South Carolina Code 27-31-250. Repair or reconstruction; vote of co-owners; application of insurance proceeds
(1) repair or replacement is illegal under a state statute or local health ordinance; or
Terms Used In South Carolina Code 27-31-250
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Statute: A law passed by a legislature.
(2) eighty percent of the co-owners, including the owner of an apartment which is not to be rebuilt, vote not to rebuild; except that the property bylaws may expressly require a percentage greater, but not less than, eighty percent of the co-owners.
(B) The cost of repair or replacement in excess of insurance proceeds and reserve must be considered a common expense.
(C) If the entire property is not repaired or replaced, the insurance proceeds:
(1) attributable to the damaged common elements must be used to restore the damaged area to a condition compatible with the remainder of the property;
(2) attributable to apartments and limited common elements that are not rebuilt must be distributed to the owners of those apartments and to the owners of those apartments to which limited common elements were allocated, or to the lienholders, as their interests may appear;
(3) remaining must be distributed to all of the co-owners or lienholders, as their interests may appear, in proportion to the percentage as described in § 27-31-60.
(D) If the co-owners vote not to rebuild an apartment, that apartment’s allocated interest must be reallocated automatically upon the vote and the council of co-owners promptly shall prepare, execute, and record an amendment to the master deed reflecting the reallocations.