Record Keeping Under the New Real Estate Law

by | Dec 15, 2016 | Legal Tips

There has always existed a need for security and maintaining privacy, particularly “Non-Public Personal Information (NPPI),” which is heightened by implementation of the TILA-RESPA Integrated Disclosure Rule (TRID).   With this in mind, the state legislature revised the list of documents that the broker-in-charge is required by law to maintain for a minimum of five years.  After January 1, the South Carolina Real Estate Law requires the Broker-in-Charge to maintain the following documents:

(a) lease;
(b) contract of sale and any addenda;
(c) listing contract or buyer agency agreement;
(d) transaction broker agreement;
(e) option contract;
(f) property management agreement; and
(g) residential property disclosure form. (S.C. Code §40-57-135(D)(1)).

Noticeably absent from the current requirement is the duty to maintain a copy of the Closing Statement or Closing Disclosure.   Although we recommend that real estate agents avoid taking possession of the Closing Disclosure due to the strenuous requirements placed upon you to secure and safeguard the document, you should consult with your BIC to see what documentation your office requires for you to document your earned commission.   Your BIC will likely require a copy of the Closing Statement even though the Commission does not.  You should also take every effort to secure this document so that others cannot access NPPI contained on the form.

Get to know Blair Cato: In 2016 Blair Cato raised over $20,000 for local charities including The South Carolina Military Family Care Association and Leukemia & Lymphoma Society.  

Photo by eugenenoodleman

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