Google+

LAWYERLISA

Real Estate Law. Estate Planning. Simplified.

LawyerLisa, LLC focuses on Real Estate Closings, Estate Planning, Probate Litigation, and Elder Law.  Our firm is here to provide clients with comprehensive solutions in a comfortable environment.  Let our experience lead you to the solutions you seek.

SC Heirs' Property Revamped for 2017

Beginning January 1, 2017, SC has enacted the Uniform Partition of Heirs' Property Act (SC Code 15-61-310, et seq).  Heirs' property is real property held as tenants in common that satisfies the following:

1. there is no agreement binding all the tenants regarding a partition of the property; AND

2. one or more of the tenants received title from a relative; AND

3. Either:

20% or more of the interests are held as cotenants by relatives; 

20% or more of the interests are held by an individual who received title from a relative; OR

20% or more of the cotenants are relatives.

Highlights:

The new law will apply unless all of the cotenants agree otherwise.

If the property is heirs' property, the court will determine the fair market value of the property by ordering an appraisal, unless all the cotenants agree on the value.

The property can be partitioned by sale (selling it and splitting the proceeds) or a cotenant can purchase another cotenant's portion (someone who requested the partition) for fair market value.

The full bill is available here.

This is a brief overview of some of the provisions of the new law, if you have questions, please contact our office at 803-563-5163 or at info@lawyerlisa.com

 

 

LawyerLisa, LLC 534 St. Andrews Road Ste B Columbia, SC 29210 Phone: 803.563.5163

LawyerLisa, LLC 5175 Sunset Boulevard Ste 1 Lexington, SC 29072 Phone: 803.832.1068

Serving: Anderson | Clemson | Columbia | Ballentine | Blythewood | Cayce | Chapin | Elgin |  Forest Acres | Fort Jackson | Gadsden | Gaston | Gilbert | Greenville | Hopkins | Irmo | Lake Carolina | Lake Murray | Laurens | Lexington | Pelion | Rock Hill | Red Bank | Seven Oaks | South Congaree | Springdale | St Andrews | Simpsonville | Swansea | West Columbia | White Rock