South Carolina Code 27-32-140. Materials required to be filed with plans concerning facilities not substantially completed
(1) a verified statement showing all costs involved in completing the property;
Terms Used In South Carolina Code 27-32-140
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(2) a verified statement of the time of completion of construction of the property;
(3) satisfactory evidence of sufficient funds to cover all costs to complete the property;
(4) a copy of the executed construction contract and other contracts for the completion of the property;
(5) a one hundred percent payment bond covering the entire cost of construction of the property;
(6) if purchasers’ funds are to be used for the construction of the property, an executed copy of the escrow agreement with an escrow company or financial institution authorized to do business within the State, which provides that:
(a) disbursements of purchasers’ funds may be made from time to time to pay for construction of the property, architectural, engineering, finance, and legal fees, and other costs for the completion of the property in proportion to the value of the work completed by the contractor as certified by a registered surveyor, architect, or engineer on bills submitted and approved by the lender of construction funds or the escrow agent;
(b) disbursements of the balance of purchasers’ funds remaining after completion of the property may be made only after the escrow agent or lender receives satisfactory evidence that the period for filing mechanics’ and materialmen’s liens has expired or the right to claim those liens has been waived or adequate provision has been made for satisfaction of any claimed mechanics’ or materialmen’s liens;
(c) other requirements of the commission relative to the retention and disbursement of purchasers’ funds have been met; and
(d) other materials or information required by the commission have been provided.
(B) The commission shall not register or issue an order approving a vacation time sharing plan unless the commission determines, on the basis of materials submitted by the seller, that the accommodations or facilities or additions to it will be completed.