South Carolina Code of Regulations › Chapter 117 - DEPARTMENT OF REVENUE › Article 24 - MISCELLANEOUS TAXES › Section 117-1350 - Deed Fee-Assumption of a Mortgage in the Conveyance of Real Property

Current through Register Vol. 48, No. 6, June 28, 2024
South Carolina imposes a deed recording fee pursuant to Chapter
				24 of Title 12. This fee is composed of two fees - a state fee and a county
				fee. The fee is collected by the office of the clerk of court or register of
				deeds, which remits the state portion of the fee to the Department of Revenue
				on a monthly basis.
The purpose of this regulation is to provide a comprehensive
				discussion of the application of the deed recording fee to a wide variety of
				real estate transactions.
The deed recording fee is imposed for the privilege of
				recording a deed based on the transaction of transferring realty from one
				person to another person"> 117-1350.1 Basis for the Fee
The deed recording fee is imposed for the privilege of
				recording a deed based on the transaction of transferring realty from one
				person to another person.
When the consideration paid for realty is money, then the deed
				recording fee is based on the money paid.
When the consideration paid for realty is "money's worth"
				(e.g., other realty, stocks, forgiveness of debt), then the taxpayer must base
				the deed recording fee upon one of the following:
(a) the fair market value of the
			 consideration paid,
(b) the fair
			 market value of the realty being transferred, or
(c) the fair market value for property tax
			 purposes of the realty being transferred.
When the realty is being "transferred between a corporation, a
				partnership, or other entity and its stockholder, partner, or owner," or the
				realty is being "transferred to a trust or as a distribution to a trust
				beneficiary," then the taxpayer must base the deed recording fee upon one of
				the following:
(a) the fair market
			 value of the realty being transferred, or
(b) the fair market value for property tax
			 purposes of the realty being transferred.
It should also be noted that a "deduction from value is allowed
				for the amount of any lien or encumbrance existing on the land, tenement, or
				realty before the transfer and remaining on the land, tenement, or realty after
				the transfer." As such, when the fair market value of the realty being
				transferred is used to calculate the fee, the value of the lien or encumbrance
				qualifying for this deduction may be deducted from the realty's fair market
				value before calculating the deed recording fee due.
The following are examples of the "value" as defined in deed
				recording fee law and used in determining the deed recording fee due:
Example 1 Transaction: Realty transferred from John Doe to
				Jerry Public for $1,000 and the assumption of a mortgage with a balance of
				$81,000.
Value: $1,000. Since the mortgage existed on the realty before
				the transfer and remained on the realty after the transfer, the $81,000 is
				deducted from the total consideration of $82,000.
Example 2 Transaction: Realty transferred from John Doe to
				Jerry Public for $82,000. The grantor paid $1,000 down and $81,000 at closing
				by obtaining a mortgage at a local financial institution.
Value: $82,000. Since the mortgage did not exist on the realty
				before the transfer, the $81,000 cannot be deducted from the total
				consideration of $82,000.
Example 3 Transaction: Realty transferred from John Doe to XYZ
				Bank for cancellation of debt. The balance due on the debt, plus accumulated
				interest, is $121,000. This is not a deed in lieu of foreclosure.
Value: $121,000. By statute, consideration includes the
				forgiveness or cancellation of a debt. However, the value used may be less than
				$121,000 if the fair market value of the realty is less than $121,000 and the
				taxpayer elects to use the fair market value of the realty being transferred in
				determining fair market value of the consideration. In addition, the taxpayer
				may elect to use the fair market value for property tax purposes in determining
				fair market value.
Example 4 Transaction: Realty transferred from John Doe to
				Jerry Public for the cancellation of a debt, not associated with the realty, of
				$50,000.
Value: $50,000. By statute, consideration includes the
				forgiveness or cancellation of a debt. However, the value used may be less than
				$50,000 if the fair market value of the realty is less than $50,000 and the
				taxpayer elects to use the fair market value of the realty being transferred in
				determining fair market value of the consideration. In addition, the taxpayer
				may elect to use the fair market value for property tax purposes in determining
				fair market value.
Example 5 Transaction: Realty transferred from XYZ Corporation
				to one of its stockholders - John Doe. The fair market value of the realty for
				property tax purposes is $90,000. No lien or encumbrance existed on the realty
				prior to the transfer.
Value: $90,000 By statute, the fair market value of the realty
				must be used in calculating the fee due in a transaction between a corporation
				and one of its stockholders. Taxpayers may elect to use the fair market value
				for property tax purposes in determining fair market value under the
				law.
The following are questions and answers to common real
				estate transactions and issues"> 117-1350.2 Examples of the Application
				of the Deed Recording Fee to Various Real Estate Transactions
The following are questions and answers to common real estate
				transactions and issues.
Value:
1. What is the
			 basis for the deed recording fee?
The basis for the deed recording fee is the realty's value.
				Code Section
				12-24-30
				defines the term "value" and states:
(A) For purposes of this chapter, the term
			 "value" means the consideration paid or to be paid in money or money's worth
			 for the realty including other realty, personal property, stocks, bonds,
			 partnership interest, and other intangible property, the forgiveness or
			 cancellation of a debt, the assumption of a debt, and the surrendering of a
			 right. The fair market value of the consideration must be used in calculating
			 the consideration paid in money's worth. Taxpayers may elect to use the fair
			 market value of the realty being transferred in determining fair market value
			 of the consideration under the provisions of this section. However, in the case
			 of realty transferred between a corporation, a partnership, or other entity and
			 its stockholder, partner, or owner, and in the case of realty transferred to a
			 trust or as a distribution to a trust beneficiary, "value" means the realty's
			 fair market value.
(B) A deduction
			 from value is allowed for the amount of any lien or encumbrance existing on the
			 land, tenement, or realty before the transfer and remaining on the land,
			 tenement, or realty after the transfer.
(C) Taxpayers may elect to use the fair
			 market value as determined for property tax purposes in determining fair market
			 value under the provisions of this section.
2. If realty is transferred for money, and
			 not money's worth such as services, other realty, forgiveness of debt, etc.,
			 what is the basis for the deed recording fee if the transaction does not
			 involve realty transferred between a corporation, a partnership, or other
			 entity and its stockholder, partner, or owner, or realty transferred to a trust
			 or as a distribution to a trust beneficiary?
Code Section
				12-24-30,
				in subsection (A), states that the fair market value of the realty may be used
				"in determining fair market value of the consideration under the provisions of
				this section." The only mention to fair market value in subsection (A) concerns
				when the consideration is in money's worth, or when the transaction involves a
				business entity and its owners or a trust. Subsection (C) allows the fair
				market value for property taxes to be used again only "in determining fair
				market value under the provisions of this section."
Therefore, if realty is transferred for money, and not money's
				worth, the basis for the deed recording fee is the money paid or to be paid if
				the transaction does not involve realty transferred between a corporation, a
				partnership, or other entity and its stockholder, partner, or owner, or realty
				transferred to a trust or as a distribution to a trust beneficiary. The
				realty's fair market value cannot be used in this case.
