An Affidavit of Consideration South Carolina is an important legal document used in real estate transactions to determine the amount of consideration (payment) made for a property. This document helps establish the accurate value of the property for tax purposes and ensures transparency between the buyer and seller. By using relevant keywords, this content aims to provide a detailed description of what Affidavit of Consideration South Carolina is and its significance in real estate transactions. In South Carolina, there are primarily two types of Affidavit of Consideration commonly used: 1. Affidavit of Consideration for Real Property: This type of affidavit is filed with the Register of Deeds or Clerk of Court in the county where the property is located. It provides detailed information about the sale or transfer of real property, including the purchase price, the names of the buyer and seller, and the property's description. The affidavit is notarized by a public notary and helps to ascertain the true value of the property for tax assessment purposes. 2. Affidavit of Consideration for Business Personal Property: This affidavit is used when there is a transfer of business personal property, such as furniture, machinery, or equipment, rather than real estate. It is also filed with the Register of Deeds or Clerk of Court in the respective county and provides information regarding the value of the assets being transferred. The Affidavit of Consideration South Carolina serves several purposes and benefits both the buyer and the local government. Firstly, it assists in determining the property's fair market value, which is crucial for calculating property taxes. By providing accurate information about the purchase price, the affidavit ensures that the property owner is not burdened with an unfairly high tax assessment. Additionally, the affidavit helps prevent fraudulent activity by ensuring that the consideration amount stated in the document aligns with the actual purchase price. This helps combat tax evasion, money laundering, and undisclosed transactions, ensuring transparency in real estate transactions within South Carolina. Moreover, the Affidavit of Consideration South Carolina also facilitates public record-keeping by creating a comprehensive document trail of property sales and transfers. This information is useful for future reference, property valuation, and maintaining the accuracy of county land records. In conclusion, an Affidavit of Consideration South Carolina is a vital document used in real estate transactions to establish the fair market value of a property and maintain transparency between buyers, sellers, and local government entities. Its two primary types, namely the affidavit for real property and for business personal property, each serve specific purposes in verifying the consideration amount. By accurately reporting the purchase price, this affidavit ensures fair tax assessments and plays a crucial role in preventing fraudulent activities.
Affidavit Of Consideration South Carolina For Use
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FAQ
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 ...
May I prepare my own deed? A. Yes you may, but our office always recommends that you hire an attorney. Our office is strictly for recording, we do not prepare documents and do not answer questions in the preparation of legal documents.
Please note: South Carolina is an Attorney State when it comes to Deed preparation. Any preparation by an individual is considered an unauthorized practice of law. UCC Forms - Click on the SC Secretary of State's Web site below.
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.
SECTION 12-24-70. Affidavits. Every clerk of court or register of deeds and the county shall keep and preserve suitable records to determine the amount of fee due and collected under this chapter. The clerk of court or register of deeds and the county shall keep and preserve records for five years.
