Diligence Addendum Form PDF Details

When purchasing or selling a piece of real estate, the Diligence Addendum form plays a critical role in the transaction process. It outlines key responsibilities and the window of time known as the "Due Diligence Period," offering buyers a specified number of business days from the effective date of the real estate agreement to conduct necessary inspections, request repairs, amend the contract, proceed with an "As Is" contract, or ultimately, terminate the agreement under certain conditions. For the termination to be valid, it requires the buyer to deliver a Notice of Termination and a Termination Fee within the allocated due diligence timeframe. Failure to do so locks the parties into the transaction, compelling the buyer to proceed with the purchase under the agreed terms, including buying the property "As Is" if no new amendments are made or the contract is not terminated. This period allows the buyer to thoroughly inspect the property and make informed decisions on how to proceed, ensuring protection for both parties involved. It also details how the earnest money is handled if the termination option is exercised or if the purchase progresses. Authored and copyrighted by the South Carolina Association of REALTORS®, this document is a testament to the structured procedures set in place to foster transparency and fairness in real estate transactions.

QuestionAnswer
Form NameDiligence Addendum Form
Form Length1 pages
Fillable?No
Fillable fields0
Avg. time to fill out15 sec
Other namessc form due diligence, south carolina due diligence addendum, residential due diligence addendum form 311, sc contract addendum 311

Form Preview Example

DUE DILIGENCE ADDENDUM

The Parties agree as follows in reference to the Agreement to Buy and Sell Real Estate for the Property known as:

Address

 

 

 

 

 

 

 

 

 

 

 

 

Unit #

 

City

 

 

 

 

 

 

 

 

SC Zip

 

County

 

Lot

 

 

Block

 

Section/Phase

 

Subdivision

 

 

 

 

 

The DUE DILIGENCE PERIOD ends no later than

 

 

Business Days after the original Effective Date unless the

Parties agree in writing to extend the DUE DILIGENCE PERIOD.

 

 

 

 

During the Due Diligence Period, Seller agrees Buyer may choose any of the following:

(1)Conduct/obtain Inspections

(2)Deliver Repairs Request(s) Notice to Seller

(3)Proceed under amended Contract

(4)Proceed under As Is Contract

(5)Terminate Contract by Delivering "Notice of Termination" and "Termination Fee" to Seller

TERMINATION: During the Due Diligence Period, Buyer may unilaterally terminate this Contract by Delivering to

the Seller both Notice of Termination and a Termination Fee of $

 

USD Good Funds.

Termination Fee paid to Seller by payment or, by release to Seller an appropriate amount of Earnest Money or, by a combination of payment to Seller and an appropriate amount of Earnest Money (Escrow Agent shall timely disburse upon Buyer timely signing any required Earnest Money disbursement agreement for payment of the Termination Fee). If Seller receives the Delivered Notice of Termination and the full Delivered Termination Fee during the Due Diligence Period, any remaining Earnest Money shall be returned to the Buyer. Should Buyer not Deliver Notice of Termination and all of the Termination Fee to Seller prior to the end of the Due Diligence Period, Buyer agrees to purchase and Seller agrees to sell the Property in accordance with Contract.

SHOULD BUYER FAIL TO REACH A NEW/AMENDED CONTRACT OR TERMINATE THE CONTRACT: The Buyer agrees to buy and Seller agrees to sell the Property AS IS. Parties agree "As Is" means Buyer buys the Property for the Purchase Price while Seller maintains the Property from the Effective Date through Closing subject to normal wear without repair or replacement and sells the Property for the Purchase Price unless otherwise agreed upon in writing by the Parties in this Contract.

IN WITNESS WHEREOF, this Contract has been duly executed by the Parties.

BUYER:

 

Date:

 

Time:

WITNESS:

 

Date:

 

Time:

BUYER:

 

Date:

 

Time:

WITNESS:

 

Date:

 

Time:

SELLER:

 

Date:

 

Time:

WITNESS:

 

Date:

 

Time:

SELLER:

 

Date:

 

Time:

WITNESS:

 

Date:

 

Time:

REALTOR® is the registered collective membership mark which may be used only by those real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® and who subscribe to its strict professional Code of Ethics. The South Carolina Association of REALTORS® (SCR) owns copyright to the content of this form and expressly prohibits the display, distribution, duplication, transmission, alteration, or reproduction of any part of SCR copyright content as well as the use of the name "South Carolina Association of REALTORS®" in connection with any written or electronic format without the prior written consent of SCR.

 

 

 

 

 

 

 

 

 

 

 

© 2013 South Carolina Association of REALTORS®. 8/2013

[

 

] BUYER

[

 

] BUYER

[

 

] SELLER

[

 

] SELLER HAVE READ THIS PAGE

FORM 311

PAGE 1 of 1

 

 

 

 

United Country Joe Williams & Assoc.,263 Hampton St. Walterboro,SC 29488

 

 

PHONE: 843-549-2314

FAX: 843.549.1934

Untitled

Joe B Williams

 

 

Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com

 

 

 

 

 

 

 

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sc due diligence writing process clarified (portion 1)

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