SC Vacation Rental Act
If you're considering purchasing or selling a vacation rental property in South Carolina, it's important to be familiar with the SC Vacation Rental Act. This law governs the rental of residential properties to tourists and has a number of implications for property owners and renters alike. Let's take a closer look at what the SC Vacation Rental Act is and how it may impact your purchase or sale of a home.
What is the SC Vacation Rental Act?
The SC Vacation Rental Act was enacted in 2014 and provides a framework for the rental of residential properties to tourists. It applies to properties that are rented for less than 90 consecutive days and are used primarily for vacation or leisure purposes. The law applies not only to landlords and tenants but also to Buyers and Sellers of Vacation Rental properties. It provides guidelines for rental agreements, security deposits, and other important aspects of the rental process.
How does the SC Vacation Rental Act impact property owners?
If you own a property that you plan to rent out to vacationers, you'll need to be familiar with the requirements of the SC Vacation Rental Act. Among other things, the law requires landlords to provide a written rental agreement that includes specific information about the property, the rental fees, and the terms of the rental agreement. Landlords are also required to collect a security deposit from renters and follow specific procedures for handling the deposit.
In addition, the SC Vacation Rental Act requires landlords to provide certain amenities and maintain the property in a safe and habitable condition. For example, landlords are required to provide working smoke detectors and ensure that the property is free from hazards that could cause injury to renters.
How does the SC Vacation Rental Act impact the purchase or sale of a home?
Perhaps the most important thing to know when buying or selling a vacation rental property is that the Buyer and Seller must honor all vacation rental bookings for a period of 90 days after the closing. This means your ability to take possession of the home you are purchasing will be subject to the rental schedule and therefore you will need to plan accordingly.
You'll also want to review any existing rental agreements and ensure that the property is in compliance with the law. When selling a property, you'll want to disclose any existing rental agreements and provide information about the property's rental history to potential buyers.
In addition, if you plan to continue renting out the property after the sale, you'll need to ensure that you are in compliance with the SC Vacation Rental Act and provide the necessary information to renters.
The SC Vacation Rental Act provides protections for both landlords and renters in South Carolina. If you're considering purchasing or selling a vacation rental property in the state, it's important to be familiar with the requirements of the law and ensure that you are in compliance. By following the guidelines provided by the SC Vacation Rental Act, you can help ensure a safe and enjoyable rental experience for all parties involved.
Check with an experienced Realtor like Matt DeAntonio at Carroll Realty on the Isle of Palms before buying or selling a vacation rental home. We have been navigating these issues and finding positive solutions to benefit everyone involved for three generations.