A South Carolina residential purchase agreement lets sellers and buyers formalize their property transactions. This contract outlines crucial elements, such as the agreed-upon purchase price, down payment details, and financing arrangements, if applicable. The agreement may also incorporate contingencies to address specific conditions the parties must meet for the sale to proceed smoothly.
Once both parties affix their signatures to the document, they commit to fulfilling their respective obligations, thereby facilitating a successful closing. This comprehensive agreement not only ensures clarity on the sale’s terms and conditions but also provides a framework for dispute resolution.
State Laws
- Correcting Errors: If the seller finds a material inaccuracy in the disclosure statement after they’ve already delivered it to the potential buyer, they must fix it by making reasonable repairs or informing the buyer before the closing happens [1] .
- Exemptions from Disclosures: Some real estate transfers are exempt from the disclosures outlined in Title 27, Chapter 15 of the SC Code. A few exempted transfers include real property sold at a public auction and transfers to a residential trust, but there are several other exemptions outlined in state law [2] .
- Earnest Money Deposit: The broker receiving an earnest money deposit must deposit it into a separate real estate trust account within 48 hours, excluding bank holidays and weekends [3] .
- Coastal Wetlands and Tidelands: The seller must inform the buyer if the property for sale is located in part or in whole seaward of the setback line. They must also communicate the local erosion rate [4] .
Realtor Version
Agreement to Buy and Sell Real Estate (Form 310)
The SC Association of Realtors distributes this form so realtors can document residential real estate sales.
Required Seller Disclosures
Lead-Based Paint Disclosure
Per federal law (42 U.S. Code § 4852d), residential property sellers must issue a lead-based paint disclosure form to prospective buyers if the property was constructed before 1978.
Residential Property Condition Disclosure Statement
The property seller uses this form to report the property's current material condition to the buyer. It must comply with the disclosure requirements in § 27-50-40.
Do Sellers in South Carolina Have to Disclose Property Defects?
Yes. Real estate sellers in South Carolina must disclose material defects when selling a property. The buyer won’t be solely responsible for ensuring the property’s condition. If an undisclosed issue arises after the sale, the buyer may have recourse options.
