ASC 842 Lease Data Requirements: What Your Auditor Needs
A complete breakdown of the lease data fields required for ASC 842 compliance, what auditors verify, and how to prepare your lease data systematically.
By Angel Campa, Founder · Updated March 2026
South Carolina is a landlord-friendly commercial leasing state with limited statutory oversight of commercial lease relationships. Commercial tenancies are expressly excluded from the South Carolina Residential Landlord-Tenant Act (S.C. Code Ann. Title 27, Chapter 40), which applies only to residential dwellings. Commercial lease relationships in South Carolina are governed by common law, general property statutes under S.C. Code Ann. Title 27, and the negotiated lease document.
South Carolina does not permit commercial self-help evictions. Landlords must follow the Ejectment or Summary Ejectment process under S.C. Code Ann. Title 27 to recover possession through the court system. The state does not impose a commercial rent tax at the state or Charleston/Columbia municipal level. South Carolina courts strongly enforce commercial lease terms as written and have historically been resistant to implying duties or protections not expressly stated in the lease, making the abstraction of exact lease terms essential in this market.
The primary South Carolina property statute governing commercial lease relationships, landlord remedies, and ejectment procedures for commercial premises.
View statute →Provides the judicial framework for commercial landlords to recover possession of leased premises, requiring notice and a formal court action.
View statute →Applies exclusively to residential tenancies and explicitly excludes commercial leases, confirming that commercial leases in South Carolina are governed by contract law and common law.
View statute →| Type | Period | Details |
|---|---|---|
| Nonpayment of Rent | 5 days | Under S.C. Code Ann. Section 27-37-10, a commercial landlord must serve a 5-day written notice to pay rent or vacate before filing an Ejectment action for nonpayment of commercial rent. |
| Lease Violation (Non-Monetary) | 14 days | For material non-monetary lease violations, South Carolina requires a 14-day notice to cure or vacate before the landlord may commence Ejectment proceedings. |
| Month-to-Month Termination | 30 days | To terminate a month-to-month commercial tenancy in South Carolina, either party must provide at least 30 days' prior written notice before the end of the rental period. |
No statutory audit rights; governed entirely by negotiated lease terms.
South Carolina provides no statutory right for commercial tenants to audit landlord operating expenses or CAM charges. All audit provisions — including the look-back period, auditor qualifications, cost allocation, and the landlord's record retention obligations — must be expressly negotiated and documented in the lease. South Carolina courts apply strict contract interpretation, and lease audit clause limitations will generally be enforced as written.
Disclaimer: This page provides general information about commercial landlord-tenant law in South Carolina. It is not legal advice. Laws change frequently and local ordinances may impose additional requirements. Consult a licensed attorney in South Carolina for guidance specific to your situation.
A complete breakdown of the lease data fields required for ASC 842 compliance, what auditors verify, and how to prepare your lease data systematically.
How to calculate commercial lease rent escalations for fixed annual increases, CPI adjustments, and percentage rent. With worked examples.
What ASC 842 requires from lease abstracts: commencement dates, rent schedules, renewal options, discount rates, and embedded lease identification.
Upload your lease PDF and get 125+ structured fields extracted in minutes. Lextract flags state-specific clauses and risks. Just $20 per lease.
Upload Your Lease