South Carolina Code 27-50-30. Certain transfers excluded from scope of article
(1) pursuant to court order including transfers in administration of an estate, pursuant to a writ of execution, by foreclosure sale, by a trustee in bankruptcy, by a receiver, by eminent domain, and resulting from a decree for specific performance;
Terms Used In South Carolina Code 27-50-30
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Decedent: A deceased person.
- 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
- Fiduciary: A trustee, executor, or administrator.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- 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
- 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
- Trustee: A person or institution holding and administering property in trust.
- Writ: A formal written command, issued from the court, requiring the performance of a specific act.
(2) to a mortgagee from the mortgagor or his successor in interest in a mortgage if the indebtedness is in default, by a trustee pursuant to a deed of trust or to a mortgagee pursuant to a mortgage if the indebtedness is in default, by a trustee under a mortgagee pursuant to a foreclosure sale, or by a mortgagee who has acquired the real property at a sale conducted pursuant to a judgment and order of foreclosure;
(3) by a fiduciary in the course of the administration of a decedent‘s estate, guardianship, conservatorship, or trust;
(4) from one or more co-owners solely to one or more other co-owners;
(5) made solely to a spouse or a person or persons in the lineal line of consanguinity of one or more transferors;
(6) between spouses resulting from a divorce decree or support order or marital property distribution order;
(7) made by virtue of the record owner‘s failure to pay federal, state, or local taxes;
(8) to or from the federal government;
(9) to the State, its agencies and departments, and its political subdivisions including school districts;
(10) involving the first sale of a dwelling never inhabited;
(11) real property sold at public auction;
(12) to a residential trust;
(13) between parties when both parties agree in writing not to complete a disclosure statement;
(14) of a vacation time sharing plan as defined in § 27-32-10(9); and
(15) of a vacation multiple ownership interest as described in § 27-32-250.