Declaration of information on the condition of the residential property. South Carolina law requires a residential property owner to provide a buyer with this completed and signed disclosure statement prior to entering into a real estate contract. (§ 27-50-40) The South Carolina Residential Real Estate Purchase Agreement (“Purchase and Sale Agreement”) allows a home seller to enter into a legally binding contract on real estate with a potential buyer. The main terms of the agreement consist of a purchase price, an acompt and financing conditions (if any). The agreement for the purchase and sale of residential real estate defines the basic conditions for the purchase and sale of the property: purchase price, method of payment, closing costs, condition of the property, etc. You will also find the information about the buyer and seller in this agreement. The contract for the purchase and sale of residential real estate in South Carolina is an instrument used by potential property owners when buying real estate. In essence, a residential purchase agreement is a contract with different conditions set by the owner (seller) and the individual offer to purchase their home (buyer). These conditions include the closing date, the purchase price, the financing conditions and an expiry date on which both parties must give their consent.
Ownership of the property can only be legally transferred if the seller and buyer accept the prescribed conditions and sign the contract. The parties may also allow the agreement to be subject to contingencies for all agreed terms. .