March 20, 2020

Short-Term Rentals (Managed) By: Scott Umstead 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: […]

Short- Term Rentals (Unmanaged) By: Scott Umstead 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

Long-Term Leases (Managed) By: Scott Umstead 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

Long-Term Leases (Unmanaged) By: Scott Umstead 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

Joint Ownership In South Carolina By: Scott Umstead 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”

They Lied!! | Evaluating Fraud In A Real Estate Transaction By: Scott Umstead 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

Can Real Estate Agents Give Gifts To Clients? By: Scott Umstead 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

Crackdown On Fraudulent Primary Residence Exemptions By: Scott Umstead 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

Selling Your Vacation Home? Here’s Something To Consider. By: Scott Umstead 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

Quiet Title By: Scott Umstead 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