Real Estate Practice in South Carolina
South Carolina practice includes trust-account rules handled through the broker-in-charge and a mandatory residential property condition disclosure. This chapter covers trust money and seller disclosure duties.
Trust Accounts and Earnest Money
Client funds such as earnest money must be handled through the firm's trust (escrow) account, which the broker-in-charge maintains. A salesperson who receives money must deliver it promptly to the broker-in-charge, and trust funds must be kept separate from personal and business accounts. Commingling or converting trust money is one of the most serious license-law violations.
Residential Property Condition Disclosure
The South Carolina Residential Property Condition Disclosure Act (Title 27, Chapter 50) requires most sellers of residential property to provide the buyer a completed disclosure statement describing the known condition of the property. The seller is not required to inspect or to warrant the property but must answer honestly on the state form. Licensees must not help conceal known defects.
Advertising and Honest Dealing
Advertising must be truthful and must be conducted in the name of the brokerage; a salesperson may not advertise property independently of the firm. Licensees must disclose known material adverse facts and avoid misrepresentation. Accurate practice protects consumers and reduces the licensee's exposure to complaints and discipline.