3. If realty is transferred for money's
			 worth, such as services, other realty, forgiveness of debt, etc., what is the
			 basis for the deed recording fee if the transaction does not involve realty
			 transferred between a corporation, a partnership, or other entity and its
			 stockholder, partner, or owner, or realty transferred to a trust or as a
			 distribution to a trust beneficiary?
If realty is transferred for money's worth, such as services,
				other realty, forgiveness of debt, etc., and the transaction does not involve
				realty transferred between a corporation, a partnership, or other entity and
				its stockholder, partner, or owner, or realty transferred to a trust or as a
				distribution to a trust beneficiary, then the taxpayer must base the deed
				recording fee upon one of the following:
(a) the fair market value of the
			 consideration paid,
(b) the fair
			 market value of the realty being transferred, or
(c) the fair market value for property tax
			 purposes of the realty being transferred.
It should also be noted that a "deduction from value is allowed
				for the amount of any lien or encumbrance existing on the land, tenement, or
				realty before the transfer and remaining on the land, tenement, or realty after
				the transfer." As such, when the fair market value of the realty being
				transferred is used to calculate the fee, the value of the lien or encumbrance
				qualifying for this deduction may be deducted from the realty's fair market
				value before calculating the deed recording fee due.
4. What is the basis for the deed
			 recording fee if the transaction involves realty transferred between a
			 corporation, a partnership, or other entity and its stockholder, partner, or
			 owner, or realty transferred to a trust or as a distribution to a trust
			 beneficiary?
When the realty is being "transferred between a corporation, a
				partnership, or other entity and its stockholder, partner, or owner," or the
				realty is being "transferred to a trust or as a distribution to a trust
				beneficiary," then the taxpayer must base the deed recording fee upon one of
				the following:
(a) the fair market
			 value of the realty being transferred, or
(b) the fair market value for property tax
			 purposes of the realty being transferred.
It should also be noted that a "deduction from value is allowed
				for the amount of any lien or encumbrance existing on the land, tenement, or
				realty before the transfer and remaining on the land, tenement, or realty after
				the transfer." As such, when the fair market value of the realty being
				transferred is used to calculate the fee, the value of the lien or encumbrance
				qualifying for this deduction may be deducted from the realty's fair market
				value before calculating the deed recording fee due.
Responsible Person Signing the Affidavit:
5. Who may sign the affidavit
			 required under Code Section
			 12-24-70 ?
The affidavit required under Code Section
				12-24-70
				must be signed by a responsible person connected with the transaction and the
				affidavit must state that connection. A "responsible person connected with the
				transaction" includes, but is not limited to, the grantor, grantee, and an
				attorney involved in the transaction. However, secretaries, paralegals,
				runners, and other administrative personnel do not qualify as a "responsible
				person connected with the transaction" and, therefore, may not sign the
				affidavit.
Realty Located in More Than One County:
6. If realty is located in more than one
			 county, how should the deed recording fee be paid when the deed is filed in
			 each county?
Code Section
				12-24-50
				answers this question and states:
The fee imposed by this chapter must be remitted to the clerk
				of court or the register of deeds in the county in which the realty is located
				and recorded. If the realty is located in more than one county, the person
				having the deed recorded in a county must state by affidavit what portion of
				the value of the realty is in that county and payment of the fee must be made
				based on the proportionate value of the realty located in that county.
Unrecorded Deeds:
7. Are deeds that transfer realty but are not
			 recorded at the courthouse (the office of the clerk of court, register of
			 deeds, register of mesne conveyance or other recording official) subject to the
			 deed recording fee?
Deeds that transfer realty but are not recorded at the
				courthouse (the office of the clerk of court, register of deeds, register of
				mesne conveyance or other recording official) are not subject to the deed
				recording fee since under Code Section
				12-24-10
				"a recording fee is imposed for the privilege of recording a deed" and
				therefore the deed recording fee is not applicable until the deed is
				recorded.
Refunds:
8.
			 What are the procedures for applying for a refund of the deed recording fee?
The deed recording fee requires that each deed have a notation
				placed upon it by the Clerk of Court or the Register of Deeds ("ROD"). This
				notation must include the date the deed was filed, the fee collected, and any
				other information the county may require. The notation must state "Exempt" if
				the transaction falls within one of the exemptions provided under Code Section
				12-24-40.
If a taxpayer seeks a refund of any fee paid, the following
				procedure must be followed:
(a) The
			 original deed and the original affidavit (if the requirement for the affidavit
			 has not been waived by the clerk or register) must be presented to the Clerk of
			 Court or ROD. The Clerk or ROD will verify that the notation on the deed is the
			 notation placed on the deed by the Clerk or ROD. The Clerk or ROD will then
			 sign a letter or form verifying that the notation is authentic and present this
			 to the taxpayer.
(b) The taxpayer
			 should then forward the original deed, the original affidavit and the notation
			 verification letter or form to the Department of Revenue. The taxpayer should
			 also include a cover letter requesting the refund and containing all the
			 information required by Code Section
			 12-60-470.
			 All refund requests for deed recording fees should be mailed to:
SC Department of Revenue
Refund Request - Deed Recording Fee
P.O. Box 125
Columbia, South Carolina 29214
All refund requests received without the notation verification
				letter or form will be sent back to the taxpayer with a letter stating that the
				notation must first be verified by the Clerk or ROD and that the refund request
				must contain the verification letter or form. Refunds will also not be issued
				unless the Department receives the original deed and the original affidavit
				(unless the requirement for the affidavit has been previously waived by the
				Clerk or ROD).
(c) If a
			 refund is due, the Department will refund the State portion to the taxpayer and
			 issue an order to the Clerk or ROD to refund the taxpayer the county portion of
			 the fee. The Clerk or ROD should not issue a refund for the county portion of
			 the fee unless they have received a refund order from the Department of
			 Revenue. The Department, prior to returning the original deed and other
			 documentation to the taxpayer, will note on the deed the date of the refund and
			 the amount of the refund issued/ordered.
(d) If the Department determines a refund is
			 not due, the Department will advise the taxpayer. The taxpayer may appeal this
			 denial of the refund under the provisions of Code Sections
			 12-60-470
			 and
			 12-24-150.
Gifts From One Individual To Another Individual:
9. Are deeds that
			 transfer realty from one individual to another individual as a gift (no
			 consideration paid of any kind) subject to the deed recording fee?
Deeds that transfer realty from one individual to another
				individual as a gift (no consideration paid of any kind) are exempt from the
				deed recording fee under Code Section
				12-24-40(1).
Family Deeds:
10. Are deeds that transfer realty to a
			 spouse subject to the deed recording fee?
Deeds that transfer realty to a spouse are exempt from the deed
				recording fee under Code Section
				12-24-40(4)
				 regardless of whether or not any
				consideration was paid or will be paid for the transfer.
11. Are deeds that transfer realty to a
			 family member, other than a spouse, subject to the deed recording fee?
Deeds that transfer realty to a family member, other than a
				spouse, are subject to the deed recording fee based on the consideration paid
				for the realty, unless otherwise exempt from the deed recording fee. The
				following are examples of deeds between family members (other than spouses)
				that are subject to the deed recording fee unless otherwise exempt under Code
				Section
				12-24-40:
(a) a transfer to a brother for
			 $30,000.00,
(b) a transfer to a
			 sister in exchange for the forgiveness of a debt,
(c) a transfer to a child for
			 $10,000.00,
(d) a transfer to a
			 brother in exchange for other realty, and
(e) a transfer to a sister in exchange for
			 paying off the mortgage on the realty.
