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The Galleria 9626 N. Kings Hwy
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*Updated February 15th, 2024
Are you a South Carolina agent looking to get your North Carolina real estate license, or vice versa? At Pinnacle Real Estate Academy, we’re here to help you become an expert in both markets. In this blog, we’ll highlight eight major differences between North Carolina and South Carolina real estate law to make your transition as seamless as possible.
Disclosure Requirements
North Carolina is a caveat emptor state, otherwise known as a “buyer beware” state. This means that even though the state requires sellers to complete a comprehensive Residential Property Disclosure Statement, the sellers are within their rights to mark “no representation” to some or most of the items listed (even if they know one way or the other about material facts). South Carolina’s Residential Property Condition Disclosure Statement is a bit more limited. Also, while sellers have the option to mark “no representation”, if they do so and are found to have known one way or the other they can be held liable for non-disclosure of material facts.
Offer Acceptance Timeframe
In North Carolina, there is no specific legal timeframe for sellers to accept or reject an offer, allowing negotiations to continue until a mutual agreement is reached. In South Carolina, the offer and acceptance process is more structured, with a specified time period for the seller to respond, after which the offer becomes void if not accepted.
Zoning and Land Use Regulations
North Carolina and South Carolina both have zoning and land use regulations; however, they differ in their implementation and enforcement. In North Carolina, zoning laws are primarily controlled by local governments, with municipalities and counties responsible for creating and enforcing these regulations. In South Carolina, zoning laws are a combination of state and local regulations, with the state government playing a more active role in the process.
Foreclosure Process
The foreclosure process in North Carolina is primarily non-judicial, which means that lenders can foreclose on a property without going through the court system. Instead, they must follow the guidelines outlined in the deed of trust and provide proper notice to the borrower. South Carolina, on the other hand, utilizes a judicial foreclosure process, requiring lenders to obtain a court order to foreclose on a property, giving borrowers more opportunities to contest the foreclosure.
Licensing Requirements
North Carolina requires prospective real estate agents to complete a 75-hour pre-licensing course, pass the state licensing exam, and complete 90 hours of post-licensing education courses. In South Carolina, aspiring agents must complete 90 hours of education, which includes the 60-hour pre-licensing course and the 30-hour advanced principles course. These courses can be taken in any order and prospective agents can opt to take the state licensing exams before or after completing the advanced principles course.
Continuing Education
Both states require real estate agents to complete continuing education to maintain their licenses. North Carolina mandates 8 hours of continuing education per year, including a 4-hour mandatory update course and 4 hours of electives. South Carolina requires 10 hours of continuing education every two years, with a mandatory 4-hour core course and 6 hours of electives.
Types of Licenses
North Carolina offers two types of real estate licenses: provisional broker and broker. A provisional broker must work under the supervision of a broker-in-charge and complete post-licensing education to become a full broker. Once a full broker, the agent can opt to take further courses to procure BIC eligible and BIC status for their broker license. South Carolina has three types of licenses: salesperson, broker, and broker-in-charge. A salesperson must work under a broker-in-charge, while brokers can work independently or supervise salespersons.
Property Transfer Taxes
North Carolina imposes a transfer tax, known as an excise tax, on real property sales. The tax rate is typically $1 per $500 of the property’s sale price, though the rate may vary by county. South Carolina, on the other hand, imposes a deed recording fee, also known as a documentary stamp tax. The rate is $1.85 per $500 of the property’s sale price, which applies statewide.
While North Carolina and South Carolina share some similarities in their real estate laws and practices, there are several key differences that real estate agents should be aware of when transitioning between the two states. By understanding the nuances in disclosure requirements, offer acceptance timeframes, zoning and land use regulations, foreclosure processes, licensing requirements, continuing education, types of licenses, and property transfer taxes, you can better serve your clients and successfully navigate the real estate market in both states.
At Pinnacle Real Estate Academy, our goal is to help you become an expert in both North Carolina and South Carolina real estate, ensuring your transition is smooth and efficient. Check out our South Carolina Pre-Licensing Course and our North Carolina Post-Licensing Courses to become a licensed agent!
