Blog

When you present a contract offer to another party or their agent, if you do not have physical possession of the earnest money check do not complete Paragrpah 4A of the CCRA contract stating that you do. Too often agents complete this section of the contract when they...

The next item we examine under the revised South Carolina Real Estate Practice Act which becomes law effective January 1, 2017 is the paying of an unlicensed assistant. The revised Act continues to allow real estate agents to use unlicensed assistants for certain...

Under section 40-57-135(I)(5) of the Real Estate Brokers, Salespersons, and Property Managers Act that becomes effective January 1, if an offer or counteroffer is rejected without counter, an "Offer Rejection Form," created by the Commission, must be signed by the...

As we continue to exam the new real estate statute that becomes effective January 1 we turn our attention to the definitions in §40-57-30. The requirement to disclose "material adverse facts" is referenced three separate times in §40-57-350. The three subsections...

With the revised Real Estate Licensee law being implemented January 2017 we take a closer look at South Carolina Code §40-57-145 and compare it to the new code §40-57-710.  The section entitled "Grounds for denial of issuance of license or for disciplinary action"...

In the last two posts we examined transaction brokerage. Transaction brokerage will be allowed in South Carolina starting January 1, 2017. This change is pursuant to the revised real estate law that becomes effective at the new year. Transaction brokerage is defined...

Transaction brokerage is coming to South Carolina in January 2017 as part of the revised Real Estate Title 40, Chapter 57.  This topic has created a lot of questions and angst in the industry. Today we look deeper into transaction brokerage. As brokerages continue to...

Under the new real estate statute that becomes effective January 2017, a brokerage may offer transaction agency.  So what is transaction agency? The new statute defines a transaction broker as "a real estate brokerage firm that provides customer service to a buyer, a...

As we discussed in last week's legal tip, the state legislature has passed a new real estate statute that will be effective January 2017.  Under the new law the continuing education requirements have been increased.  In order to renew your license  in 2017 you need to...

On May 12, 2016, Governor Nikki Haley signed into law a sweeping revision to the South Carolina Real Estate Licensee Law. The changes to South Carolina Code §40-57-10 et. al. will impact the way you practice real estate effective January 1, 2017. Today, we examine how...

The buyer(s) listed in the contract for sale may be different from the parties who will actually hold title.  Often this is seen where only one spouse is on the loan but both spouses are on the title. This may also occur where a parent is buying a house for a child or...

When a title problem is discovered often times the closing attorney may say insurable title is possible but not marketable title. So what does this mean and how does it affect the real estate transaction? Generally, all marketable title is insurable, but not all...