Current Status Bill Number:506 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970311 Primary Sponsor:Land All Sponsors:Land Drafted Document Number:dka\4195mm.97 Companion Bill Number:3781 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Deed recording fee on transfer of realty by or to co-tenants based on value of transferred interest, Taxation, Property
Body Date Action Description Com Leg Involved
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Senate 19970311 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-24-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO LIABILITY FOR PAYMENT OF A DEED RECORDING FEE, SO AS TO PROVIDE THAT THE FEE ON THE TRANSFER OF REALTY BY OR TO CO-TENANTS IS BASED ON THE VALUE OF THE TRANSFERRED INTEREST IN THE REALTY AS DESCRIBED IN THE DEED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-24-20 of the 1976 Code, as added by Act 458 of 1996, is amended by adding:
"(C) This section is not to be construed as requiring multiple payments of the full fee in the case of a deed or deeds executed by or to co-tenants transferring a fee simple interest or a lesser interest. In all cases, the fee is computed based on the value of the interest transferred as described in the deed and not on the number of parties to the deed."
SECTION 2. This act takes effect upon approval by the Governor.