South Carolina Real Estate Purchase Contract

The South Carolina Real Estate Purchase Agreement allows the buyer and the seller to enter a bilateral agreement regarding purchasing a residential or commercial property unit with subsequent monetary investment. The concluded covenant produces mutual commitment and must contain all the information about the parties, pricing policy of the subject real estate, terms, and other conditions highlighted in the form template.

To complete a sales transaction, the seller is obliged to provide specific information to the buyer about the accommodation’s physical condition for further sales negotiation. The agreement terms are legally binding. Thus, once the parties sign the agreement, they should further adhere to the indicated requirements and follow their obligations. Neither party has the right to refuse to put their signature on the agreement form. In case of unforeseen circumstances provided in the contract, the parties to the transaction should act in accordance with the recommendations set out in the printable real estate purchase agreement.

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South Carolina Residential Purchase and Sale Agreement

The South Carolina Residential Purchase and Sale Agreement provides legal guarantees to the parties involved in transferring ownership over residential property. The seller and the buyer voluntarily agree to create a mutual legal commitment by signing such an agreement. The seller is obliged to transfer residential property in good condition and provide all the necessary documentation confirming the ownership rights. Meanwhile, the buyer becomes responsible for making the payments fully and in due time for the property unit.

The residential agreements differ depending on the property type you are willing to purchase. Thus, residential property purchase and sale agreement in the state may concern:

  • Single-family units
  • Condominiums
  • Duplexes (two-unit housing)
  • Triplexes (three-unit housing)
  • Fourplexes (four-unit housing)
  • Mansions
  • Apartments
  • Other residential real property

Thus, the document mentioned above establishes legal grounds for a sales transaction and the relationship between the parties to the deal. The terms of such agreements typically include information on the payments order, legal property description and its condition, title survey, personal info of both parties, and other aspects related to the matter. The parties may agree to use legal assistance to facilitate the signing process.

South Carolina Commercial Purchase and Sale Agreement

With the help of the South Carolina Commercial Purchase and Sale Agreement, the property owner and the buyer can close a transaction involving commercial property. Such deals are traditionally far more complicated than those with residential property. Therefore, the commercial real estate covenant is longer compared to the residential one.

The agreement serves to determine essential conditions and contingencies prior to the sales transaction. Usually, such agreements include the following:

  • Personal information of both the buyer and the seller
  • The legal description of the subject premises
  • Indication of personal property items
  • Purchase price and payments order (including deposits);
  • The inspection period agreed upon during negotiation
  • Required disclosures
  • Title survey and insurance data
  • Environmental policy
  • Conveyance and liabilities

Sure, this is not an exhaustive list of essential terms and conditions that go on a commercial real estate purchase covenant. However, you may use these focal points as a checklist to ensure you have discussed and included all the necessary data.

The document comes into force after both parties sign it in the presence of a licensed notary (of a notary public). Thus, the transfer of ownership rights over a commercial property unit may be considered completed.

Required Seller Disclosures in South Carolina

All agreements and covenants regarding real estate include certain disclosures that either one or both parties must sign and supply with the agreement form. Technically, the document works as a waiver by which the seller or the buyer warns the other party about potential dangers the premises pose or essential defects that need to be taken care of. In plain words, a disclosure provides liability relief.

Below, you will find a list of disclosures one must submit with the covenant in South Carolina:

  • Disclosure of Real Estate Brokerage Relationships (§40-57-370)

It is a report that describes the legal relationship between a real estate broker and a client. If you are using brokerage services during the property sales transaction, you should use this disclosure to report them. Also, the disclosure will help you ensure that all the services regarding real estate you are about to purchase are performed as per US law.

You can refer to the Estate Commission of South Carolina to get the revised template form and fill out the disclosure.

  • Lead-Based Paint Disclosure

This disclosure is used all over the United States. It is a very widespread document, and anyone who has ever bought or rented a house knows about it. According to federal regulations, the homeowners who are leasing or renting their dwelling units built before 1978 shall disclose the information about any lead-based paint traces they found in the house. After 1978, the federal government banned such paints as they were proven to be harmful to health and overall well-being. Thus, it is required to disclose their presence.

  • Residential Property Condition Disclosure

The primary purpose of this form is to help the parties agree on the dwelling unit condition. It includes the pipes, paint, ventilation, materials, land, adjacent territories, and other aspects that may influence the total price. This disclosure is signed in advance before the parties agree to enter any legal relations. If the parties do not agree on the premises condition and the total price, there will be no transaction and no real estate agreement.

Published: Jun 15, 2021