The South Carolina Master Deed Declaration of Condominium is a legally binding document that outlines the rules, regulations, and rights associated with a condominium property in South Carolina. It serves as the governing document for the condominium community and provides important information for both owners and tenants. The Master Deed Declaration of Condominium establishes the legal entity responsible for the management and maintenance of the property, known as the condominium association or homeowners' association. It defines the boundaries of each individual unit, common areas, and limited common areas. It also outlines the rights and responsibilities of unit owners, including the use and enjoyment of common amenities such as swimming pools, gyms, and parking areas. Key provisions found in the South Carolina Master Deed Declaration of Condominium often include regulations on architectural guidelines, maintenance responsibilities, voting rights in the association, assessment fees, and the creation and enforcement of bylaws. These provisions are essential for the efficient operation and maintenance of the condominium community. In South Carolina, there are two main types of Master Deed Declaration of Condominium: 1. Commercial Condominium: This type of Master Deed Declaration of Condominium applies to properties that are primarily used for commercial purposes. Examples include office buildings, retail spaces, or mixed-use developments. 2. Residential Condominium: This type of Master Deed Declaration of Condominium is applicable to properties designed for residential purposes. It can include a variety of residential units such as apartment-style condos, townhouses, or detached homes within a planned community. Whether commercial or residential, the South Carolina Master Deed Declaration of Condominium is a crucial document that provides clear guidelines for the management, maintenance, and governance of condominium communities. It ensures harmony among unit owners while allowing for the effective administration and development of the property.
South Carolina Master Deed Declaration of Condominium
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How to fill out South Carolina Master Deed Declaration Of Condominium?
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The South Carolina deed recording fee is imposed for ?the privilege of recording a deed,? and is based on the transfer of real property from one person or business entity to another. The fee is generally imposed on the grantor of the real property, although the grantee may be secondarily liable for the fee.
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.
(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 master deed or lease creating and establishing the horizontal property regime shall be executed by the owner or owners of the real property making up the regime and shall be recorded with the register of mesne conveyance or clerk of court of the county where such property is located.
South Carolina Horizontal Property Act Section NameSection Number"Conversion of rental units to condominium ownership" defined§ 27-31-410Rights and duties of owners, landlords, and tenants when rental units are converted to condominiums; notices; offers; vacation; phased conversions§ 27-31-42034 more rows
The Horizontal Property Act (Act) applies to apartments/condominiums. This law provides details on how to set up a horizontal property regime, what must be included in the master deed/ lease and bylaws, record keeping requirements and allocation of expenses.
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.
This chapter may be cited as the `South Carolina Condominium Act'. Section 27-30-20. The purpose of this chapter is to recognize the condominium form of ownership of real property, and to establish procedures for the creation, sale, and operation of condominiums.
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.