Welcome back to our channel! Today, we're diving into the unique aspects of buying and selling real estate in South Carolina. Whether you're a first-time homebuyer or a seasoned investor, these five points will give you some valuable insights into the SC real estate market.
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🤔Thinking of moving to Greenville, South Carolina?
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📨Email: mark@ruckerandassociates.com
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1. Real Estate Closing Agents (SC is an Attorney State)
In South Carolina, real estate closings must be conducted by a licensed attorney. This means that an attorney will handle all the legal paperwork and ensure the transaction is smooth and lawful. It's a bit different from other states where title companies or escrow agents might handle closings.
2. SC State Sales Contract
South Carolina has its own standardized state sales contract. This contract is designed to protect both buyers and sellers, ensuring that all the necessary legal requirements are met. It’s a crucial document you’ll want to familiarize yourself with if you’re buying or selling property here.
3. Taxes
Property taxes in South Carolina can vary significantly based on the property's location and its use. South Carolina has relatively low property taxes compared to other states, but there are important nuances, like the 4% vs. 6% tax assessment rates for primary residences and investment properties, respectively.
4. Termite Bonds
Termite damage is a serious concern in South Carolina due to the warm and humid climate. Termite bonds are insurance policies that protect homeowners from the costs associated with termite damage. These bonds are often transferable to new owners, making them a valuable asset in a real estate transaction.
5. MLS (Multiple Listing Service)
The Multiple Listing Service (MLS) is a powerful tool for real estate professionals in South Carolina. It’s a comprehensive database of available properties that helps agents find the perfect home for their clients. Understanding how to navigate the MLS can give your realtor a significant advantage in the competitive SC real estate market.
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