The following are examples of deeds between family members
				(other than spouses) that are exempt from the deed recording fee under Code
				Section
				12-24-40:
(a) a transfer in which the consideration
			 that is paid or will be paid is equal to or less than $100.00 (12-24-40 (1)
			 ),
(b) a transfer in order to
			 partition realty, as long as no consideration is paid for the transfer other
			 than the interests in the realty that are exchanged in order to effect the
			 partition (12-24-40
			 (5) ),
(c) a transfer that
			 constitutes a contract for the sale of timber to be cut (12-24-40 (7) ) (see
			 questions concerning timber deeds),
(d) a transfer in which the realty is subject
			 to a mortgage and the family member receiving the realty is the mortgagee and
			 the transfer constitutes a deed in lieu of foreclosure executed by the family
			 member that is the mortgagor or a deed executed pursuant to a foreclosure
			 proceeding (12-24-40
			 (13) ). (see questions concerning foreclosure proceedings), and
(e) a transfer otherwise exempt under the
			 provisions of Code Section
			 12-24-40.
12. Are deeds that
			 transfer realty to a former spouse subject to the deed recording fee?
Deeds that transfer realty to a former spouse are subject to
				the deed recording fee based on the consideration paid for the realty, unless
				otherwise exempt from the deed recording fee. The following are examples of
				deeds to a former spouse that are subject to the deed recording fee unless
				otherwise exempt under Code Section
				12-24-40:
(a) a transfer in exchange for past due
			 alimony payments when the transfer of the realty is not pursuant to the terms
			 of the divorce decree or settlement,
(b) a transfer for $30,000.00,
(c) a transfer in exchange for the
			 forgiveness of a debt,
(d) a
			 transfer in exchange for other realty, and
(e) a transfer in exchange for paying off the
			 mortgage on the realty.
The following are examples of deeds to a former spouse that are
				exempt from the deed recording fee under Code Section
				12-24-40:
(a) a transfer in which the consideration
			 that is paid or will be paid is equal to or less than $100.00 (12-24-40 (1)
			 ),
(b) a transfer pursuant to the
			 terms of the divorce decree or settlement,
(c) a transfer in order to partition realty,
			 as long as no consideration is paid for the transfer other than the interests
			 in the realty that are exchanged in order to effect the partition
			 (12-24-40 (5)
			 ),
(d) a transfer that constitutes
			 a contract for the sale of timber to be cut (12-24-40 (7) ) (see
			 questions concerning timber deeds),
(e) a transfer in which the realty is subject
			 to a mortgage and the former spouse receiving the realty is the mortgagee and
			 the transfer constitutes a deed in lieu of foreclosure executed by the grantor
			 as the mortgagor or a deed executed pursuant to a foreclosure proceeding
			 (12-24-40 (13) ). (see
			 questions concerning foreclosure proceedings), and
(f) a transfer otherwise exempt under the
			 provisions of Code Section
			 12-24-40.
Charitable Deeds:
13. Are deeds that transfer realty to a
			 church or other charitable organization subject to the deed recording fee?
Deeds that transfer realty to a church or other charitable
				organization are subject to the deed recording fee based on the consideration
				paid for the realty, unless otherwise exempt from the deed recording fee. The
				following are examples of deeds to a church or other charitable organization
				that are subject to the deed recording fee unless otherwise exempt under Code
				Section 12-24-40:
(a) a transfer for
			 $50,000.00,
(b) a transfer in
			 exchange for other realty whether or not the transaction qualifies as a
			 like-kind exchange for federal income tax purposes (both deeds are subject to
			 the deed recording fee), and
(c) a
			 transfer of realty with a fair market value of $100,000.00 for only $50,000.00
			 (the deed recording fee is based upon $50,000.00).
Note: If the church or other charitable organization is a
				stockholder, partner, limited liability company member, or trust beneficiary of
				the grantor (corporation, partnership, limited liability company or trust),
				then the deed recording fee is based on the fair market value of the realty or
				the fair market value of the realty for property tax purposes.
The following are examples of deeds to a church or other
				charitable organization that are exempt from the deed recording fee under Code
				Section 12-24-40:
(a) a transfer in
			 which the consideration that is paid or will be paid is equal to or less than
			 $100.00 (12-24-40(1) ),
(b) a
			 transfer in order to partition realty, as long as no consideration is paid for
			 the transfer other than the interests in the realty that are exchanged in order
			 to effect the partition (12-24-40(5) ),
(c) a transfer that constitutes a contract
			 for the sale of timber to be cut (12-24-40(7) ) (see questions concerning
			 timber deeds),
(d) a transfer in
			 which the realty is subject to a mortgage and the church or other charitable
			 organization receiving the realty is the mortgagee and the transfer constitutes
			 a deed in lieu of foreclosure executed by the grantor as the mortgagor or a
			 deed executed pursuant to a foreclosure proceeding (12-24-40(13) ) (see
			 questions concerning foreclosure proceedings), and
(e) a transfer otherwise exempt under the
			 provisions of Code Section 12-24-40.
14. Are deeds that transfer realty from a
			 church or other charitable organization to an individual or business subject to
			 the deed recording fee?
Deeds that transfer realty from a church or other charitable
				organization to an individual or business are subject to the deed recording fee
				based on the consideration paid for the realty, unless otherwise exempt from
				the deed recording fee. The following are examples of deeds to a church or
				other charitable organization that are subject to the deed recording fee unless
				otherwise exempt under Code Section 12-24-40:
(a) a transfer for $50,000.00, and
(b) a transfer in exchange for other realty
			 whether or not the transaction qualifies as a like-kind exchange for federal
			 income tax purposes (both deeds are subject to the deed recording fee).
The following are examples of deeds from a church or other
				charitable organization to an individual or business that are exempt from the
				deed recording fee under Code Section 12-24-40:
(a) a transfer in which the consideration
			 that is paid or will be paid is equal to or less than $100.00 (12-24-40(1)
			 ),
(b) a transfer in order to
			 partition realty, as long as no consideration is paid for the transfer other
			 than the interests in the realty that are exchanged in order to effect the
			 partition (12-24-40(5) ),
(c) a
			 transfer that constitutes a contract for the sale of timber to be cut
			 (12-24-40(7) ) (see questions concerning timber deeds),
(d) a transfer in which the realty is subject
			 to a mortgage and the individual or business receiving the realty is the
			 mortgagee and the transfer constitutes a deed in lieu of foreclosure executed
			 by the church or other charitable organization as the mortgagor or a deed
			 executed pursuant to a foreclosure proceeding (12-24-40(13) ) (see questions
			 concerning foreclosure proceedings), and
(e) a transfer otherwise exempt under the
			 provisions of Code Section 12-24-40.
Deeds from an Estate:
15. Are deeds that transfer realty from an
			 estate to a beneficiary subject to the deed recording fee?
