S 0215 General Bill, By Elliott
Summary: Horizontal property regime
    A BILL TO AMEND SECTION 27-31-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ESTABLISHMENT OF A HORIZONTAL PROPERTY REGIME, SO AS TO PROVIDE IN THE EVENT A LESSEE, CO-OWNER, OR OWNER DESIRES TO PRE-SELL AN APARTMENT UNIT IN A CONDOMINIUM PROJECT, WHETHER OR NOT THE MASTER DEED HAS BEEN RECORDED, THE EARNEST MONEY DEPOSITS MUST BE PLACED IN A SPECIAL ESCROW ACCOUNT OR A SPECIAL BOND MUST BE OBTAINED; AND TO AMEND SECTION 27-31-130, RELATING TO WAIVER OF A REGIME, SO AS TO PROVIDE A VOTE OF TWO-THIRDS OF THE CO-OWNERS OF PROPERTY CONSTITUTED AS A HORIZONTAL PROPERTY REGIME MAY WAIVE THE REGIME, TO PROVIDE IF A CO-OWNER OR A CREDITOR ENCUMBERING HIS APARTMENT DOES NOT AGREE TO ACCEPT THE WAIVER, THE CO-OWNER MAY DEMAND THE CO-OWNERS WHO MADE THE WAIVER REQUEST AND THOSE CO-OWNERS CONSEQUENTLY MUST PURCHASE HIS APARTMENT AT FAIR MARKET VALUE, TO PROVIDE A MANNER FOR DETERMINING THIS FAIR MARKET VALUE, AND TO MAKE CONFORMING CHANGES.
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12/17/08	Senate	Prefiled
12/17/08	Senate	Referred to Committee on Judiciary
01/13/09	Senate	Introduced and read first time SJ-172
01/13/09	Senate	Referred to Committee on Judiciary SJ-172
01/23/09	Senate	Referred to Subcommittee: Malloy (ch), Ford, Massey, S.Martin, Mulvaney