Property Disclosure.....It's the Law

Did You Know?

Whether a home is listed "For Sale by Owner" or is listed with a REALTOR®, according to SC Law (South Carolina Code Section 27-50-40), sellers are to provide buyers a disclosure form.

This form includes details on the property, including:

* defects in the property, from the foundation to the roof

* the heating source and water supply

* conditions such as termites

* nuisances, such as noise

* lawsuits that could affect title to the property, and

* built-in systems and fixtures, such as a hot tub or sump pump.

Disclosures must be on a Residential Property Condition Disclosure Statement form established by the South Carolina Real Estate Commission.

In addition if a home was built prior 1978, a lead disclosure must
be given to the buyer. Protect your family from Lead exposure.  

Get the facts about Lead  

However, Buyers should not rely solely on these disclosures. We strongly recommend that buyers hire independent inspectors to verify the information given on the disclosures. This is done during the Due Diligence period determined in a contract between buyer and seller.

Due diligence is a time frame in which there is an investigation of a potential investment to discover anything deemed a material fact. Due diligence allows the buyer to hire professionals to inspection the property to help determine what benefits, liabilities,  and risks, may come with the purchase. Your REALTOR® will walk with you through the process, help you manage deadlines, and will work with you to negotiate any needed repairs.