Deeds that transfer realty from an estate to a beneficiary are
				subject to the deed recording fee based on the consideration paid for the
				realty, unless otherwise exempt from the deed recording fee. The following are
				examples of deeds from an estate to a beneficiary that are subject to the deed
				recording fee unless otherwise exempt under Code Section 12-24-40:
(a) a transfer pursuant to the will where the
			 will requires the beneficiary to pay a consideration for the realty,
			 and
(b) a transfer in which the
			 beneficiary of the realty directs the personal representative of the estate to
			 transfer the realty directly to a third party in exchange for a consideration
			 paid to the personal representative or the beneficiary (e.g., cash, forgiveness
			 of a debt, etc.).
The following are examples of deeds from an estate to a
				beneficiary that are exempt from the deed recording fee under Code Section
				12-24-40:
(a) a transfer in which the
			 consideration that is paid or will be paid is equal to or less than $100.00
			 (12-24-40(1) ),
(b) a deed of
			 distribution assigning, transferring, or releasing real property to the
			 distributee of a decedent's estate pursuant to Code Section
			 62-3-907
			 as evidence of the distributee's title to the property, and
(c) a transfer otherwise exempt under the
			 provisions of Code Section
			 12-24-40.
16. Are deeds that
			 transfer realty from an estate to a third party for a consideration in order to
			 pay off debts of the estate subject to the deed recording fee?
Deeds that transfer from an estate to a third party for a
				consideration in order to pay off debts of the estate are subject to the deed
				recording fee if the consideration paid (including debts forgiven) for the
				transfer of realty is more than $100.00 and the transfer is not otherwise
				exempt under Code Section
				12-24-40.
Deeds to and from Trusts:
17. Are deeds that transfer realty into a
			 trust subject to the deed recording fee?
Deeds that transfer realty into a trust are subject to the deed
				recording fee based on the fair market value of the realty, except for the
				following deeds:
(a) a transfer to a
			 trust by a beneficiary of the trust or by a person who will become a
			 beneficiary of the trust as a result of the transfer as long as no
			 consideration is paid for the transfer other than beneficial interest in the
			 trust or an increase in value in the beneficial interest in the trust
			 (12-24-40 (8)
			 ),
(b) a transfer from one family
			 trust to another family trust for the same family, provided no consideration is
			 paid or will be paid for the transfer (12-24-40 (8) and
			 12-24-40
			 (9) ),
(c) a transfer in order to
			 partition realty, as long as no consideration is paid for the transfer other
			 than the interests in the realty that are exchanged in order to effect the
			 partition (12-24-40
			 (5) ),
(d) a transfer in which the
			 realty is subject to a mortgage and the trust receiving the realty is the
			 mortgagee and the transfer constitutes a deed in lieu of foreclosure executed
			 by the mortgagor or a deed executed pursuant to a foreclosure proceeding
			 (12-24-40 (13) ) (see
			 questions concerning foreclosure proceedings), and
(e) a transfer otherwise exempt under the
			 provisions of Code Section
			 12-24-40.
18. Are deeds that transfer realty
			 from a trust to an individual or other legal entity subject to the deed
			 recording fee?
Deeds that transfer realty from a trust to an individual or
				other legal entity are subject to the deed recording fee based on the fair
				market value of the realty if the grantee is a beneficiary of the trust, except
				for the following deeds:
(a) a
			 transfer from a family trust to a trust beneficiary as long as no consideration
			 is paid for the transfer other than a reduction in the grantee's interest in
			 the family trust (12-24-40
			 (9) ),
(b) a transfer from one
			 family trust to another family trust for the same family, provided no
			 consideration is paid or will be paid for the transfer (12-24-40 (8) and
			 12-24-40
			 (9) ),
(c) a transfer in order to
			 partition realty, as long as no consideration is paid for the transfer other
			 than the interests in the realty that are exchanged in order to effect the
			 partition (12-24-40(5) ),
(d) a
			 transfer in which the realty is subject to a mortgage and the trust beneficiary
			 receiving the realty is the mortgagee and the transfer constitutes a deed in
			 lieu of foreclosure executed by the family trust that is the mortgagor or a
			 deed executed pursuant to a foreclosure proceeding (12-24-40(13) ) (see
			 questions concerning foreclosure proceedings), and
(e) a transfer otherwise exempt under the
			 provisions of Code Section 12-24-40.
Deeds that transfer realty from a trust to an individual or
				other legal entity are subject to the subject to the deed recording fee based
				on the consideration paid or to be paid if the grantee is not a beneficiary of
				the trust, the consideration paid or to be paid is more than $100.00, and the
				transfer is not otherwise exempt under Code Section 12-24-40.
Deeds to and from Partnerships:
19. Are deeds that transfer realty from a
			 partner to the partnership subject to the deed recording fee?
Deeds that transfer realty from a partner to the partnership
				are subject to the deed recording fee based on the fair market value of the
				realty, except for the following deeds:
(a) a transfer from a partner to the
			 partnership if no consideration is paid for the transfer other than additional
			 interest in the partnership or an increase in value in the partner's interest
			 in the partnership (12-24-40(8) ),
(b) a transfer in order to partition realty
			 owned jointly by the partner and the partnership of which he is a partner, as
			 long as no consideration is paid for the transfer other than the interests in
			 the realty that are exchanged in order to effect the partition (12-24-40(5) ),
			 and
(c) a transfer that is
			 otherwise exempt under Code Section 12-24-40.
20. Are deeds that transfer realty from the
			 partnership to a partner subject to the deed recording fee?
Deeds that transfer realty from the partnership to a partner,
				including deeds transferring realty to the partner upon liquidation of the
				partnership, are subject to the deed recording fee based on the fair market
				value of the realty, except for the following deeds:
(a) a transfer from a family partnership to a
			 partner as long as no consideration is paid for the transfer other than a
			 reduction in the grantee's interest in the partnership (12-24-40(9)
			 ),
(b) a transfer in order to
			 partition realty owned jointly by the partner and the partnership of which he
			 is a partner, as long as no consideration is paid for the transfer other than
			 the interests in the realty that are exchanged in order to effect the partition
			 (12-24-40(5) ),
(c) a transfer in
			 which the realty is subject to a mortgage and the partner receiving the realty
			 is the mortgagee and the transfer constitutes a deed in lieu of foreclosure
			 executed by the partnership that is the mortgagor or a deed executed pursuant
			 to a foreclosure proceeding (12-24-40(13) ) (see questions concerning
			 foreclosure proceedings), and
(d) a
			 transfer otherwise exempt under the provisions of Code
			 Section12-24-40.
21. Are
			 deeds that transfer realty from a non-partner to a partnership, or from a
			 partnership to a non-partner, subject to the deed recording fee?
Deeds that transfer realty from a non-partner to a partnership
				are subject to the deed recording fee if the consideration paid or to be paid
				is more than $100.00 and the transfer is not otherwise exempt under Code
				Section 12-24-40.
If a consideration of $100.00 or less is paid or the transfer
				is otherwise exempt under Code Section 12-24-40, then the deed transferring
				realty from a non-partner to the partnership is exempt from the deed recording
				fee.
22. If Partnership A
			 and Partnership B have the same partners but neither partnership is a partner
			 in the other, is a deed that transfers realty from Partnership A to Partnership
			 B subject to the deed recording fee?
