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
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.
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 email@example.com