers and sellers can easily make their first point of contact for legal information and seek other legal counsel asap as required.
SCR forms have a variety of forms and sections that can apply depending on what phase the deal is in at the time the issues arise.
Due diligence (SCR311): buyers can timely/properly terminate.
Fire/Casualty/Injury (SCR 300/310 section #15): parties can timely/properly terminate or repair/pay/insurance where there is whole/partial damage.
Repair procedure (SCR300/310 section #8): nine categories of repairs. SCR525 repair addendum interacts with section #8 and the due diligence addendum.
Wood infestation contingency (SCR300/310 section #11): mold/fungi moisture related wood destroying organism treatment/repairs.
Maintenance (SCR300/310 section #3): seller duty to maintain.
Financing contingency (SCR300/310 section #7): lender makes decision on funding.
Conveyance/Closing/Possession (SCR300/310 Section #4): auto extension.
Seller update seller disclosure documents.
Always provide the SCR233 flood insurance disclosure to all consumers.
https://screaltors.org/wp-content/uploads/Forms/233.pdf
See three related storms/forms articles at the SCR legal FAQ pages. September 11 article and a September 18 article and another September 18 article:
https://screaltors.org/category/legal/
Post-closing there are many recommendations: insurers, lawyers, government assistance, private assistance, etc. SCR is working on flood assistance grants with funds from the SCR and NAR REALTOR® Foundations. Information is available from these groups and the internet.
Posted by : Byron King on 9/24/18 (This information is only accurate as of 9/24/18. You must contact SCR for updates and changes to this information after 9/24/18 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org)