RESIDENTIAL PROPERTY DISCLOSURES. Here's tip for you if you are thinking of buying or selling a home and your not using a real estate agent. Section 27-50-30 or the South Carolina Code requires that for certain real estate transactions, the seller is required to provide the buyer with a disclosure form. It only applies to residences and not to commercial properties at all. There are some residences that are exempt from the disclosure requirement, such as the "first" sale of a house that has never been lived in. All in all there are 15 exclusions from this requirement.
Although people find it an inconvenience to have to do the disclosure, it actually service a purpose and benefits both the buyer and the seller. For the buyer, obviously it tells him/her anything that might be wrong with the property. For the seller, it proves that the seller was honest and let the buyer know about things that may not be in good condition. With respect to proof, a lot of people will have the buyer give the seller a receipt showing that they received it. Another thing people do is for both parties to sign it and each get a copy.
The form is mostly questions with boxes that they check off stating whether there is a problem or not. It deals with electrical, plumbing, the roof and so on. And, it only applies to problems that the seller is aware of and does not apply to things that may have been in poor shape years ago and are now in good order.
If anyone wants one of these forms, we keep them at the office and are happy giving them out for no charge.
