South Carolina at a glance
Checked against the sources cited, 2026-09-19
| Topic | What the law says, and where it says it |
|---|---|
| How foreclosure works here | South Carolina mortgage foreclosures go through the courts. The case is tried by the court, usually referred to a master-in-equity, and the judgment directs that the property be sold by the master or another court officer. Rule 71(a)-(b), SCRCP; S.C. Code Ann. §29-3-630; S.C. Code Ann. §29-3-650 Show the source textActions to foreclose liens or obtain partition of real property shall be tried by the court, and shall ordinarily be referred to a master pursuant to Rule 53. |
| Who holds foreclosure surplus | After a foreclosure sale, any surplus money is held by the court officer who made the sale, usually the master-in-equity. That officer sends a notice of the surplus to the parties who appeared in the case, holds a hearing on any claims that are filed, and if no claims are filed pays the fund to the mortgagor or lienor entitled to it. Rule 71(b)-(c), SCRCP Show the source textAny surplus moneys arising from the sale shall be held by the officer making the sale and shall be paid pursuant to Rule 71(c). |
| Claim window for foreclosure surplus | A party to the case, or a person who had a lien on the property, who claims the surplus must file a verified claim with the master or other sale officer within 45 days after the officer files the statement of receipts and disbursements. A claim that is not filed in that time is treated as abandoned and waived. If no claims are filed, the fund is paid to the mortgagor or lienor entitled to it, and if that person cannot be readily determined or located the fund is handled as an abandoned fund as provided by law. Rule 71(c), SCRCP Show the source textIf a claim is not filed within the said forty-five (45) day period, the same shall be considered abandoned and waived as to such surplus. |
| Tax sale excess proceeds | South Carolina sells tax-delinquent real estate at a public auction, and the owner has twelve months from the sale to redeem before a tax title (deed) is issued to the buyer. Any overage left after the taxes, costs and municipal tax liens belongs to the owner of record immediately before the end of the redemption period and is payable ninety days after the deed is executed. The local government keeps unclaimed overage in a separate account, and overage that is neither claimed nor assigned within five years of the tax sale date goes to that government's general fund. S.C. Code Ann. §12-51-130; S.C. Code Ann. §12-51-90(A) Show the source textIf neither claimed nor assigned within five years of date of public auction tax sale, the overage shall escheat to the general fund of the governing body. |
| Rules for recovery companies | For property that has been reported or turned over to the state's unclaimed property administrator, South Carolina law makes an agreement to pay someone to recover it unenforceable if the agreement is made within twenty-four months after the property was paid or delivered to the state. It is also a misdemeanor to seek, contract for or take a fee of more than fifteen percent of the value returned to the owner for locating that property. S.C. Code Ann. §27-18-360 Show the source textcompensation for locating or purporting to locate any property which he knows has been reported or paid or delivered to the administrator pursuant to this chapter, in excess of fifteen percent of the value thereof returned to the owner |
How surplus funds arise in South Carolina
When a home in South Carolina is sold at a foreclosure sale or a tax sale for more than the debt and the costs of the sale, the money left over is surplus funds, also called excess proceeds or overage. It does not belong to the lender or to the buyer. Liens recorded behind the foreclosed debt are paid first, and what remains belongs to the former owner or to the owner's heirs. Read surplus funds explained for the general rules and liens and competing claims for the order of payment.
How a claim moves in South Carolina
We confirm the sale figures in the public record, identify which office in South Carolina is holding the money, and prepare and file the claim the way that office requires, advancing the costs. Because we bring the whole record with us, the claim does not stall on a missing document, a competing name or a missed date. See how to qualify for what we handle and what you provide. Notices about surplus are usually mailed to the last address on record, which is often the home that was sold, so do not wait for a letter. In South Carolina that program is the Unclaimed Property Program, South Carolina Office of the State Treasurer.
If the owner has died
The right to the money belongs to the estate. Depending on the size of the estate, South Carolina law may allow a simplified procedure, or a probate court may need to appoint a personal representative. See estate and heir recovery and probate assistance.
Working with a recovery company in South Carolina
South Carolina regulates this kind of service. For property that has been reported or turned over to the state's unclaimed property administrator, South Carolina law makes an agreement to pay someone to recover it unenforceable if the agreement is made within twenty-four months after the property was paid or delivered to the state. It is also a misdemeanor to seek, contract for or take a fee of more than fifteen percent of the value returned to the owner for locating that property. (S.C. Code Ann. §27-18-360)
Any agreement you sign, with us or with anyone else, has to follow that rule.
No out-of-pocket expense. Our only payment is a completion fee taken from the surplus once it is recovered. Where your state requires a licensed attorney for a court or probate filing, a licensed attorney handles it, and you still pay nothing out of pocket. Before you sign with anyone, read what a surplus funds scam looks like.
Questions about surplus funds in South Carolina
Enough to prove who you are and how you held the property: identification, the deeds, any notice you received, and, if the owner has died, the estate paperwork. We do the rest for South Carolina, from locating the funds to filing the claim.
After a foreclosure sale, any surplus money is held by the court officer who made the sale, usually the master-in-equity. That officer sends a notice of the surplus to the parties who appeared in the case, holds a hearing on any claims that are filed, and if no claims are filed pays the fund to the mortgagor or lienor entitled to it.
No out-of-pocket expense. We advance the costs and are paid a completion fee from the surplus only after it is recovered. Where a court or probate filing requires a licensed attorney, a licensed attorney handles it.