If Partnership A and Partnership B have the same partners but
				neither partnership is a partner in the other, then a deed that transfers
				realty from Partnership A to Partnership B is subject to the deed recording fee
				if the consideration paid or to be paid is more than $100.00 and the transfer
				is not otherwise exempt under Code Section 12-24-40.
If a consideration of $100.00 or less is paid or the transfer
				is otherwise exempt under Code Section 12-24-40, then the deed transferring
				realty from Partnership A to Partnership B is exempt from the deed recording
				fee.
Limited Liability Company ("LLC") Deeds:
23. How are deeds that transfer realty to and
			 from a limited liability company ("LLC") treated under the deed recording fee
			 law?
Deeds that transfer realty to and from an LLC, which is treated
				as a partnership for South Carolina income tax purposes, are treated in the
				same manner under the deed recording fee as deeds that transfer realty to and
				from a partnership. See the section in this regulation concerning deeds to and
				from partnerships.
Deeds that transfer realty to and from an LLC, which is treated
				as a corporation for South Carolina income tax purposes, are treated in the
				same manner under the deed recording fee as deeds that transfer realty to and
				from a corporation. See the section in this regulation concerning deeds to and
				from corporations.
Deeds that transfer realty to and from a single member LLC
				("SMLLC"), which is treated as a corporation for South Carolina income tax
				purposes, are treated in the same manner under the deed recording fee as deeds
				that transfer realty to and from a corporation. See the section in this
				regulation concerning deeds to and from corporations.
Deeds that transfer realty to the SMLLC from its single member,
				and deeds that transfer realty to the single member of the SMLLC from the
				SMLLC, are not subject to the deed recording fee if the SMLLC is ignored for
				all tax purposes under the provisions of Code Section
				12-2-25(B).
Deeds that transfer realty from the SMLLC to a person who is
				not the single member, and deeds that transfer realty from a person who is not
				the single member to the SMLLC, are treated as if the realty were transferred
				from or to the single member if the SMLLC is ignored for all tax purposes under
				the provisions of Code Section
				12-2-25(B).
				As such, the application will depend on the facts and circumstances of the
				transfer and on whether the single member is an individual, partnership, LLC,
				trust or corporation.
Written instruments whereby a single member transfers its
				interest in the SMLLC to another person are treated as if the realty were
				transferred from the single member to the other person if the SMLLC is ignored
				for all tax purposes under the provisions of Code Section
				12-2-25(B).
				As such, the application will depend on the facts and circumstances of the
				transfer and on whether the single member selling the interest is an
				individual, partnership, LLC, trust or corporation and whether the person
				purchasing the interest, the new single member, is an individual, partnership,
				LLC, trust or corporation.
Deeds to and from Corporations:
24. Are deeds that transfer realty from a
			 stockholder to the corporation subject to the deed recording fee?
Deeds that transfer realty from a stockholder to the
				corporation are subject to the deed recording fee based on the fair market
				value of the realty, except for the following deeds:
(a) a transfer from a stockholder to the
			 corporation if no consideration is paid for the transfer other than stock in
			 the corporation or an increase in value in the stockholder's stock in the
			 corporation (12-24-40
			 (8) ),
(b) a transfer in which the
			 realty is subject to a mortgage and the corporation receiving the realty is the
			 mortgagee and the transfer constitutes a deed in lieu of foreclosure executed
			 by the stockholder that is the mortgagor or a deed executed pursuant to a
			 foreclosure proceeding (12-24-40(13) ) (see questions concerning foreclosure
			 proceedings),
(c) a transfer in
			 order to partition realty owned jointly by the stockholder and the corporation
			 of which he is a stockholder, as long as no consideration is paid for the
			 transfer other than the interests in the realty that are exchanged in order to
			 effect the partition (12-24-40(5) ), and
(d) a transfer that is otherwise exempt under
			 Code Section 12-24-40.
25. Are deeds that transfer realty from the
			 corporation to one of the stockholders subject to the deed recording fee?
Deeds that transfer realty from the corporation to one of the
				stockholders, including deeds transferring realty to the stockholder upon
				dissolution of the corporation, are subject to the deed recording fee under
				Code Section
				12-24-40(8)
				 except for the following deeds:
(a) a transfer in order to partition realty
			 owned jointly by the stockholder and the corporation of which he is a
			 stockholder, as long as no consideration is paid for the transfer other than
			 the interests in the realty that are exchanged in order to effect the partition
			 (12-24-40 (5)
			 ),
(b) a transfer in which the
			 realty is subject to a mortgage and the stockholder receiving the realty is the
			 mortgagee and the transfer constitutes a deed in lieu of foreclosure executed
			 by the corporation that is the mortgagor or a deed executed pursuant to a
			 foreclosure proceeding (12-24-40 (13) ) (see
			 questions concerning foreclosure proceedings), and
(c) a transfer otherwise exempt under the
			 provisions of Code Section
			 12-24-40.
26. Are deeds that transfer realty
			 from a non-stockholder to a corporation, or from a corporation to a
			 non-stockholder, subject to the deed recording fee?
Deeds that transfer realty from a non-stockholder to a
				corporation are subject to the deed recording fee if the consideration paid or
				to be paid is more than $100.00 and the transfer is not otherwise exempt under
				Code Section
				12-24-40.
If a consideration of $100.00 or less is paid or will be paid
				or the transfer is otherwise exempt under Code Section
				12-24-40,
				then the deed transferring realty from a non-stockholder to the corporation is
				exempt from the deed recording fee.
27. If Corporation A and Corporation B have
			 the same stockholders but neither corporation is a stockholder in the other, is
			 a deed that transfers realty from Corporation A to Corporation B subject to the
			 deed recording fee?
If Corporation A and Corporation B have the same stockholders
				but neither corporation is a stockholder in the other, then a deed that
				transfers realty from Corporation A to Corporation B is subject to the deed
				recording fee if the consideration paid or to be paid is more than $100.00 and
				the transfer is not otherwise exempt under Code Section 12-24-40.
If a consideration of $100.00 or less is paid or will be paid
				or the transfer is otherwise exempt under Code Section 12-24-40, then the deed
				transferring realty from Corporation A to Corporation B is exempt from the deed
				recording fee.
Master-in-Equity Deeds:
28. Are deeds that transfer realty from a
			 Master-in-Equity to an individual or business subject to the deed recording
			 fee?
Deeds that transfer realty from a Master-in-Equity to an
				individual or business are subject to the deed recording fee, with the grantee
				liable for the fee under the provisions of Code Section
				12-24-20(B),
				unless the transfer is otherwise exempt under Code Section
				12-24-40.
Note: Since the liability for the deed recording fee has
				shifted to the grantee in the case of a Master-in-Equity deed, the deed may be
				exempt if the grantee is otherwise exempted by law. For example, the following
				deeds are exempt from the deed recording fee when the grantor is a
				Master-in-Equity:
Grantee
Reason for Exemption
Federal, State or Local Government
Federal Credit Union
12-24-40(2)
12-24-40(2)
Government National Mortgage Association
Farm Credit Bank
12-24-40(2)
12-24-40(2)
Production Credit Association
12-24-40(2)
Bank for Cooperatives
12-24-40(2)
Federal Land Bank Association
12-24-40(2)
U.S. Veterans Administration
12-24-40(2)
Federal National Mortgage Association
12-24-40(3), 12 USCA 1717, and 12 USCA 1723a
Federal Home Loan Mortgage Corporation
12-24-40(3) and 12 USCA 1452
Note: By statute or case law, Federal Credit Unions, the
				Government National Mortgage Association, Farm Credit Banks, Production Credit
				Associations, Banks for Cooperatives, and Federal Land Bank Associations are
				considered instrumentalities of the federal government.
