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Agent on the Street

We salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply do some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real estate profession.

Allowable v. Non-Allowable Costs

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 ...
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Buyer Breach of Contract

What happens when a buyer breaches the contract?     It is worth noting it is not always clear whether or not a party has breached.  ...
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Can Real Estate Agents Give Gifts To Clients?

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)” ...
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Crackdown On Fraudulent Primary Residence Exemptions

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 ...
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Deeds

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 ...
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Early Occupancy

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 ...
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Electronic Signatures

Are Electronic Signatures Binding?    First, let me explain the controlling law.  A version the Uniform Electronic Transactions Act was adopted in South Carolina several ...
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FAQ’s – (Buyers – Due Diligence & Contract Termination)

Disclaimer: The answers below are not legal advice nor are they a substitute for legal advice. They are presented strictly as a courtesy and are ...
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Joint Ownership In South Carolina

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 ...
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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 ...
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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 ...
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Quiet Title

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 ...
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Seller Breach of Contract

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

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 ...
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Selling Your Vacation Home? Here’s Something To Consider.

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 ...
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Short- Term Rentals (Unmanaged)

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 ...
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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 ...
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Solar Panels

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 ...
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Tax Sale Deed

What is a Tax Sale Deed?   A “tax deed” is issued by the Delinquent Tax Office – it is not a warranty deed and ...
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Tenant Estoppel

What is a Tenant Estoppel?     A “tenant estoppel” is a document signed by an existing tenant in which the tenant acknowledges certain things about ...
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The Vacation Rental Act (SC Code §27-50-210 et seq.)

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 ...
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The “New” Due Diligence Procedure – Part 1

The “new” contract going into common use on June 13th is actually the same contract Horry County agents have been using, except the “repair procedure” ...
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The “New” Due Diligence Procedure – Part 2

Though the “new” contract presents the due diligence procedure without alternatives, the parties can alter or eliminate the due diligence procedure through an addendum. As-Is ...
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They Lied!! | Evaluating Fraud In A Real Estate Transaction

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 ...
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When the owner of real property dies, how can the property be sold?  

When a property owner dies, the property can certainly be sold, but it is possible an estate will first have to be opened and just ...
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Agent on the Street

We salute and serve the Agent on the Street by answering his occasional call to inquire about a unique point, address an odd wrinkle or simply do some double-checking – here he can ask questions anonymously for the benefit of other agents and whatever betterment it may bring to the real estate profession.

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