Disclosing property defects with your property is a vital part of every real estate transaction. It could be stressful, and as well as costly. But when done right, it reduces the chance of getting future legal troubles. Most states, like South Carolina, need seller disclosure requirements, like disclosing any known property defects, which could significantly affect the value of the property. We are here to make that process easier when you want to sell a house in South Carolina.
Here are the two disclosure requirements you need to know if you are selling a property in South Carolina:
- Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
- Seller’s Property Disclosure Form
Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
The Residential Lead-Based Paint Hazard Reduction Act passed in 1992 requires the disclosure of any lead-based paint or chipped paint in any housing built before 1978.
South Carolina properties built before the year 1978 are required to complete a lead-paint disclosure form. Since there’s a case where homes have chipped paint that creates lead dust which causes a harmful effect to the occupants. Before signing any contracts or leases, sellers have the obligation to acknowledge and notify the buyer whether the lead is present in the property. Under federal law, the Lead Warning Statement helps confirm that the seller has completed all the notification requirements.
The home seller is given a 10-day period to perform a paint inspection or risk assessment for lead-based paint or any related hazards. To get a lead hazard inspection certified (EPA administers) firm, you can visit this site here.
Seller’s Property Disclosure Statement
The South Carolina Code § 27-50-40 dictates that the seller “shall furnish to a purchaser a written disclosure statement.” The Residential Property Condition Disclosure Form must also be promulgated by the commission and could be delivered via e-mail, which your agent can easily send using the internet.
Here is the following information that a seller should disclose as required by the state and to the seller disclosure requirements in South Carolina.
- Sanitary sewage disposal system and water supply system
- Ceiling, chimneys, floors, basement, and structural components of the property
- Electrical system, plumbing, heating, and cooling.
- An infestation of wood-destroying insects/organisms or dry rot/fungus (present or past)
- Zoning, encroachments, building code, and HOA covenants violations
- Presence of asbestos, radon gas, lead-based paint, methane gas, environmental contamination, and any other hazardous and toxic materials.
- Existence of rental management, vacation rental, and other lease contracts
- Any leased property, and delinquent charges for real property’s gas, electricity, etc.
There are three choices you can answer to each of the questions raise in the form. The options are “Yes”, “No”, or “No Representation”—if yes, then you should fill in an explanation (in an extra page) of the property’s defect.
Also, property defects that you’re not fully aware of or no actual knowledge are not included in the disclosure form. In an event where you don’t know that there is a problem with your plumbing system, for example, the buyer should shoulder the costs of inspection if he/she wants to verify the form.
The South Carolina Code § 27-50-80 clearly postulates that “this does not limit the obligation of the purchaser to inspect the physical condition of the property and improvements that are the subject of a contract covered by this article.” So, the expense doesn’t have to be charged on the seller’s pocket.
Note: Read and review the disclosure form carefully before marking yes, no, or no representation. Answer each aspect of the property defect to the best of your knowledge. If in doubt, you can contact your real estate agent or lawyer for a bit of advice or opinion.
What if the seller fails to disclose any of this information to the buyer?
If the seller commits an act of disclosing incomplete and false information on the disclosure statement, he/she is liable for possible damages. It could void the sale and the seller could face serious legal trouble.
According to South Carolina Code § 27-50-65, it claims that “an owner who knowingly violates or… discloses any material information on the disclosure statement that he knows to be false, incomplete, or misleading is liable for actual damages proximately caused to the purchaser and court costs. The court may award reasonable attorney fees incurred by the prevailing party.”
Furthermore, the seller could end up paying for the costs of actual damages. And the court may compensate for all attorneys and court fees for litigation. In other words, the seller is legally charged for the costs of the lawsuit and the costs of all the damages—the other party incurred—due to your action.
While it may be easy to trick the buyer for a higher sale price, the possible consequence could devastate your reputation and may result in costing you more. When selling a South Carolina property, you should keep it honest and professional, abiding the laws of the state.
- ✍️ Editor’s Note: Though selling your home yourself on a For Sale By Owner website can save you thousands in commission, we highly recommend you add a Flat Fee MLS listing to your marketing strategy. Check out the best Best Flat Fee MLS Listing Services South Carolina.
Final Word
By listing your property with Houzeo, you get access to all forms in electronic format. And that too, for FREE! Houzeo has segregated all the disclosures state-wise so that you don’t have to hunt for South Carolina seller disclosures separately.
Check out some of the Houzeo reviews and how it has helped customers around the US.
*Seller disclosures are primarily the responsibility of a home seller. Regardless of the service, you engage in, you are required to ensure seller disclosures provided by you are complete and accurate to your best knowledge. Houzeo is not a brokerage or a licensed agent. It is a tech platform, and the tips presented here should not be construed as advice for which a real estate or attorney license is required.
Resources you Might Need to Sell your House Fast
- Sell My House Fast for Cash: Check out ways to sell your house fast for cash
- Best Month to Sell A House in South Carolina: Know more about the best time to sell your house.
- Sell House Fast South Carolina: Check out ways to sell your SC house fast
- Cash Home Buyers in South Carolina: Don’t want to wait for days to sell your house? Sell your house for best cash offers in South Carolina quickly within days.
- SC Real Estate Market: The housing market refers to properties bought and sold directly to buyers or through real estate brokers.
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