Updated July 09, 2022
A South Carolina residential purchase and sale agreement contains the terms of a transaction to sell real estate. Essentially, a residential purchase and sale agreement is a contract containing various conditions established by the property owner (seller) and the individual offering to purchase their home (buyer). These conditions will include the closing date, purchase price, financing terms, and expiration date by which both parties must agree to the conditions. Ownership of the property can only be transferred legally if both the seller and buyer agree to the prescribed terms and sign the contract.
Table of Contents |
Realtor Version
South Carolina Association of Realtors
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Disclosures (2)
Lead-Based Paint Disclosure – If selling a property built before 1978, the seller must furnish the buyer with this disclosure which contains information on the dwelling’s history of lead-based paint.
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Property Condition Disclosure Statement (§ 27-50-40) – All property sellers must provide this condition report to buyers prior to completing a residential real estate agreement. This document details the seller’s current knowledge of the material condition of the property.
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If the seller is made aware of any inaccuracies after the disclosure statement had been made, the seller must disclose such defects prior to the closing (§ 27-50-60).
Commercial Property
Commercial Purchase Agreement – Use this document as a legal contract between a buyer and seller for commercial property transactions.
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