South Carolina Affidavit For Taxable Or Exempt Transfers
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How to fill out South Carolina Affidavit For Taxable Or Exempt Transfers?
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FAQ
SECTION 12-24-70. Affidavits. (A)(1) The clerk of court or register of deeds shall require an affidavit showing the value of the realty to be filed with a deed. The affidavit required by this section must be signed by a responsible person connected with the transaction, and the affidavit must state that connection.
In South Carolina, the grantor must sign the deed in front of two witnesses and in the presence of an individual authorized by the state to administer an oath. Record the completed deed at the local county Recorder's office, along with an Affidavit of True Consideration (S.C. Code Ann. 12-24-70(A)(1)).
In South Carolina, the formula for the transfer tax, mostly referred to as deed stamps, is $1.85 per $500 of consideration; this is the combined amount for city, county and state taxes. If the consideration is $100,000, the transfer tax is $370, and paid directly to the County Register of Deeds by the closing attorney.
It is customary for the seller of the property to pay all real estate transfer taxes in South Carolina. The transfer taxes are usually due at the time of closing, alongside other fees such as appraisal fees or agent fees.
The prior owner conveying the property is primarily responsible for payment, and the new owner is secondarily responsible. The deed-recording fee rate is $1.85 for each $500.00 of the real estate's value.
All taxes shall be levied on uniform assessment. Taxes for township, school, municipal and all other purposes provided for or allowed by law shall be levied on the same assessment, which shall be that made for county taxes.
For property valued between $100 and $500, the deed recording fee is at $1.85 of the realty's value. For property valued over $500, the rate is $1.85 per each $500 increment. A portion of the fee goes to the state, and the other goes to the county.
It is customary for the seller of the property to pay all real estate transfer taxes in South Carolina. The transfer taxes are usually due at the time of closing, alongside other fees such as appraisal fees or agent fees.