What level of disclosure do I have to make when selling real estate?

When selling real estate in South Carolina, sellers must disclose certain material facts about their property. The Real Estate License Law (REL) requires sellers to provide buyers with written notice of any known defects with the property. This includes structural defects, as well as any known environmental hazards. In addition to the REL, the South Carolina Unfair Trade Practices Act (SCUTPA) requires disclosure of any material facts that might influence a buyer’s decision to purchase the property. This includes information such as a prior power outage, the presence of any pests, previous flooding or water damage, and any neighborhood nuisances such as noise from other properties. Sellers have a responsibility to make full disclosures about their property. Failure to do so can result in costly court proceedings and potential fines. It is important to note that all disclosures must be accurate and in writing. It is also important to note that disclosure requirements can vary depending on the type of property. Therefore, it is best to consult a real estate attorney if there are any questions about disclosure requirements.

Related FAQs

What types of documents are used in real estate transactions?
What is a quiet title action?
What are the legal requirements for negotiating a real estate contract?
What types of taxes will I have to pay when I buy or sell real estate?
What is a title search?
What are the disclosure requirements when I rent out property?
What types of insurance do I need for real estate transactions?
How do I obtain title insurance?
What is an environmental impact statement?
What is a homeowners' association?

What level of disclosure do I have to make when selling real estate?

Related FAQs

Related Blog Posts