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

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,” …

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Short-Term Rentals (Managed)

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 …

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Short- Term Rentals (Unmanaged)

NOTE: “Short-term” usually refers to weekly/monthly rentals, but can refer to anything up to a 90-day rental. Things to Know: The purchaser of a residential property subject to a vacation rental takes title subject to the vacation rental agreement* and the vacation rental management agreement** for all vacation rental periods that begin no later than …

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Long-Term Leases (Managed)

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 …

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Long-Term Leases (Unmanaged)

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 …

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