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					                                   South Carolina General Assembly
                                       119th Session, 2011-2012

S. 371

STATUS INFORMATION

General Bill
Sponsors: Senator Thomas
Document Path: l:\council\bills\agm\18173ab11.docx

Introduced in the Senate on January 18, 2011
Currently residing in the Senate Committee on Judiciary

Summary: Closing agent defined


HISTORY OF LEGISLATIVE ACTIONS

    Date   Body Action Description with journal page number
 1/18/2011 Senate Introduced and read first time (Senate Journal-page 2)
 1/18/2011 Senate Referred to Committee on Judiciary (Senate Journal-page 2)

View the latest legislative information at the LPITS web site


VERSIONS OF THIS BILL

1/18/2011
 1
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 9                               A BILL
10
11   TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA,
12   1976, BY ADDING SECTION 27-1-65 SO AS TO DEFINE THE
13   TERM “CLOSING AGENT”, AND TO REQUIRE A CLOSING
14   AGENT WHEN DETERMINING THE CHAIN OF TITLE FOR
15   REAL PROPERTY BEING SOLD TO VERIFY AND
16   DISCLOSE IN WRITING TO THE BUYER WHETHER A
17   STRUCTURE EXISTING ON THE PROPERTY WAS BUILT
18   BY AN OWNER OF THE PROPERTY WITHOUT A
19   LICENSED CONTRACTOR PURSUANT TO SECTION
20   40-59-260; AND TO AMEND SECTION 27-50-40, AS
21   AMENDED, RELATING TO THE CONTENTS OF
22   RESIDENTIAL PROPERTY CONDITION DISCLOSURE
23   STATEMENTS, SO AS TO PROVIDE THESE STATEMENTS
24   MUST INCLUDE WHETHER THE SUBJECT PROPERTY
25   INCLUDES A STRUCTURE BUILT BY AN OWNER OF THE
26   PROPERTY FOR HIS OWN USE WITHOUT A LICENSED
27   CONTRACTOR PURSUANT TO SECTION 40-59-260.
28
29   Be it enacted by the General Assembly of the State of South
30   Carolina:
31
32   SECTION 1. Chapter 1, Title 27 of the 1976 Code is amended by
33   adding:
34
35      “Section 27-1-65. (A) As used in this section, „closing agent‟
36   means a person licensed to practice as an attorney in this State who
37   is handling the escrow on the sale of the real property.
38      (B) A closing agent when establishing the chain of title for real
39   property being sold must verify and disclose in writing to the
40   prospective buyer whether a structure existing on the property at
41   the time of the sale was built by an owner of the property without a
42   licensed contractor pursuant to Section 40-59-260.”

     [371]                            1
 1
 2   SECTION 2. Section 27-50-40(A) of the 1976 Code, as last
 3   amended by Act 141 of 2010, is further amended to read:
 4
 5      “(A) The owner of the real property shall furnish to a purchaser a
 6   written disclosure statement. The disclosure statement must
 7   contain the language and be in the form promulgated by the
 8   commission and the form may be delivered electronically through
 9   the Internet or other similar methods. The commission may charge
10   a reasonable fee for the printed form but shall post the form for
11   free downloading on its public website. The disclosure statement
12   must include, but is not limited to, the following characteristics
13   and conditions of the property:
14        (1) the water supply and sanitary sewage disposal system;
15        (2) the roof, chimneys, floors, foundation, basement, and
16   other structural components and modifications of these structural
17   components;
18        (3) the plumbing, electrical, heating, cooling, and other
19   mechanical systems;
20        (4) present infestation of wood-destroying insects or
21   organisms or past infestation, the damage from which has not been
22   repaired;
23        (5) the zoning laws, restrictive covenants, building codes,
24   and other land-use restrictions affecting the real property, any
25   encroachment of the real property from or to adjacent real
26   property, and notice from a governmental agency affecting this
27   real property;
28        (6) presence of lead-based paint, asbestos, radon gas,
29   methane gas, underground storage tank, hazardous material or
30   toxic material, buried or covered, and other environmental
31   contamination; or
32        (7) existence of a rental, rental management, vacation rental,
33   or other lease contract in place on the property at the time of
34   closing, and, if known, any outstanding charges owed by the tenant
35   for gas, electric, water, sewerage, or garbage services provided to
36   the property the tenant leases.;
37        (8) existence of a meter conservation charge, as permitted by
38   Section 58-37-50, that applies to electricity or natural gas service
39   to the property.; and
40        (9) whether a structure on the property was built by an
41   owner of the property without a licensed contractor pursuant to
42   Section 40-59-260.”
43

     [371]                             2
1 SECTION 3. This act takes effect upon approval by the Governor.
2                          ----XX----
3




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