A Rundown on the South Carolina Real Estate Contract
The prospect of buying a new home sounds fantastic up until the part when you have to sign a real estate purchase agreement. If you’re not a lawyer or real estate expert, understanding the elements of that type of legal document can be tricky—writing it can be even trickier.
This article will show you what the Palmetto State residents might encounter while signing a South Carolina real estate contract.
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What Is a Real Estate Contract?
A real estate contract documents the transaction between the buyer and seller of a property. It is a legally binding contract that outlines the terms and conditions of said transaction in a way that protects both parties.
Real estate contracts are a great way for a seller and buyer to express their expectations and negotiate terms accordingly. Once both parties are satisfied, they can sign the contract, making it valid and enforceable.
There are several types of real estate contracts, the most important being:
- Lease agreement
- Assignment contract
- Purchase agreement
Real Estate Contracts and Documents in South Carolina
Whether you’re the buyer or seller of the property, being involved in the real estate business means dealing with a lot of paperwork. Selling and purchasing a property in South Carolina involves numerous forms and contracts:
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Sale of Real Estate |
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| Real Estate Contract Addendums |
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| Other Real Estate Forms |
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What Should a South Carolina Real Estate Contract Cover?
In the following table, you can find the sections that a standard real estate contract in South Carolina should cover:
| Real Estate Contract Clause |
What Does It Include? |
| Parties | Full names of the buyer, seller, and co-owners (if there are any) |
| Purchase price | Roughly calculated price of the property or a predetermined price |
| Property description | Property’s address (lot, block, city, and county), size, and any personal property that might be included |
| Closing details | Closing costs and date of the exchange |
| Earnest money | Amount of earnest money and the preset due date for paying the deposit |
| Property condition | Required disclosure statements and inspection documents |
| Signatures | Signatures of the buyer, seller, and any other party involved |
South Carolina Real Estate Contract—Required Disclosures
South Carolina requires that a property seller includes disclosure statements when negotiating terms with the potential buyer. The purpose of these statements is to inform the buyer about the property’s current condition and previous issues.
Take a look at the required disclosures in the South Carolina real estate contracts:
- Lead-Based Paint Disclosure—If selling a property built in South Carolina before 1978, the property owner must include this disclosure to address the property’s history and notify the seller about precautions when it comes to getting in contact with lead-based paint
- Residential Property Condition Disclosure Statement—With this statement, the seller should inform the buyer about any known flaws and issues with the property. This disclosure expresses the seller’s current knowledge about the state of the property, but it doesn’t obligate them to perform a professional inspection
- Disclosure of Real Estate Brokerage Relationships—If a real estate transaction involves a real estate agent or broker, the real estate contract should disclose such a relationship to the buyer and seller
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