Property disclosures are required in South Carolina for most single family residential real estate properties. The exception is new construction that has not been transferred from the builder. Vacant land also does not require a disclosure so buyer beware there!
Property disclosures are great because they spell out everything a buyer wants to know about a property. Want to know if the HVAC or roof is the original? It’s stated on the disclosure. Want to know what type of plumbing the home has? It’s stated.
In the Lowcountry, one of the most important thing for buyers to know is the POA and regime fees as well as the CCRs (Community Covenants and Restrictions). If the buyer cannot afford the POA or regime fee, or they need a community that allows multiple dogs and yours doesn’t, they can move on without any inconvenience to you.
Disclosures are tricky. They must be completed by the seller (the agent cannot help) and they become part of the contract. If a seller does not know an answer they shouldn’t guess. They can put “no representation” if they really don’t know. But, if a seller does know an answer and tries to hide behind “no representation” it can come back to bite them.
When in doubt on a disclosure, consult your attorney.
For more information on how property disclosures protect all parties in a real estate transaction connect with us via email, phone, or text.
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