South Carolina Real Estate Contract: Different Types and Key Terms to Include

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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:

  1. Mutual assent. The clear intent of both parties to enter the contract. Signatures are generally used as proof of mutual assent.
  2. 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.
  3. 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.
  4. 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.

Frequently Asked Questions

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