The South Carolina purchase agreement establishes the terms and conditions of a real estate transaction. Typically the contract is entered into after confirming secured financing options with an approved banking institution or mortgage firm. Acknowledgment and acceptance of the terms within are validated with corroborating signatures from participating buyers and sellers.
Required Disclosures
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – Notification of the precautions involved in coming into contact with lead-composed paint is obligated for all homes built in 1978 or earlier.
Residential Property Condition Disclosure Statement (§ 27.50.1-27) – A declaration from the seller to the buyer expressing any known concerns of flaws with the residence must be presented before signing a sales contract. This stipulation only covers issues that are apparent to the seller and does not obligate a seller with the duty of due diligence of professional inspection.
Disclosure of Real Estate Brokerage Relationships – For real estate transactions incorporating a sales agent or broker, clarification of the relationship to the buyer and seller must be outlined and established by all parties. The South Carolina Real Estate Commission form informs the buyer and seller of the duties of each type of agency and the right for the individual to elect to choose which one best suits their needs.
Realtor Versions
Agreement/Contract to Buy and Sell Real Estate (Residential) – PDF