South Carolina Real Estate Purchase Agreement

The South Carolina residential real estate purchase agreement (“purchase and sale agreement”) allows a home seller to enter into a legally binding contract for real property with a potential buyer. The main terms of the agreement consist of a purchase price, down payment, and the financing terms (if any). The parties may also enable the agreement to be subject to contingencies, for any agreed-upon terms. Once the form has been signed by both parties, each shall have the duty of specific performance to complete their end of the deal in order to facilitate a closing.

Do Sellers in South Carolina Have to Disclose Property Defects?

South Carolina does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in South Carolina

• Residential Property Condition Disclosure Statement . South Carolina law requires that an owner of residential real property shall provide to a purchaser this completed and signed disclosure statement prior to forming a real estate contract.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
• Disclosure of Real Estate Brokerage Relationships. For real estate transactions incorporating a sales agent or broker, clarification of the relationship to the buyer and seller must be outlined and established by all parties. The South Carolina Real Estate Commission form informs the buyer and seller of the duties of each type of agency and the right for the individual to elect to choose which one best suits their needs.

Frequently Asked Questions

How Do You Write a Real Estate Contract in South Carolina? In South Carolina, a real estate contract should include all the following information: the buyer and seller’s information, property details, pricing and financing, closing and possession dates beside any property insurance and conflict resolution contingencies. Read more » How Can You Get Out of a Real Estate Contract in South Carolina? You can get out of a real estate contract in South Carolina during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in South Carolina? The effective date of a real estate contract in South Carolina is the date that both the buyer and seller have agreed to all terms of the contract and have executed the contract. At this time, all of the contractual obligations will be bound and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in South Carolina? In South Carolina, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in South Carolina? To fill out a real estate contract in South Carolina, begin by filling in the names and addresses of both parties (the buyer and seller). Next, complete the property information, purchase price, along with the terms and conditions of the deal. Read more »