Title 27, Property and Conveyances

(A)(1) If, upon investigation by the Real Estate Commission, a person is found to be in violation of this chapter, the commission shall inform the person of the violation by certified mail, return receipt requested. If the commission finds the violation is of a minor nature, it m…

The Real Estate Commission is responsible for the enforcement and implementation of this chapter and the Department of Labor, Licensing and Regulation, at the request of the Real Estate Commission, shall prosecute a violation under this chapter. The commission shall promulgate re…

(A) A seller who files with the commission a vacation time sharing plan or an amendment to it which describes or concerns the vacation time sharing plan, accommodations, or facilities not substantially completed, upon request of the commission also shall file with the commission …

(A) An initial filing fee of ten dollars per each seven-day use availability, but not exceeding a maximum initial filing fee of five hundred dollars, must accompany an application for registration of a vacation time sharing plan. Upon amending an existing registration to add inte…

The commission may accept grants-in-aid from a private or public source and may contract with agencies charged with similar functions in this or other jurisdictions, in furtherance of the objectives of this chapter.

The gross proceeds from the sale or resale of a vacation time sharing plan and the exchange of an interest in a vacation time sharing plan are exempt from sales tax imposed by Chapter 36 of Title 12 pursuant to the provisions of Section 12-36-2120.

(A) Except as provided in subsection (B) of this section, a person desiring to engage in the sale of vacation time sharing plans on behalf of a seller shall first register with the commission. The registration must be submitted to the commission by the person on a form prescribed…

(A) A vacation time sharing plan for sale or offered for sale in this State must be registered with the South Carolina Real Estate Commission as follows: (1) Upon receipt of an application for registration in proper form, the commission must initiate an examination to determine t…

It is a violation of this chapter for a seller of vacation time sharing plans to: (1) sell, lease, encumber, or convey in any manner or to solicit or advertise those transactions unless the vacation time sharing plan has first been registered with the commission. (2) fail to make…

(A) There is created a special fund known as the " Vacation Time Sharing Recovery Fund", which must be maintained by the commission and funded as provided for the payment of claims to persons injured by the acts of persons registered or licensed pursuant to this chapter. (B) The …

(A) A person aggrieved by the conduct of a registrant or licensee may seek recovery from the Vacation Time Sharing Recovery fund if: (1) the facts giving rise to the applicant's claim occurred on or after January 1, 1982, and were based on a specific violation of this chapter; (2…

These limitations apply to payments from the recovery fund: (1) Only the applicant's actual damages are paid from the recovery fund. An applicant may not recover punitive, special, or consequential damages or attorney's fees. (2) The fund is not liable for more than five thousand…

(A) A person registered or licensed pursuant to this chapter and a person claiming an interest in the fund shall submit to the decision of a Board of Arbitrators, which is final and binding. The Board of Arbitrators must be composed of three arbitrators, one chosen by the applica…

(1) For purposes of property taxation, a time share unit operating under a vacation time sharing ownership plan as defined in item (7) of Section 27-32-10, must be valued in the same manner as if the unit were owned by a single owner. The total cumulative purchase price paid by t…

(1) Trusts, partnership interests, undivided interests as tenants in common, corporate shares, or other membership or use interests in a dwelling unit, in which thirteen or fewer undivided interests, corporation shares, partnership interests, trust interests, or other membership …

It is a violation of this chapter for a person offering vacation time sharing plans for sale to the public to fail to keep among its business records a: (1) copy of each item required to be submitted to the commission pursuant to Section 27-32-20; (2) copy of the contract from ea…

This article may be cited as the "Timeshare Lien Foreclosure Act".

The purposes of this article are to: (1) recognize that timeshare estates are interests in real property used for vacation experience rather than for homestead purposes and that there are numerous timeshare estates in South Carolina; (2) recognize that the economic health and eff…

As used in this article: (1) "Assessment lien" means: (a) a lien for delinquent assessments as to timeshare estates; or (b) a lien for unpaid taxes and special assessments. (2) "Claim of lien" means a claim of a recorded assessment lien. (3) "Junior interest holder" means any per…

(A) A trustee may be any: (1) attorney who is an active licensed member of the South Carolina Bar in good standing or a law firm whose members include such an attorney; or (2) title insurance company, title insurance agent, or title insurance agency licensed to do business in thi…

(A) In order to foreclose a mortgage lien pursuant to this article, the following conditions must have been met: (1) The mortgage recorded in the public records of the county in which the timeshare estate being foreclosed is located must contain the following statement in conspic…

A trustee may exercise a power of sale provided that: (1) the requirements of Section 27-32-320 have been met and any substitution of trustee is filed for record in the public records of the county in which the timeshare estate is located; (2) there is a default by the obligor un…

