Selling your home can be both exciting and stressful. You want the best price and you are hoping it sells quickly. You’re also focused on searching for your next home and the many details involved in moving. With all the different pieces involved in selling and buying a home, you may worry that something could slip through the cracks. If you are in the process of selling your home in South Carolina, utilize this legal checklist to help make sure you have everything covered.
When you are selling your home in South Carolina, it is important that you ensure that you have paid all property taxes that you owe before transferring the property. Please DO NOT pay property taxes in advance.
Under the new 2018 federal tax law, if you have owned your home and used it as your main residence for two of the last five years, you can exclude $250,000 of capital gains if you are filing as single or $500,000 if you are filing as married. Speak to you accountant or CPA regarding whether you should claim a gain on your property.
South Carolina law requires that you make certain disclosures about your property to the buyer. These disclosures have to do with the condition of the property and any known defects. You can view a copy of South Carolina’s required disclosure statement here.
When you sell your property, in order to convey the property free of any debts or encumbrances, you may need to resolve any court judgments or tax liens on the property. Be sure to keep proof of payment!
If your property is part of a homeowners’ association, be sure to pay all of the membership dues you owe before conveying the property.
An experienced real estate lawyer can be a valuable asset when selling your home, particularly when it comes to navigating your way through the items listed above. If you have questions about any of these items, ask your real estate attorney for more information.
Every situation is different and you may have additional legal considerations when selling your home. If you are considering selling your South Carolina home or if you have already placed your home on the market, be sure to consider the information above and consult one of our experienced real estate lawyers for advice on your particular circumstances.