South Carolina Affidavit Of Consideration With Buyer
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How to fill out South Carolina Affidavit Of Consideration?
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FAQ
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.
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 ...
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.
The withholding amount is 7% of the gain recognized on the sale by a nonresident individual, partnership, trust, or estate, or 5% of the gain recognized on the sale by a nonresident corporation or other nonresident entity, if the seller provides the buyer with a Seller's Affidavit stating the amount of gain.
The withholding is 3 1/3% (. 0333) of the down payment during escrow. Buyers/Transferees are required to withhold on the principal portion of all payments made following the close of the real estate transaction unless an approval letter for the elect-out method is received.
