This form is an order to conditionally approve a disclosure statement.
South Carolina Order Conditionally Approving Disclosure Statement, etc - B 13S
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FAQ
The seller is obligated to complete a disclosure statement in which any possible material defects should be noted. The licensee is responsible for advising the seller of this duty and for providing an appropriate form for the seller's use.
The Residential Property Disclosure Act, codified as North Carolina G.S. 47E, requires the seller of residential real estate (one to four dwelling units) to complete a form?known formally as the Residential Property and Owners' Association Disclosure Statement?disclosing conditions and defects with the property.
The South Carolina Code of Laws (Title 27, Chapter 50, Article 1) requires that an owner of residential real property (single family dwelling unit or a single transaction involving transfer of four dwelling units or less) shall provide to a purchaser this completed and signed disclosure statement prior to forming a ...
Property owners are responsible for completing the statement fully and honestly, not home inspectors. If a pest control report is provided to help explain a "yes" response in the disclosure statement, the owner isn't liable for inaccurate or incomplete information in the report.
The statute requires that the disclosure statement include information on: (1) the water supply and sanitary sewage disposal system; (2) the roof, chimneys, floors, foundation, basement, and other structural components; (3) the plumbing, electrical, heating, cooling, and other mechanical systems; (4) past or present, ...
The disclosure statement is a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor's plan of reorganization.
Owner is solely responsible to complete this disclosure as truthfully and fully as possible. Owner and purchasers are solely responsible to consult with their attorneys regarding any disclosure issues.
South Carolina requires a seller of residential property to disclose known defects, damages, and other issues to a potential buyer prior to entering into a contract for sale. While the form is required by law, it is often completed incorrectly or not at all.