A new SC law H3886, commonly known as the South Carolina Homeowners Association Act
, now requires HOAs to make their rules and regulations public through their counties. It also requires listings - and listing agents - to disclose the operation of an HOA and the associated
fees in relation to the property they are selling.
At Flanagan Home Team, we've been doing that for much longer than the law requires for our sellers. Why? Because buyers and their agents recognize the full disclosure of that information, appreciate it, and bring offers with the full knowledge of what
they entail. In fact, we include the HOA documents with the listing to make it easier for buyers to bring offers.
And for our buyers, we've always gone the extra step to search public record and acquire the HOA documentation even when it hasn't been required.
Here are some of the other ways the new HOA Act is intended to help both current and future homeowners (as listed in the title of the law):
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 30
TO TITLE 27 SO AS ENACT THE "SOUTH CAROLINA HOMEOWNERS ASSOCIATION ACT", TO
PROVIDE NECESSARY DEFINITIONS, TO PROVIDE RECORDING REQUIREMENTS FOR THE
ENFORCEABILITY OF HOMEOWNERS ASSOCIATION GOVERNING DOCUMENTS, TO PROVIDE
REQUIREMENTS CONCERNING HOMEOWNERS ASSOCIATION RULES AND REGULATIONS, TO
PROVIDE HOMEOWNERS ASSOCIATIONS MUST COMPLY WITH CERTAIN NOTICE REQUIREMENTS
BEFORE ADOPTING ANNUAL BUDGET INCREASES, AND TO PROVIDE MAGISTRATES COURTS
HAVE JURISDICTION TO ADJUDICATE CERTAIN MONETARY DISPUTES BETWEEN HOMEOWNERS
ASSOCIATIONS AND HOMEOWNERS; AND TO ENACT THE "DEPARTMENT OF CONSUMER AFFAIRS
SERVICES FOR HOMEOWNERS AND HOMEOWNERS ASSOCIATIONS ACT", TO PROVIDE RELATED
DEFINITIONS, TO PROVIDE REQUIREMENTS OF THE DEPARTMENT OF CONSUMER AFFAIRS
CONCERNING THE RECEIPT AND PROCESSING OF COMPLAINTS INVOLVING HOMEOWNERS
ASSOCIATIONS, TO AUTHORIZE THE DEPARTMENT TO INCLUDE CERTAIN RELATED
INFORMATION AND EDUCATIONAL MATERIALS ON ITS INTERNET WEBSITE, TO PROVIDE THE
DEPARTMENT SHALL COMPILE AND ANNUALLY REPORT CERTAIN RELATED DATA TO THE
GOVERNOR AND THE GENERAL ASSEMBLY, TO PROVIDE THE DEPARTMENT SHALL POST THESE
REPORTS ON ITS INTERNET WEBSITE, TO PROHIBIT THE DEPARTMENT FROM PROMULGATING
CERTAIN RELATED REGULATIONS OR ISSUING CERTAIN RELATED GUIDELINES, AND TO
PROHIBIT THE DEPARTMENT FROM ARBITRATING DISPUTES BETWEEN HOMEOWNERS AND
HOMEOWNERS ASSOCIATIONS; AND TO AMEND SECTION 27-50-40, RELATING TO
RESIDENTIAL PROPERTY CONDITION DISCLOSURE STATEMENTS, SO AS TO REQUIRE THESE
STATEMENTS INCLUDE WHETHER PROPERTY IS SUBJECT TO GOVERNANCE OF A HOMEOWNERS
ASSOCIATION WHICH CARRIES CERTAIN RIGHTS AND OBLIGATIONS THAT MAY LIMIT USE OF
THE PROPERTY AND INVOLVE FINANCIAL OBLIGATIONS.
Ready to sell? Call our listing department at 843-547-9784
Ready to buy? Call our buying department at 843-203-0596