The Federal National Mortgage Association ("Fannie Mae") and
				the Federal Home Loan Mortgage Corporation ("Freddie Mac") are not
				instrumentalities of the federal government, but have been granted exemption
				from most state and local taxes when the liability for the tax falls upon them.
				Since the liability for the fee transfers to the grantee in the case of a deed
				from a Master-in-Equity to Fannie Mae or Freddie Mac, the transfer is exempt
				from the deed recording fee pursuant to federal law.
Foreclosure Deeds:
29. Are deeds that transfer realty, subject
			 to a mortgage, from the mortgagor to the mortgagee subject to the deed
			 recording fee?
Deeds that transfer realty, subject to a mortgage, from the
				mortgagor to the mortgagee are exempt from the deed recording fee under Code
				Section
				12-24-40(13)
				if the transfer is by a deed in lieu of foreclosure executed by the
				mortgagor.
Deeds that transfer realty from the mortgagor to the mortgagee
				for cancellation or forgiveness of the mortgage are subject to the deed
				recording fee and do not come within the exemption under Code Section
				12-24-40(13)
				 unless the books and records of the parties
				indicate that the transfer was made in lieu of foreclosure. If the Department
				determines after the deed is recorded that the transfer was not in lieu of
				foreclosure, the Department will assess the appropriate deed recording fee,
				penalty and interest.
30.
			 Are deeds that transfer realty, subject to a mortgage, to the mortgagee
			 pursuant to a foreclosure proceeding subject to the deed recording fee?
Deeds that transfer realty, subject to a mortgage, to the
				mortgagee pursuant to a foreclosure proceeding are exempt from the deed
				recording fee under Code Section
				12-24-40(13).
31. Are deeds that transfer
			 realty, subject to a mortgage, to the assignee of the mortgagee pursuant to a
			 foreclosure proceeding subject to the deed recording fee?
Since the assignee was not the mortgagee of record at the time
				of the sale, the provisions of Code Section
				12-24-40(13)
				are not applicable.
However, if the assignee is the federal government, or the deed
				is a Master-in-Equity deed and the assignee is the Federal National Mortgage
				Association or the Federal Home Loan Mortgage, the deed that transfers the
				realty, subject to a mortgage, to the assignee of the mortgagee pursuant to a
				foreclosure proceeding is not subject to the deed recording fee.
Chapter 7 Bankruptcy Deeds:
32. Are deeds that transfer realty under a
			 Chapter 7 bankruptcy subject to the deed recording fee?
Deeds that transfer realty under a Chapter 7 bankruptcy to a
				person who is not a stockholder, partner, or owner of the business are subject
				to the deed recording fee if a consideration of more than $100.00 is paid or
				will be paid and the transfer is not otherwise exempt under Code Section
				12-24-40.
Deeds that transfer realty under a Chapter 7 bankruptcy to a
				person who is a stockholder, partner, or owner of the business are subject to
				the deed recording fee based on the fair market value of the realty unless the
				transfer is otherwise exempt under Code Section
				12-24-40.
Chapter 11 Bankruptcy Deeds:
33. Are deeds that transfer realty under a
			 Chapter 11 bankruptcy subject to the deed recording fee?
Deeds that transfer realty under a Chapter 11 bankruptcy are
				exempt from the deed recording fee under Code Section
				12-24-40(3)
				and 11 USCA Section 1146 if the transfer is under a plan confirmed under 11
				USCA Section 1129. If the transfer is not under a plan confirmed under 11 USCA
				Section 1129, then the deed transferring the realty is subject to the deed
				recording fee if consideration of more than $100.00 is paid for the transfer
				and the transfer is not otherwise exempt under Code Section
				12-24-40.
Chapter 12 Bankruptcy Deeds:
34. Are deeds that transfer realty under a
			 Chapter 12 bankruptcy subject to the deed recording fee?
Deeds that transfer realty under a Chapter 12 bankruptcy are
				exempt from the deed recording fee under Code Section
				12-24-40(3)
				and 11 USCA Section 1231 if the transfer is under a plan confirmed under 11
				USCA Section 1225. If the transfer is not under a plan confirmed under 11 USCA
				Section 1225, then the deed transferring the realty is subject to the deed
				recording fee if consideration of more than $100.00 is paid for the transfer
				and the transfer is not otherwise exempt under Code Section
				12-24-40.
Chapter 13 Bankruptcy Deeds:
35. Are deeds that transfer realty under a
			 Chapter 13 bankruptcy subject to the deed recording fee?
Deeds that transfer realty under a Chapter 13 bankruptcy to a
				person who is not a stockholder, partner, or owner of the business are subject
				to the deed recording fee if a consideration of more than $100.00 is paid or
				will be paid and the transfer is not otherwise exempt under Code Section
				12-24-40.
Deeds that transfer realty under a Chapter 13 bankruptcy to a
				person who is a stockholder, partner, or owner of the business are subject to
				the deed recording fee based on the fair market value of the realty unless the
				transfer is otherwise exempt under Code Section
				12-24-40.
State and Local Government Deeds:
36. Are deeds that transfer realty to the
			 State, or to a political subdivision of the State (e.g., counties, cities,
			 school districts), subject to the deed recording fee?
Deeds that transfer realty to the State, or to a political
				subdivision of the State (e.g., counties, cities, school districts), are exempt
				from the deed recording fee under Code Section
				12-24-40(2).
37. Are deeds that transfer realty
			 from the State, or from a political subdivision of the State (e.g., counties,
			 cities, school districts), to a non-governmental entity subject to the deed
			 recording fee?
Deeds that transfer realty from the State, or from a political
				subdivision of the State (e.g., counties, cities, school districts), to a
				non-governmental entity are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the State, or from a political subdivision of the State (e.g.,
				counties, cities, school districts), to a non-governmental entity, the deed may
				be exempt if the grantee is otherwise exempted by law.
38. Are deeds that transfer realty from the
			 State, or from a political subdivision of the State (e.g., counties, cities,
			 school districts), to another governmental entity subject to the deed recording
			 fee?
Deeds that transfer realty from the State, or from a political
				subdivision of the State (e.g., counties, cities, school districts), to another
				governmental entity are exempt from the deed recording fee under Code Section
				12-24-40(2).
Federal Government Deeds:
39. Are deeds that transfer realty to the
			 federal government subject to the deed recording fee?
Deeds that transfer realty to the federal government are exempt
				from the deed recording fee under Code Section
				12-24-40(2).
40. Are deeds that transfer realty
			 from the federal government to a non-governmental entity subject to the deed
			 recording fee?
Deeds that transfer realty from the federal government to a
				non-governmental entity are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the federal government, the deed may be exempt if the grantee is
				otherwise exempted by law.
