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South Carolina
Limited Warranty Certificate Issued to Owner of Condominium Unit

South Carolina Limited Warranty Certificate Issued to Owner of Condominium Unit

Category:

Real Estate - Certificates

State:

Multi-State

Control #:

US-03106BG

Format:

Instant download

Description

This Limited Warranty Certificate has been prepared to comply with the requirements of the federal Magnuson-Mass Warranty-Federal Trade Commission Improvement Act enacted in 1975 (15 U.S.C. Section 2301); certain language is required by regulations promulgated by the Federal Trade Commission (16 C.F.R. Section 701.3).

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A horizontal-property act is a law that governs the ownership and management of cooperatives and condominiums. It sets out the rights and responsibilities of owners, tenants, and management companies.

What is horizontal property? Horizontal property refers to properties with different owners within a building. That is, it is the property that is segregated and that, therefore, each of the properties belongs exclusively to one owner. These people will also be the co-owners of common building elements.

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.

A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources. They pay condo fees, which cover maintenance costs, amenities, and the upkeep of common spaces.

Condominiums are regulated by the horizontal property acts enacted in most states. The four unities characteristic of a tenancy in common are possession, interest, title, and time.

SC HORIZONTAL. PROPERTY ACT. 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.

A Horizontal Property Regime (HPR) is a zoning policy which essentially allows for two new houses to be built on a piece of land that was previously zoned for just one house.

The South Carolina Horizontal Property Act, S.C. Code Ann. §§ 27-31-10, et. seq, (1976 Code, as amended) governs the formation, management, powers, and operation of horizontal property regimes that expressly elect to be governed by the Act by recording a master deed (or Declaration).

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