Get the Scoop on the South Carolina Real Estate Contract

Standardized Legal Documents Get the Scoop on the South Carolina Real Estate Contract

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:

  1. Lease agreement
  2. Assignment contract
  3. 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:

Sale of Real Estate

  • South Carolina Home Sales Package
  • Contract for Sale of Real Estate—Residential
  • Contract for Sale of Real Estate—Commercial
  • Contract for Sale of Real Estate—Land or Lot
  • Counterproposal
  • Seller's Disclosure Statement
  • Lead Paint Disclosure
  • Sales Contract Amendment
Real Estate Contract Addendums
  • Contract Addendums
  • Extension
  • New Home Insulation
  • Environmental Assessment
  • Continued Marketing
  • Extension of Closing Deadline
  • Tax-Free Exchange Addendum
  • Release of Liability on Assumption
Other Real Estate Forms
  • Deeds of Trust
  • Promissory Notes
  • Contract for Deed
  • Closing Forms
  • Power of Attorney
  • Mortgage Satisfaction
  • Mortgage Assignment
  • Heirship Affidavits
  • Real Estate Partnership
  • First Refusal Agreement
  • Landlord-Tenant Forms
  • Uniform Loan Application
  • Assumptions
  • Foreign Person Affidavit
  • Construction—Mechanic Liens
  • Tax-Free Exchange Agreement

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?

PartiesFull names of the buyer, seller, and co-owners (if there are any)
Purchase priceRoughly calculated price of the property or a predetermined price
Property descriptionProperty’s address (lot, block, city, and county), size, and any personal property that might be included
Closing detailsClosing costs and date of the exchange
Earnest moneyAmount of earnest money and the preset due date for paying the deposit
Property conditionRequired disclosure statements and inspection documents
SignaturesSignatures 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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Buying or selling a property is not the only time you’ll need a contract. Many situations in life call for a written agreement, but not everyone is experienced enough to write them. If you don’t want to spend money on lawyers and don’t find contract templates reliable enough, we have a perfect solution for you!

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