Federal Credit Union Deeds:
41. Are deeds that transfer realty to a
			 federal credit union subject to the deed recording fee?
Deeds that transfer realty to a federal credit union are exempt
				from the deed recording fee under Code Section
				12-24-40(2)
				since federal credit unions are considered instrumentalities of the federal
				government. See 1986 Op. Atty. Gen. No. 86-72, and a second South Carolina
				Attorney General Opinion dated March 26, 1991, which both concluded that
				federally chartered credit unions are instrumentalities of the federal
				government.
42. Are deeds
			 that transfer realty from the federal credit union to a non-governmental entity
			 subject to the deed recording fee?
Deeds that transfer realty from a federal credit union to a
				non-governmental entity are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the federal government, the deed may be exempt if the grantee is
				otherwise exempted by law.
Government National Mortgage Association Deeds:
43. Are deeds that transfer realty
			 to the Government National Mortgage Association subject to the deed recording
			 fee?
Deeds that transfer realty to the Government National Mortgage
				Association are exempt from the deed recording fee under Code Section
				12-24-40(2)
				since the Government National Mortgage Association is considered an
				instrumentality of the federal government pursuant to 12 USCA 1717 and 12 USCA
				1723a.
44. Are deeds that
			 transfer realty from the Government National Mortgage Association to a
			 non-governmental entity subject to the deed recording fee?
Deeds that transfer realty from the Government National
				Mortgage Association to a non-governmental entity are subject to the deed
				recording fee if the consideration paid or to be paid is more than $100.00 and
				the transfer is not otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the federal government, the deed may be exempt if the grantee is
				otherwise exempted by law.
Farm Credit Bank Deeds:
45. Are deeds that transfer realty to a Farm
			 Credit Bank subject to the deed recording fee?
Deeds that transfer realty to a Farm Credit Bank are exempt
				from the deed recording fee under Code Section
				12-24-40(2)
				since a Farm Credit Bank is considered an instrumentality of the federal
				government pursuant to 12 USCA 2011 and 12 USCA 2023.
46. Are deeds that transfer realty from a
			 Farm Credit Bank to a non-governmental entity subject to the deed recording
			 fee?
Deeds that transfer realty from a Farm Credit Bank to a
				non-governmental entity are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the federal government, the deed may be exempt if the grantee is
				otherwise exempted by law.
Production Credit Association Deeds:
47. Are deeds that transfer realty to a
			 Production Credit Association subject to the deed recording fee?
Deeds that transfer realty to a Production Credit Association
				are exempt from the deed recording fee under Code Section
				12-24-40(2)
				since a Production Credit Association is considered an instrumentality of the
				federal government pursuant to 12 USCA 2071 and 12 USCA 2077.
48. Are deeds that transfer realty from a
			 Production Credit Association to a non-governmental entity subject to the deed
			 recording fee?
Deeds that transfer realty from a Production Credit Association
				to a non-governmental entity are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the federal government, the deed may be exempt if the grantee is
				otherwise exempted by law.
Federal Land Bank Association Deeds:
49. Are deeds that transfer realty to a
			 Federal Land Bank Association subject to the deed recording fee?
Deeds that transfer realty to a Federal Land Bank Association
				are exempt from the deed recording fee under Code Section
				12-24-40(2)
				since a Federal Land Bank Association is considered an instrumentality of the
				federal government pursuant to 12 USCA 2091 and 12 USCA 2098.
50. Are deeds that transfer realty from a
			 Federal Land Bank Association to a non-governmental entity subject to the deed
			 recording fee?
Deeds that transfer realty from a Federal Land Bank Association
				to a non-governmental entity are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
Note: Since under Code Section
				12-24-20(B)
				the liability for the deed recording fee has shifted to the grantee in the case
				of a deed from the federal government, the deed may be exempt if the grantee is
				otherwise exempted by law.
Federal National Mortgage Association ("Fannie Mae")
				Deeds:
51. Are deeds that
			 transfer realty to the Federal National Mortgage Association ("Fannie Mae")
			 subject to the deed recording fee?
Deeds that transfer realty to the Federal National Mortgage
				Association ("Fannie Mae") are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
52. Are deeds that transfer realty
			 from the Federal National Mortgage Association ("Fannie Mae") to a
			 non-governmental entity subject to the deed recording fee?
Deeds that transfer realty from the Federal National Mortgage
				Association ("Fannie Mae") to a non-governmental entity are exempt from the
				deed recording fee under Code Section
				12-24-40(3),
				12 USCA 1717, and 12 USCA 1723a.
Note: The Federal National Mortgage Association is not a
				federal instrumentality
Federal Home Loan Mortgage Corporation ("Freddie Mac")
				Deeds:
53. Are deeds that
			 transfer realty to the Federal Home Loan Mortgage Corporation ("Freddie Mac")
			 subject to the deed recording fee?
Deeds that transfer realty to the Federal Home Loan Mortgage
				Corporation ("Freddie Mac") are subject to the deed recording fee if the
				consideration paid or to be paid is more than $100.00 and the transfer is not
				otherwise exempt under Code Section
				12-24-40.
54. Are deeds that transfer realty
			 from the Federal Home Loan Mortgage Corporation ("Freddie Mac") to a
			 non-governmental entity subject to the deed recording fee?
Deeds that transfer realty from the Federal Home Loan Mortgage
				Corporation ("Freddie Mac") to a non-governmental entity are exempt from the
				deed recording fee under Code Section
				12-24-40(3)
				and 12 USCA 1452.
Note: The Federal Home Loan Mortgage Corporation ("Freddie
				Mac") is not a federal instrumentality.
Timeshare Deeds:
55. Are deeds that transfer a one-week
			 interest in a timeshare unit under a vacation time sharing ownership plan (not
			 a "vacation time sharing lease plan") as defined in Chapter 32 of Title 27
			 subject to the deed recording fee?
Deeds that transfer a one-week interest in a timeshare unit
				under a vacation time sharing ownership plan as defined in Chapter 32 of Title
				27 are subject to the deed recording fee if the consideration paid or to be
				paid is more than $100.00 and the transfer is not otherwise exempt under Code
				Section
				12-24-40.
56. Are deeds that transfer a
			 one-week interest in a timeshare unit under a vacation time sharing ownership
			 plan (not a "vacation time sharing lease plan") as defined in Chapter 32 of
			 Title 27 to the original seller, or to the company managing the timeshare
			 development, in exchange for forgiving any unpaid fees subject to the deed
			 recording fee?
Deeds that transfer a one-week interest in a timeshare unit
				under a vacation time sharing ownership plan as defined in Chapter 32 of Title
				27 to the original seller, or to the company managing the timeshare
				development, in exchange for forgiving any unpaid fees are subject to the deed
				recording fee if the consideration paid or to be paid (the amount of the unpaid
				fees forgiven) is more than $100.00 and the transfer is not otherwise exempt
				under Code Section
				12-24-40.
Manufactured Homes:
57. Are deeds that transfer land and the
			 manufactured home anchored to the land subject to the deed recording fee based
			 on the full consideration paid or may the value of the home be deducted in
			 calculating the deed recording fee?
