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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 40-5-90 SO AS TO PROVIDE THAT THE CLOSING ATTORNEY-AT-LAW INVOLVED IN A RESIDENTIAL REAL ESTATE TRANSACTION REPRESENTING THE PURCHASER WHERE THE PURCHASER INTENDS TO OCCUPY THE PROPERTY AS HIS PRINCIPAL RESIDENCE MUST PROVIDE THE PURCHASER AT CLOSING WITH AN APPLICATION FORM DEVELOPED BY THE DEPARTMENT OF REVENUE WHICH WILL ENTITLE THE PURCHASER TO RECEIVE A FOUR PERCENT ASSESSMENT RATIO ON THE PROPERTY AND ALSO THE HOMESTEAD EXEMPTION IF THE PURCHASER QUALIFIES AND TO PROVIDE THAT THE CLOSING ATTORNEY SHALL REQUEST THE PURCHASER TO EXECUTE THE FORM AS APPROPRIATE AND SHALL TRANSMIT IT TO THE APPLICABLE COUNTY ASSESSOR FOR PROCESSING.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 5, Title 40 of the 1976 Code is amended by adding:
"Section 40-5-90. The closing attorney-at-law involved in a residential real estate transaction representing the purchaser where the purchaser intends to occupy the property as his principal residence based on loan certifications or based on representations to the attorney after notifying the purchaser of the property tax benefits referenced below must provide the purchaser at closing with an application form developed by the Department of Revenue which will entitle the purchaser to receive a four percent assessment ratio on the property and also the homestead exemption if the purchaser then qualifies for the exemption or would qualify the following year by reaching age sixty-five during the year of closing. The closing attorney shall request the purchaser to execute the form as appropriate and shall transmit it to the applicable county assessor for processing. County assessors are required to accept the form as an application for the four percent assessment ratio or the homestead exemption, or both, if the form is properly completed. The provisions of this section are in addition to all other requirements of law relating to applications for a four percent assessment ratio or the homestead exemption."
SECTION 2. This act takes effect January 1, 2008.
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