South Carolina Code 27-50-10. Definitions
(1) "Commission" means the South Carolina Real Estate Commission.
Terms Used In South Carolina Code 27-50-10
- Commission: means the South Carolina Real Estate Commission. See South Carolina Code 27-50-10
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Disclosure statement: means a residential property condition disclosure statement written on a form as required by this article and as promulgated by regulations of the commission. See South Carolina Code 27-50-10
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Owner: means each person having a recorded present or future interest in real estate who is identified in a real estate contract subject to this article, but does not include the owner or holder of a mortgage, deed of trust, mechanic's or materialman's lien, or other lien or security interest in the real property. See South Carolina Code 27-50-10
- Purchaser: means each person or entity named as a purchaser, buyer, or tenant in a real estate contract subject to this article. See South Carolina Code 27-50-10
- Real estate contract: means a contract for the transfer of ownership of real property. See South Carolina Code 27-50-10
- Real estate licensee: means an individual licensed under Title 40, Chapter 57. See South Carolina Code 27-50-10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: means the lot or parcel and the dwelling unit described in a real estate contract subject to this article. See South Carolina Code 27-50-10
(2) "Disclosure statement" means a residential property condition disclosure statement written on a form as required by this article and as promulgated by regulations of the commission.
(3) "Listing agent" means a real estate licensee who represents an owner of real property in the sale, lease, or other transfer of the subject real property through the use of a written listing agreement as required by law.
(4) "Owner" means each person having a recorded present or future interest in real estate who is identified in a real estate contract subject to this article, but does not include the owner or holder of a mortgage, deed of trust, mechanic’s or materialman’s lien, or other lien or security interest in the real property. This disclosure is limited to the actual residential dwelling and does not address common elements or areas for which the owner has no direct and primary responsibility.
(5) "Purchaser" means each person or entity named as a purchaser, buyer, or tenant in a real estate contract subject to this article.
(6) "Real estate contract" means a contract for the transfer of ownership of real property.
(7) "Real estate licensee" means an individual licensed under Title 40, Chapter 57.
(8) "Real property" means the lot or parcel and the dwelling unit described in a real estate contract subject to this article.
(9) "Selling agent" means a real estate licensee who represents a purchaser of real property through the use of a written agency agreement as required by law, a real estate licensee who is a subagent as defined by law who represents the owner, or a dual agent as defined by law who represents both the purchaser and owner.