Deeds that transfer land and the manufactured home anchored to
				the land are subject to the deed recording fee based on the full consideration
				paid. The manufactured home anchored to the land is realty and its value may
				not be deducted from the consideration paid in calculating the deed recording
				fee.
Note: "A deduction from value is allowed for the amount of any
				lien or encumbrance existing on the land, tenement, or realty before the
				transfer and remaining on the land, tenement, or realty after the transfer."
				See Code Section
				12-24-30(B).
Timber Deeds:
58. Are "timber deeds" subject to the deed
			 recording fee?
Deeds that constitute a contract for the sale of timber to be
				cut are exempt from the deed recording fee under Code Section
				12-24-40(7).
Deeds transferring the timber and the underlying land are
				subject to the deed recording fee based on the full "value" as defined in Code
				Section
				12-24-30,
				unless otherwise exempt under the statute.
Mineral Rights:
59. Is the recording of a deed that conveys
			 mineral rights (oil, gas, sand, etc.) to another person subject to the deed
			 recording fee?
A deed that conveys mineral rights (oil, gas, sand, etc.) to
				another person where the minerals are to be severed by the grantee (buyer) is a
				deed that conveys realty. The recording of this deed is subject to the deed
				recording fee, unless otherwise exempt under the law, based on the value of the
				mineral rights as determined by Code Section
				12-24-30.
Easements and Rights-of-Way:
60. Is the recording of a deed that conveys
			 an easement or a right of way to another person subject to the deed recording
			 fee?
The recording of a deed that conveys an easement or a right of
				way to another person is subject to the deed recording fee, unless otherwise
				exempt under the law, based on the value of the easement or right of way as
				determined by Code Section
				12-24-30.
Note: In addition to the discussion portion of this regulation,
				see Questions #1 through #4 for a discussion of "value" as determined by Code
				Section
				12-24-30.
Deeds to Obtain Construction Loans:
To best address Questions #61 and #62 (below) concerning deeds
				to obtain construction loans, the following example will be used:
Mr. X owns realty with a fair market value of $22,000.00 and
				wants to construct a home on that realty. Mr. X hires ABC Home Contractors
				("ABC") to build a home on the realty for $250,000.00.
In order to obtain the construction loan to build the home, the
				financial institution is requiring that title to the realty on which the home
				is to be constructed be in the name of ABC. Mr. X transfers the realty to ABC
				under an agreement that ABC will construct the home (per specifications agreed
				upon by both parties) and then transfer the realty back to Mr. X upon payment
				of the $250,000.00.
Note: For purposes of this example, neither transfer involves a
				lien or encumbrance that existed on the realty before the transfer and remained
				on the realty after the transfer. In addition, neither transfer in this example
				involves (1) a transaction between a corporation, a partnership, or other
				entity and its stockholder, partner, or owner, or (2) a transaction involving a
				transfer of realty to a trust or as a transfer of realty as a distribution to a
				trust beneficiary.
61. Is
			 the deed that transfers realty from Mr. X to ABC, as discussed in the facts
			 above, so that ABC may obtain a construction loan to build a home for the Mr.
			 X, subject to the deed recording fee?
The deed that transfers realty from Mr. X to ABC, so that ABC
				may obtain a construction loan to build a home for Mr. X, is subject to the
				deed recording fee based on $22,000.00 - the fair market value of the
				realty.
Note: If the fair market value of the realty for property tax
				purposes is less than $22,000.00, Code Section
				12-24-30(C)
				 allows the taxpayer to use that figure in
				computing the deed recording fee due.
62. Is the deed that transfers the same
			 realty, as discussed in the facts above, from ABC back to Mr. X upon completion
			 of the building subject to the deed recording fee?
The deed that transfers the same realty from ABC back to Mr. X
				upon completion of the home is subject to the deed recording fee based on
				$250,000.00 - the money paid or to be paid pursuant to the contract for
				constructing the home.
63.
			 Are deeds that transfer realty as part of an income tax deferred exchange under
			 Internal Revenue Code Section 1031 subject to the deed recording fee?
The exchange of realty pursuant Section 1031 of the Internal
				Revenue Code constitutes a transfer of realty for a consideration subject to
				the fee unless otherwise exempted under Code Section
				12-24-40.
The fee must be remitted to the clerk of court or the
				register of deeds in the county in which the realty is located and
				recorded"> 117-1350.3 Remittance of Fee in the County in Which the
				Realty is Located
The fee must be remitted to the clerk of court or the register
				of deeds in the county in which the realty is located and recorded.
If the realty is located in more than one county, the
				person having the deed recorded in a county must state by affidavit what
				portion of the value of the realty is in that county, and payment of the fee
				must be made based on the proportionate value of the realty located in that
				county"> 117-1350.4 Remittance of Fee for Realty Located in More Than
				One County
If the realty is located in more than one county, the person
				having the deed recorded in a county must state by affidavit what portion of
				the value of the realty is in that county, and payment of the fee must be made
				based on the proportionate value of the realty located in that county.
Prior to recording a deed subject to the fee, the county
				must collect the fee and place a notation on the deed containing the following
				(1) the date the deed was filed; (2) the fee collected; and (3) any other
				information required by the county"> 117-1350.5 Notation on the
				Instrument
Prior to recording a deed subject to the fee, the county must
				collect the fee and place a notation on the deed containing the following (1)
				the date the deed was filed; (2) the fee collected; and (3) any other
				information required by the county. If the deed qualifies for an exemption, the
				word "EXEMPT" should be placed in the notation.
An affidavit is to be filed with a deed, and that
				affidavit must show the value of the realty"> 117-1350.6 Affidavit of
				Value
An affidavit is to be filed with a deed, and that affidavit
				must show the value of the realty. For deeds exempt under the law, the value
				will not be required to be stated on the affidavit. Such affidavits must state
				the reason why the deed is exempt from the fee. The affidavit required by this
				section must be signed by a responsible person connected with the transaction
				and the affidavit must state that connection. Secretaries, paralegals, runners,
				and other administrative personnel do not qualify as a "responsible person
				connected with the transaction" and, therefore, may not sign the
				affidavit.
The clerk of court or register of deeds shall file these
				affidavits in his office.
The clerk of court or register of deeds may, at his discretion,
				waive the affidavit requirement. In addition, "[a]n affidavit is not required
				for an instrument or deed of distribution assigning, transferring, or releasing
				real property to the distributee of an estate pursuant to Section
				62-3-907
				as evidence of the distributee's title."
A person required to furnish the affidavit who wilfully
				furnishes a false or fraudulent affidavit is guilty of a misdemeanor and, upon
				conviction, must be fined not more than one thousand dollars or imprisoned not
				more than one year, or both.
To set forth the true, full, and complete consideration,
				paid or to be paid, where any mortgage is assumed in the conveyance of real
				property, it is necessary for the deed or affidavit to state the Number of the
				Real Estate Mortgage Book and the Page Number, and the remaining balance
				assumed"> 117-1350.7 Assumption of a Mortgage in the Conveyance of Real
				Property
To set forth the true, full, and complete consideration, paid
				or to be paid, where any mortgage is assumed in the conveyance of real
				property, it is necessary for the deed or affidavit to state the Number of the
				Real Estate Mortgage Book and the Page Number, and the remaining balance
				assumed.