06 Oct Sc Land Purchase Agreement
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) Declaration of Disclosure of the Condition of Residential Property (§ 27-50-40) – All real estate sellers must present this condition report to buyers prior to entering into a residential real estate contract. This document describes the seller`s current knowledge of the material condition of the property. Title insurance is almost always required of lenders and is usually underwritten by the end lawyer. The title insurance premium is paid only once by the buyer within the limit of closing costs. 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 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. Although the price of the property contained in the contract is very important to you at that time, there are many other provisions that are contained in a normal contract and that require consideration. Therefore, consult a lawyer before signing the contract. The lawyer can check the contract and propose changes to protect your interests and explain the remaining contractual conditions. Remember that the entire transaction is governed by the words contained in the contract. Once the contract is signed and accepted by the seller, very little can be done to change the terms of the contract, unless both parties agree to these changes in writing. The contract also contains the provisions that determine what happens if one of the parties does not comply with the terms of the contract. The buyer may have the right to terminate the contract if he cannot obtain a loan for the purchase of the property.