SC Deed - Affidavit of Consideration Exemptions

FOR INFORMATION ONLY - NOT TO BE ATTACHED TO DOCUMENTS BEING RECORDED EXEMPTIONS

Exempted are deeds:

( 1) transferring realty in which the value of the realty, as defined in code Section 12-24-30, is equal to or less than one hundred dollars;

( 2) transferring realty to the federal government or to the State, it's agencies and departments, and it's political subdivisions, including school districts;

( 3) otherwise exempted under the laws and Constitution of the United States or the laws or of Constitution of South Carolina;

( 4) transferring realty whereby no gain or loss is recognized by reason of Section 1041 of the Internal Revenue Code as defined in Section 12-6-40(A) of the South Carolina Code of Laws. This exemption will exempt transfers to a spouse and most transfers that are the result of a divorce;
 

( 5) transferring realty in order to partition realty as long as no consideration is paid for the transfer other than the interests in the realty that are being exchanged in order to partition the realty;

( 6) transferring an individual grave space at a cemetery owned by a cemetery company licenses under Chapter 55 of Title 39 of the South Carolina Code of Laws;

( 7) that constitute a contract for the sale of timber to be cut;

( 8) transferring realty to a corporation, a partnership, or a trust in order to become, or as a stockholder, partner or trust beneficiary of the entity provided no consideration is paid for the transfer other than stock in the corporation, interest in the partnership, beneficiary interest in the trust, or the increase in value in such stock or interest held by the grantor. However, the transfer of realty from a corporation, a partnership, or a trust to a stockholder, partner or trust beneficiary of the entity is subject to the fee even if the realty is transferred to another corporation, partnership, or trust.

( 9) transferring realty from a family partnership or from a family trust to a beneficiary, provided no consideration is paid for the transfer other than a reduction in the grantee's interest in the partnership or trust. A 'Family Partnership' is a partnership whose partners are all members of the same family. A 'Family Trust' is a trust whose beneficiaries are all members of the same family. 'Family' means the grantor and the grantor's spouse, parents, sisters, brothers, grandparents, children, stepchildren, grandchildren and the spouses and lineal descendants of any of the above.

(10) transferring realty in a statutory merger or consolidation from a constituent corporation to the continuing or new corporation;

(11) transferring realty in a merger or consolidation from a constituent partnership to the continuing or new partnership;

(12) that constitute a corrective deed or quit-claim deed used to confirm title already vested in the grantee, provided no consideration of any kind is paid or to be paid for the corrective or quit-claim deed.

(13) transferring realty subject to a mortgage to the mortgagee whether by a deed in lieu of foreclosure executed by the mortgagor or deed executed pursuant to foreclosure proceedings.

(14) transferring realty from an agent to the agent’s principal in which the realty was purchased with funds of the principal, provided that a notarized document is filed with the deed that establishes the fact that the agent and principal relationship existed at the time of the original purchase as well as for the purpose of purchasing the realty;

(15) transferring title to facilities for transmitting electricity that is transferred, sold, or exchanged by electrical utilities, municipalities, electric cooperatives, or political subdivisions to a limited liability company which is subject to regulation under the Federal Power Act (16 U.S.C. Section 791(a)) and which is formed to operate or to take functional control of the electric transmission assets as defined in the Federal Power Act.