A South Carolina real estate purchase agreement will outline all the terms that both the buyer and seller must agree upon before entering a legally binding relationship through a contract.
As in many other states, South Carolina residential purchase agreements must enable all the clauses to be subject to contingencies. When both the buyer and seller sign the document, they'll have to comply with all the document details so that they can complete the transaction.
If you want to sell real estate, the following page will walk you through creating a residential real estate agreement in South Carolina.
Residential Real Estate Agreement
Here's everything you should include in a residential purchase contract for your real property:
- Information of All Parties Involved
- Property Description
- Purchase Price, Payment Manners, and Effective Date/Closing Date
- Financing Terms (if applicable)
- Bankruptcy Clauses
- Possession of the Property
- Governing Law
- Dispute Resolutions
- Binding Effects
You must also outline the right of both parties to have multiple copies of the document in case of any disputes. Each copy should be signed for it to be legally compliant.
Do You Need a Disclosure Statement for a Residential Purchase Document in South Carolina?
Yes. Sellers in South Carolina must include a disclosure statement, which is a condition report that outlines the seller's current knowledge about any material defects within the property.
If the residential purchase agreement doesn't have this document with the buyers' prior knowledge about any defects, they could get sued for fraud. Both parties must sign this document.
Other Real Estate Mandatory Disclosures
Lead-based Paint: If the document details an agreement for a property built before 1978, the seller must include information about the dwelling's history of this hazardous material (according to the seller's current knowledge) and its potential threats to a person's health. Sellers can't hide such information willfully, or they could get sued.
Real Estate Brokerage Relationships: The seller must outline if they're including a sales broker or agent in the transaction. On the other hand, if the buyer does this, they may only do it with buyers' prior knowledge and include a clause too.
Coastal Tidelands and Wetlands: In case the property is located completely or partially seaward of a setback line, the seller must notify the buyer and include a local erosion rate in the purchase and sale agreement.
Once both parties sign the purchase and sale document, they must comply with their duty of specific performance, meaning they must follow their deal requirements in order to get to a closing.
If you need further help with your real estate purchase contract or any other document, make sure to check DoorLoop's website.
Extra Resources for South Carolina Sellers
South Carolina Eviction Laws: The Process & Timeline In 2023
South Carolina Security Deposit Laws | Deductions & Rights
South Carolina Squatter's Rights & Adverse Possession Laws
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What's a "Purchase Price"?
It's the final selling price that property sellers and buyers agreed to. This price includes deposits and extra costs associated with the purchase and sale agreement.
Can You Cancel a Sale Agreement?
You can walk away from a purchase and sale agreement before you sign it. If the buyer makes an offer, and you don't like it, you can reject it and cancel the sale.
On the other hand, if the buyer's contingencies aren't met, you can also cancel the sale agreement.
Do You Need an Attorney to Sell a House in South Carolina?
Yes. It's required by law that property sellers hire an attorney to oversee the transaction and closing process.
What Do You Need to Include in Your South Carolina Real Estate Agreement?
You must include many different clauses that outline the conditions of selling the property, including the information of all parties involved, the description of the property, payments, closing dates, and more.