S 0212 General Bill, By Lourie, Elliott and Fair
 A BILL 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.

   12/13/06  Senate Prefiled
   12/13/06  Senate Referred to Committee on Labor, Commerce and Industry
   01/09/07  Senate Introduced and read first time SJ-124
   01/09/07  Senate Referred to Committee on Labor, Commerce and
                     Industry SJ-124

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.