On May 17th, the South Carolina legislature passed significant legislation regulating various aspects of HOA governance and administration. There has been a lot of discussion about this legislation over the past several months due to some ambiguous language.
Henderson Properties highly recommends that all South Carolina associations work with their attorney to ensure compliance with the new law. Please contact your CAM to start this process immediately if you have not already! For those in North Carolina, keep in contact with your CAM and association attorney for the latest legal updates.
We have consulted with numerous law firms regarding this legislation and can recommend a firm to your association. Below is a summary from Sellers, Ayers, Dortch & Lyons, P.A.
South Carolina Homeowners Association Act
Department of Consumer Affairs for Homeowners and Homeowners Associations Act
Amendments to Residential Property Condition Disclosure Requirements
In addition to these two new Acts, Section 27-50-40(A) of the S.C. Code has been amended to clarify the disclosure obligations of real property owners who are seeking to sell their property, including their obligations to disclose the existence of a homeowners association.
Source: Sellers, Ayers, Dortch & Lyons, P.A.