Real Estate Commission Issues New Residential Property Condition Disclosure Statement
The S.C. Real Estate Commission has issued a new Residential Property Condition Disclosure Statement. The new form was issued November 28, 2013, and is effective and must be in use on or before January 1, 2013.
The form applies to all single-family homes and buildings up to four dwelling units. However, the use of the form is NOT REQUIRED when the transfer involves the first sale of a home that has never been inhabited.
Major changes to the form include the addition of Question 13 to disclose individual repairs in excess of $500 to the systems disclosed in the form, as well as the addition of questions 27-40 related to disclosure of property restrictions.
You may download the form and the list of exemptions at llronline.com by clicking here.
The S.C. Real Estate Commission acted December 18 to grandfather any current listings. The new form will apply only to listings added on or after January 1, 2013. The new form also applies to listings that expire and are renewed in 2013. Remember new construction is exempt from the requirement to use the Seller Disclosure Form.