The Affidavit of Consideration South Carolina for buyer is an important legal document used in real estate transactions in the state of South Carolina. This document serves as proof of the purchase price or consideration paid by the buyer for a particular property. It is typically filed with the Register of Deeds in the county where the property is located. The Affidavit of Consideration is necessary to determine the accurate amount of transfer tax due upon the transfer of the property. The transfer tax is calculated based on the consideration or purchase price stated in the affidavit. This tax is paid to the county and state government as required by law. There are two main types of Affidavit of Consideration South Carolina for buyer: 1. Basic Affidavit of Consideration: This is the standard and most common type of affidavit used in real estate transactions. It includes essential information such as the names of the buyer and seller, property address, purchase price, and date of the transaction. 2. Supplemental Affidavit of Consideration: This type of affidavit is used when there are additional terms or conditions to be considered in the purchase agreement. It may include clauses related to contingencies, financing arrangements, or any other special agreements between the buyer and seller. This supplemental affidavit provides a comprehensive overview of the transaction, ensuring that all relevant details are properly documented. The Affidavit of Consideration South Carolina for buyer is an essential document that helps maintain transparency and accuracy in real estate transactions. It ensures that the correct amount of transfer tax is paid and provides an official record of the purchase price for future reference.
Affidavit Of Consideration South Carolina For Buyer
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How to fill out Affidavit Of Consideration South Carolina For Buyer?
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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 ...
Transfer Tax/Deed Stamps (Seller) South Carolina has a real estate transfer tax of $1.85 per $500 of the sales price. The seller typically pays this fee when transferring the property from the seller's name to the buyer.
After the process server serves the papers, he or she must prepare an affidavit that they completed service of process. This affidavit must be notarized. File the affidavit with the Clerk of Court's office where the case is filed.
SECTION 12-24-70. Affidavits. (A)(1) The clerk of court or register of deeds shall require an affidavit showing the value of the realty to be filed with a deed. The affidavit required by this section must be signed by a responsible person connected with the transaction, and the affidavit must state that connection.
The prior owner conveying the property is primarily responsible for payment, and the new owner is secondarily responsible. The deed-recording fee rate is $1.85 for each $500.00 of the real estate's value.
