South Carolina Real Estate Purchase Agreement

Download our customizable South Carolina Real Estate Purchase Agreement template to adhere to state laws.

Legal Aspects 

The Statute of Frauds regulates real estate purchase agreements in South Carolina. According to these regulations, all contracts related to the purchase or sale of real estate must be documented in writing. Besides the requirement of written documentation, all contracts should incorporate the following four (4) crucial elements:

• Mutual Agreement: This refers to the clear intention of all involved parties to enter into the contract. Signatures are typically used to demonstrate this mutual agreement.
• Offer and Acceptance: The contract should contain a valid offer and an acceptance of that offer. In a real estate contract context, the buyer usually initiates the offer.
• Consideration: Consideration in a contract is something of value all parties exchange. In a real estate contract, it’s usually the property for an agreed price.
• Legality: The contract’s terms must be lawful and shouldn’t incite any party to violate the law.

Writing Requirement (when it becomes legal) 

Real estate purchase agreements in South Carolina must include certain details to ensure the smooth execution of property transactions. In the context of South Carolina, all real estate agreements should incorporate the following elements:

• Information about the Parties: The contract must identify the parties involved, including the buyer, seller, and agents or attorneys.
• Details of the Property: The contract should clearly describe the property, including its address and legal description.
• Purchase Price: The contract should state the agreed-upon purchase price and the payment method.
• Contingencies: The contract should include pre-sale conditions like financing or inspection.
• Earnest Money Deposit: The contract should specify the amount of the earnest money deposit required by the seller.
• Closing Date: The contract should specify when the sale will be completed, payment will be made, and title will be transferred.
• Signatures: The contract should be signed by both the buyer and the seller to make it legally binding and enforceable.

If any of these essential elements are missing from the real estate contract, they could be considered invalid and unenforceable.

Required Disclosures 

The disclosure statement, as required by the South Carolina statute, should encompass the following details:

• Water Supply and Sanitation: Information about the property’s water supply and sewage disposal system.
• Structural Components: Details about the roof, chimneys, floors, foundation, basement, and other structural aspects of the property.
• Mechanical Systems: Information about the plumbing, electrical, heating, cooling, and other mechanical systems present in the property.
• Infestations: Any past or present infestations of wood-destroying insects or organisms that haven’t been repaired.
• Land-Use Restrictions: Property restrictions, zoning laws, building codes, encroachments, and notices from governmental agencies.
• Environmental Contamination: Environmental hazards include lead-based paint, asbestos, radon, methane gas, underground storage tanks, and other toxic materials.
• Meter Conservation Charge: An existing meter conservation charge applies to the property’s electricity or natural gas service.
• Homeowners Association: Whether the property is subject to the governance of a homeowners association.