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Early Occupancy

Early Occupancy By: Scott Umstead Oftentimes, a buyer will ask a seller’s permission to occupy the home prior to the closing   When an “early occupancy” request is made, there are several things to consider.  The question almost always arises just before closing when one party or the other is unable to perform the contract on

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Deeds

Deeds By: Scott Umstead In South Carolina, there are three (3) types of deeds.  Each type fully conveys the interest of the grantor (Seller); the differences between/among the deeds is the level of warranty the grantor offers:   General Warranty Deed: This is by far the most common deed.  It offers the best protection to

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Buyer Breach of Contract

Buyer Breach Of Contract By: Scott Umstead What happens when a buyer breaches the contract?     It is worth noting it is not always clear whether or not a party has breached.  For this article, we will assume the buyer did breach and the seller stood ready to perform.  The current SC Real Estate Commission

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Seller Breach of Contract

Seller Breach Of Contract By: Scott Umstead A seller breach can take many forms (e.g. failure to allow inspections, failure to make required repairs, failure to deliver vacant premises, failure to deliver marketable title, etc.).  The question above concerns a seller’s absolute refusal to close – this form of breach brings the transaction to a

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Solar Panels

Solar Panels By: Scott Umstead Click here to Print Article Solar Panel Purchase/Lease Plans and How They’re Handled at Closing     The existence of solar panels will probably not be found in a title search because solar panel agreements are not recorded at the courthouse.  Solar panels very definitely should be addressed in the transaction

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Tenant Estoppel

Tenant Estoppel By: Scott Umstead What is a Tenant Estoppel?     A “tenant estoppel” is a document signed by an existing tenant in which the tenant acknowledges certain things about the status of the lease and the landlord-tenant relationship.  It is significant because a purchaser of the property will step into the seller’s shoes and

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Electronic Signatures

Electronic Signatures By: Scott Umstead Are Electronic Signatures Binding?    First, let me explain the controlling law.  A version the Uniform Electronic Transactions Act was adopted in South Carolina several years ago and appears as SC Code §26-6-10 et seq.  This Act governs electronic signatures, which are defined in the Act as “an electronic sound,

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Allowable v. Non-Allowable Costs

Allowable V. Non-Allowable Costs By: Scott Umstead What Are FHA/VA Allowable v. Non-Allowable Costs?    “Allowable” and “non-allowable” are terms unique to FHA and VA loans (also USDA, but we don’t see many of those).  An “allowable” cost in a VA loan is a cost the veteran is allowed to pay, whereas a “non-allowable cost”

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Tax Sale Deed

Tax Sale Deed By: Scott Umstead What is a Tax Sale Deed?   A “tax deed” is issued by the Delinquent Tax Office – it is not a warranty deed and title is not deemed to be either “marketable” or “insurable.”  You own the property subject to any imperfectionsin the tax sale process.  The tax

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Seller Financing and Private Third-Party Financing Under the Dodd-Frank Act

Seller Financing And Private Third-Party Financing Under The Dodd-Frank Act By: Scott Umstead Click here to Print Article The Dodd-Frank Act (“Act”) limits the situations in which seller-financing and/or private third-party financing may make take place.  Under the Act, any person who offers and/or negotiates the terms of a residential mortgage loan is deemed to

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Short-Term Rentals (Managed)

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:

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Short- Term Rentals (Unmanaged)

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

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Long-Term Leases (Managed)

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

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Long-Term Leases (Unmanaged)

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

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