(A) In any foreclosure proceeding under this article, the trustee is required to notify the obligor including persons in this State, outside of this State, or in foreign countries by delivering a written notice of default and intent to sell under Section 27-32-325 to the notice a…

(A) The notice of sale must set forth: (1) the names and notice addresses of the obligor, the record owner of the timeshare estate if different from the obligor, and the junior interest holders; (2) the name and address of the trustee; (3) a description of the existence of a defa…

(A) On the date the trustee conducts a sale, the trustee must execute a duly acknowledged certificate of compliance and must record the certificate of compliance in the public records of the county in which the timeshare estate is located. (B) In the certificate of compliance, th…

(A) The sale of a timeshare estate by public auction must be held in the county in which the timeshare estate is located, on the date and at the time and place designated in the notice of sale. (B) Any person, including the lienholder, may bid at the sale. The trustee may bid for…

(A) A sale conducted pursuant to Section 27-32-345 forecloses and terminates all interest in the timeshare estate of all persons to whom notice is given under Sections 27-32-325 and 27-32-330 and of any other person claiming by, through, or under such person. A failure to give no…

Ten days after a sale, absent the filing and service on the trustee of a judicial action to enjoin issuance of the trustee's deed to the timeshare estate or objecting to the sale on the grounds that the requirements of this article were not met by the trustee, the trustee must is…

(A) The trustee must apply the proceeds of the sale as follows: (1) to the expenses of the sale, including compensation of the trustee and a reasonable fee by the person who conducted the sale, if applicable; (2) to the amount owed set forth in the notice as required by Section 2…

(A) The trustee's deed must include the name and address of the trustee, the name and address of the buyer, the name of the obligor, including the owner of the timeshare estate on the date of the recordation of the notice of sale, and the name and address of the preparer of the t…

(A) The procedures set forth in this article do not impair or otherwise affect the continuing right to bring a judicial action to foreclose a mortgage lien or claim of lien which has not been satisfied by a sale conducted pursuant to Section 27-32-345. (B) Nothing in this article…

(A) It is a violation of this chapter for the seller of a vacation time sharing plan to fail to utilize and furnish the purchaser a fully completed copy of a contract pertaining to the sale at the time of its execution. The contract must include the: (1) actual date the contract …

This article may be cited as the "Time Sharing Transaction Procedures Act".

The General Assembly declares that the purposes of this article are to recognize that: (A) timeshare estates are interests in real property and have been so created and designated by a specific act of the legislature codified in Chapter 32, Title 27 of the 1976 Code; (B) timeshar…

(A)(1) The timeshare closing is considered to occur after the last of the following events: (i) the deed and other applicable instruments are submitted for recordation, or (ii) the closing date specified in the executed documents. Notwithstanding the above, in the case of an inst…

It is a violation of this chapter for the seller of vacation time sharing plans, or his assignees, to fail or refuse to honor a purchaser's request to cancel a contract as provided by Section 27-32-40 if the request is made; except that this section does not deny the seller the o…

This article may be cited as the "Vacation Time Sharing Plan Extension and Termination Act".

The General Assembly declares that the purposes of this article are to recognize that: (A) Vacation time sharing plans are created as authorized by statute with most of the older vacation time sharing properties based on a horizontal property regime structure, and many of these o…

(A) Unless the timeshare declaration provides a lower percentage, the vote or written consent, or both, of sixty percent of all eligible voting interests in a vacation time sharing plan may extend the term of the vacation time sharing plan at any time. If the term of a vacation t…

(A) Unless the timeshare declaration provides a lower percentage, the vote or written consent, or both, of sixty percent of all eligible voting interests in a vacation time sharing plan may terminate the term of the vacation time sharing plan at any time. If a vacation time shari…

The provisions of this article apply to all vacation time sharing plans in this State in existence on or after the effective date of this article and apply retroactively.

(A) Before engaging in any vacation time sharing resale services, a resale service provider must provide a written contract to the consumer vacation time sharing reseller that includes: (1) The name, physical address, telephone number, and website address, if any, of the resale s…

It is a violation of this chapter for a seller of vacation time sharing plans to: (1) fail to refund payments made by the purchaser pursuant to the contract and return a negotiable instrument, other than a check, executed by the purchaser in connection with the contract or servic…

It is a violation of this chapter for a seller of vacation time sharing plans, or his assignees, to misrepresent in any manner the purchaser's right to cancel provided by this chapter.

It is a violation of this chapter for a seller of vacation time sharing plans to sell, lease, assign, or otherwise transfer or encumber the seller's interest in the vacation time sharing plan or the accommodations or facilities to a third party when the sale, lease, assignment, o…

(A) A seller of a vacation time sharing plan shall deposit into an escrow account maintained by an independent third-party agent one hundred percent of the funds received from the purchasers of the plans. The deposit of the funds must be evidenced by an executed escrow agreement …