South Carolina Code of Regulations › Chapter 105 - DEPARTMENT OF LABOR, LICENSING AND REGULATION- SOUTH CAROLINA REAL ESTATE COMMISSION › Section 105-14 - Residential Property Condition Disclosure Statement Form

Current through Register Vol. 48, No. 6, June 28, 2024
The South Carolina Code of Laws (Title 27, Chapter 50, Article 1) requires that an owner of residential real property (a single-family dwelling unit or a single transaction involving transfer of four dwelling units or less) shall provide to a purchaser this completed and signed disclosure statement prior to forming a real estate contract. This disclosure must be provided in connection with any sale, exchange, installment land sale, or lease with an option to purchase contract. This disclosure statement is not required in connection with transactions listed and exempted by South Carolina Code Section 27-50-30.
Owners should answer the questions fully, honestly, and appropriately by attaching documents, checking a box for each check box question, and writing in the blanks on this disclosure statement.
If a question is answered "Yes" or asks for a description, then the owner must explain or describe the issue or attach a descriptive report from an engineer, contractor, pest control operator, expert, or public agency. If the owner attaches a report, the owner shall not be liable for inaccurate or incomplete information in the report unless the owner was grossly negligent in obtaining or transmitting the information. If the owner fails to check "Yes" or make a disclosure and the owner knows there is a problem, then the owner may be liable for making an intentional or negligent misrepresentation and may owe the purchaser actual damages, court costs, and attorney fees. If a question is answered "No" for any question, the owner is stating that the owner has no actual knowledge of any problem.
By answering "No Representation" on this disclosure statement, the owner is acknowledging that they do not have the current knowledge necessary to answer the questions with either a "Yes" or "No" response. The owner still has a duty to disclose information that is known at the time of the disclosure statement. "No Representation" should not be selected if the owner simply wishes to not disclose information or answer the question. Selecting "No Representation" does not waive liability if the owner is aware or subsequently becomes aware.
If a question is answered and subsequently new information is obtained or something changes to render the owner's answer incorrect, inaccurate or misleading (example: roof begins to leak), the owner must promptly correct the disclosure. In some situations, the owner may notify the purchaser of the correction. In some situations, the owner may correct or repair the issue.
The owner shall deliver to the purchaser this disclosure before a real estate contract is signed by the purchaser and the owner, or as otherwise agreed in the real estate contract. The real estate licensee must disclose material adverse facts about the property if actually known by the licensee about the issue, regardless of the owner responses on this disclosure. Owner is solely responsible to complete this disclosure as truthfully and fully as possible. The owner and purchaser are solely responsible to consult with their attorneys regarding any disclosure issues. By signing below, owners acknowledge their duties and that failure to disclose known material information about the property may result in owner liability.
The owner must provide the completed disclosure statement to the purchaser prior to the time the owner and purchaser sign a real estate contract unless the real estate contract states otherwise. The owner should provide a signed copy to the purchaser and keep a copy signed by the purchaser.
A real estate contract, not this disclosure, controls what property transfers from owner to purchaser.
Property Address (including unit # or identifier) __________________
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