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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 be a “mortgage loan originator” and must be licensed.  In that most sellers are not “mortgage loan originators,” …

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

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 …

Short-Term Rentals (Managed) 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 [See …

Short- Term Rentals (Unmanaged) Read More »

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 …

Long-Term Leases (Managed) Read More »

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 …

Long-Term Leases (Unmanaged) Read More »

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 …

Joint Ownership In South Carolina Read More »

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 …

Can Real Estate Agents Give Gifts To Clients? Read More »

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 »