The South Carolina residential real estate purchase agreement (“purchase and sale agreement”) allows a home seller to enter into a legally binding contract for real property with a potential buyer. The main terms of the agreement consist of a purchase price, down payment, and the financing terms (if any).
The parties may also enable the agreement to be subject to contingencies, for any agreed-upon terms. Once the form has been signed by both parties, each shall have the duty of specific performance to complete their end of the deal in order to facilitate a closing.
Do Sellers in South Carolina Have to Disclose Property Defects?
South Carolina does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in South Carolina
Along with any material defects with the property, sellers in South Carolina will also need to provide the following:
- Residential Property Condition Disclosure Statement. South Carolina law requires that an owner of residential real property shall provide to a purchaser this completed and signed disclosure statement prior to forming a real estate contract.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
- 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.
