Determination of "Value" and Exemptions to Recording Fees under 12-40-40
South Carolina Determination of "Value" and Exemptions to Recording Fees under 12-40-40 is a state law that determines the value of documents to be recorded with the Register of Deeds. It also outlines the exemptions to the fees associated with recording. Under this law, the value of documents is determined by the fair market value of the real estate or other interest conveyed, or the amount of debt secured or assumed, as applicable. The amount of the recording fee is then calculated based on the value of the document being recorded. There are several exemptions to the recording fees outlined in 12-40-40, including: 1. Deeds or other instruments of writing when the consideration is less than $500. 2. Releases of mortgage, deeds of trust, and assignments of mortgage or deed of trust when the consideration is less than $500. 3. Instruments of writing conveying real estate in which the granter or grantee is the state, county, or municipality. 4. Documents of writing conveying real estate for which no consideration is paid. 5. Deeds, mortgages, or other instruments of writing conveying or mortgaging real estate when the granter or grantee is a nonprofit or charitable organization. 6. Deeds, mortgages, or other instruments of writing conveying or mortgaging real estate when the granter is a trustee or personal representative of an estate. 7. Deeds, mortgages, or other instruments of writing conveying real estate when the consideration is less than $5,000. 8. Instruments of writing which are not required to be recorded with the Register of Deeds.
South Carolina Determination of "Value" and Exemptions to Recording Fees under 12-40-40 is a state law that determines the value of documents to be recorded with the Register of Deeds. It also outlines the exemptions to the fees associated with recording. Under this law, the value of documents is determined by the fair market value of the real estate or other interest conveyed, or the amount of debt secured or assumed, as applicable. The amount of the recording fee is then calculated based on the value of the document being recorded. There are several exemptions to the recording fees outlined in 12-40-40, including: 1. Deeds or other instruments of writing when the consideration is less than $500. 2. Releases of mortgage, deeds of trust, and assignments of mortgage or deed of trust when the consideration is less than $500. 3. Instruments of writing conveying real estate in which the granter or grantee is the state, county, or municipality. 4. Documents of writing conveying real estate for which no consideration is paid. 5. Deeds, mortgages, or other instruments of writing conveying or mortgaging real estate when the granter or grantee is a nonprofit or charitable organization. 6. Deeds, mortgages, or other instruments of writing conveying or mortgaging real estate when the granter is a trustee or personal representative of an estate. 7. Deeds, mortgages, or other instruments of writing conveying real estate when the consideration is less than $5,000. 8. Instruments of writing which are not required to be recorded with the Register of Deeds.