Notes on Real Estate matters.
edited: Sunday, July 03, 2011
By Manny Bermas
Rated "G" by the Author.
Posted: Sunday, July 03, 2011
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Notes on various Real Estate information in South Carolina
- Deed Recording Fees on Equity = $1.85 per $500.
- Investment Assessment Rate = 6%
- Owner-occupied Assessment Rate = 4%
- Cash or Certified Check Down Payment for Earnest Money = Deposit in Escrow Acct. within 48 hours , excluding Sat., Sun., and Bank holidays, after RECEIPT.
- Other than Cash or Certified Check payments = Deposit in Escrow Acct. within 48 hours excluding Sat, Sun and Bank holidays after RATIFICATION, (after acceptance of the offer by both parties).
- Listings must have a definite termination date.
- If a Broker is convicted, he must report it within 10 days to the SC Real Estate Commission.
- Deposit Slips & other documents must be kept for five years.
- A seller can accept an offer as a "back-up offer" with the offeror's approval.
- An individual can file a complaint with the SC Human Affairs Commission within 180 days. The HUD will hear complaints submitted within 12 months.
- Security Deposit must be returned to the tenant with in 30 days.
- If tenant's whereabouts are unknown, the landlord can declare abandonment on the 15th day.
- Landlord may terminate a Rental Agreement if tenant fails to pay rent within 5 days.
- Landlord may increase rent for good reason after term of lease expires.
- The Landlord may terminate a month-to-month lease with a 30 days notice.