What is a South Carolina Real Estate Contract?
A South Carolina real estate contract, also called a residential real estate purchase and sale agreement, is a legally binding contract executed by a buyer and a seller to facilitate the sale of real property. The purpose of this contract is to protect both parties throughout the property buying process. This is achieved by including certain requirements that each party must meet before the sale can be finalized.
For example, a buyer may be required to obtain financing and insurance before being eligible to move forward with the sale. On the other hand, a seller will be required to provide the buyer with disclosures about any issues or defects with the property.
Common South Carolina Real Estate Contracts
The most common South Carolina real estate contract is the South Carolina Association of Realtors agreement to buy and sell real estate. This fillable template ensures that all requirements of the real estate contract are addressed.
Other contracts commonly used in South Carolina include:
- Commercial property purchase agreement. Used when buying or selling a commercial property that is zoned for business purposes.
- Real estate assignment contract. Used when purchasing properties for investment purposes because the buyer can assign the contract to a third party.
- Lease agreement. Use when a property owner wants to lease or rent their property to a tenant.
4 Essential Elements of a South Carolina Real Estate Contract
South Carolina real estate contracts are governed by the Statute of Frauds. Under these laws, all contracts that involve buying or selling real property must be in writing. In addition to the writing requirement, all contracts need to include the following 4 essential contract elements:
- Mutual assent. The clear intent of both parties to enter the contract. Signatures are generally used as proof of mutual assent.
- Offer and acceptance. The contract must have a valid offer and an acceptance of the offer. In a real estate contract, the buyer makes the first offer.
- Consideration. The main element of the contract in which both parties exchange something of value. This can be a performance, forbearance, or a promise. In a real estate contract, consideration is usually the exchange of a property for the purchase price.
- Legality. The terms of the contract must be legal and cannot encourage either party to break the law.
What Information is a South Carolina Real Estate Agreement Required to Include?
Real estate contracts must contain specific information to facilitate the purchase and sale of real estate. In South Carolina, the following information should be included in all real estate contracts:
- Party information. The contract must identify the buyer and seller by name along with any realtors or lawyers assisting in the sale.
- Property details. The contract must clearly describe the property, including the address and legal description.
- Purchase price. The agreed upon purchase price and how it will be paid must be included in the contract.
- Contingencies. Conditions that must be met before the sale can be completed, such as the buyer obtaining financing or the property passing inspection.
- Earnest money deposit. The contract must state the amount of the earnest money deposit required by the seller.
- Disclosures. The contract must include all the disclosures required by the state of South Carolina, including a lead-based paint disclosure.
- Closing date. The date the sale will be finalized, payment made, and title transferred.
- Signatures. The contract must be signed by both the buyer and the seller to be legally binding and enforceable.
If the real estate contract is missing any of these required elements, it may be deemed invalid and unenforceable.
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Meet some of our South Carolina Real Estate Contract Lawyers
George L.
I am a corporate attorney with offices in Rock Hill, SC, and Lavonia, GA. My practice is focused on contracts, tax, and asset protection planning. I act as a fractional outside general counsel to over 20 businesses in 6 countries. When not practicing law, I can usually be found training my bird dogs.
Jonathan M.
Owner and operator of Meek Law Firm, PC. Meek Law Firm provides comprehensive business law representation, precise and informed representation for real estate transactions in the commercial and residential markets of North and South Carolina and efficient succession and estate planning for business owners and individuals.
Ryan D.
Ryan Duffy is a skilled attorney with extensive experience in business law and estate planning. He received his undergraduate degree in Business from Franklin & Marshall College and went on to graduate from Villanova University Charles Widger School of Law. Ryan has worked with numerous clients on matters ranging from business formation and contract drafting to estate planning and asset protection. He is dedicated to helping businesses of all sizes achieve their goals while minimizing legal risks. He also works closely with individuals and families to help them protect their assets and plan for the future. With his extensive knowledge and practical approach, Ryan can provide valuable legal guidance and support to clients in need of business law and estate planning services.
Ellen B.
Generated 20+ types of legal documents: contractual agreements, settlement agreements, demand letters, court orders, motions, mediation reports, briefs, complaints. Maintained active caseloads of 30+ clients at a time in high conflict, high emotional costs litigation. Prepared for daily client meetings, weekly trials, multiple daily hearings by creating legal documentation, timelines, case notes, conducting research.
November 1, 2021
Christopher B.
Former litigator now focusing on transactional business work
April 17, 2023
Andrew M.
Business Venture Law: Andrew Moore, Esq. focuses on solving modern business problems with common sense at affordable rates.
July 8, 2023
Rob D.
Attorney with 10 years experience focusing on corporate transactions and formations, real estate, and estate planning.
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Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
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