BIC Tip of the Week

Is Your Knowledge Up To Date?

Please be aware that the South Carolina Disclosure of Real Estate Brokerage Relationships has been updated.

The primary updates are found at the bottom of Page 3, where the following language has been added:

“By signing this disclosure, you are not agreeing to pay a commission or any other compensation to a brokerage firm. The amount, rate, and source of any compensation for brokerage services will be specified in a separate agreement. Commissions are fully negotiable and not set by law.”

Additionally, there is a new signature line for the Brokerage at the bottom of the form. At our firm, this can be signed by you, the agent, as a representative. Please take the time to read through the document in its entirety. If you have any questions, feel free to reach out to a BIC.

Furthermore, “Substantive Contact” is now officially defined in South Carolina license law as:
“Contact in which a discussion or dialogue between the consumer and the supervised licensee or broker-in-charge moves beyond casual introductory talk to a significant conversation regarding the buyer’s or seller’s motives or objectives, financial qualifications, and other confidential information that, if disclosed, could harm the consumer’s bargaining position.”(S.C. Code Ann. § 40-57-30(38) (2024)).

It is important to note that the Real Estate Commission considers “substantive contact” to occur when a licensee shows a property to a buyer. Therefore, the updated “Disclosure of Brokerage Relationships” form (Revised 10/24) must be provided before showing any property.

As always please direct any questions to your BIC Team!