A “vacation rental” refers to a rental period of less than 90 days in duration. Most commonly, “vacation rental” situations are weekly rentals of a resort condominium. The sale of residential property rented for periods of less than 90 days where that/those rental(s) is/are managed by a third-party management company or are self-managed falls under …
The Vacation Rental Act (SC Code §27-50-210 et seq.) Read More »
NOTE: Even though “short-term” can refer to any rental period of 90 days or less, this memo deals only with true vacation rentals in which rentals are weekly or monthly. If the rental periods are greater than this, refer to the memo on “Long-Term Leases (Managed)” Things to Know: The Vacation Rental Act applies. [The Vacation …
NOTE: Even though “short-term” can refer to any rental period of 90 days or less, this memo deals only with true vacation rentals in which rentals are weekly or monthly. If the rental periods are greater than this, refer to the memo on “Long-Term Leases (Managed)” Things to Know: The Vacation Rental Act applies [See …
Things to Know: The Management Agreement will continue to control after closing. If the buyer wishes to have another company manage the property, the buyer will need to know whether the existing Management Agreement can be terminated. Some Management Agreements can be terminated upon written notice, but others cannot be terminated so long as the …
Things to Know: The buyer steps into the seller’s shoes as landlord. This means the buyer will be: a) subject to a claim by the tenant that the seller has breached (i.e. failed to repair, etc.); and b) is responsible for the Security Deposit at the end of the lease term.** **IMPORTANT: SC Code §27-40-450 …
Where there is more than one purchaser, those purchasers must decide how they will hold title. Some may wish to hold title in the name of an LLC in which they are members, but where they wish to hold title in their individual names, title is “joint” and the purchasers must select from among the …
Some people will lie to get what they want and some of those people want you to buy their home. Over many years of legal practice, I have consulted with many clients who believed they were victims of fraud. Each situation turns on its own facts, but the applicable law and basic approach is very …
They Lied!! | Evaluating Fraud In A Real Estate Transaction Read More »
This office has been asked about the following rumor: As with most rumors, it is followed with, “I heard about a guy …(insert tragic ending)” “A real estate agent cannot legally give a gift to a client.” A variation of the rumor is an agent cannot give a gift valued in excess of $25. And …
As in most places, Horry County residents enjoy a reduced property tax on their primary residence. That’s as it should be. What’s not as it should be is the fraudulent claim of primary residence in order to pay less taxes than the law requires. Specifically, Horry County authorities have caught on to the fact that …
Crackdown On Fraudulent Primary Residence Exemptions Read More »
If you are selling a vacation/rental home, there is a chance you will need to obtain a Certificate of Tax Compliance from the South Carolina Department of Revenue prior to closing. To begin, I am obligated to state I am not a tax attorney nor a CPA and nothing discussed here is intended as tax …
Selling Your Vacation Home? Here’s Something To Consider. Read More »
On occasion, we are asked to close a transaction in which the seller purchased the real property at a tax sale and, therefore, holds only a “tax deed.” A tax deed is issued by the Horry County Delinquent Tax Office roughly 1-year after the tax sale (unless the property is redeemed) to the high bidder …
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