The South Carolina Real Estate Contract 310 form is a legally binding agreement designed to facilitate the purchase and sale of residential properties between buyers and sellers in the state of South Carolina. It outlines specific terms and conditions related to the sale, including property details, financing methods, closing costs, and inspections to ensure both parties are fully informed and agree to the conditions set forth. This comprehensive document serves as a central component of real estate transactions, aiming to protect the interests of both the buyer and the seller. For those looking to engage in residential real estate transactions in South Carolina, understanding and properly completing this form is a critical step. Click the button below to fill out the form now.
When navigating the complexities of purchasing residential real estate in South Carolina, the South Carolina Real Estate Contract 310 form is pivotal for defining the terms and conditions of the sale. This comprehensive document specifies details such as the identities of the buyer and seller, the precise description of the property to be sold, and the agreed-upon purchase price. Furthermore, it outlines how conveyance of the property will be made, including any encumbrances, easements, and the condition in which the property will be delivered at the time of sale. Payment methods, including financing options and earnest money deposit requirements, are also elaborated upon, ensuring transparent financial arrangements between the parties involved. The form addresses important considerations like loan processing, closing costs, home protection plans, and potential adjustments for taxes or other recurring costs. It includes provisions for property inspections, disclosing the condition of the property, and specifies actions in the event of damage prior to sale completion. Importantly, defaults, risks, and the implications of non-compliance with the agreement's terms are clearly stated, providing a safeguard for both the buyer and seller. By delineating obligations related to property condition disclosures, appraised value contingencies, and the roles of brokers and agents, the form sets the stage for a well-informed and legally sound real estate transaction, ensuring all parties are aware of their rights and responsibilities up to and including the closing of the sale.
AGREEMENT TO BUY AND SELL REAL ESTATE
RESIDENTIAL
1. PARTIES: This legally binding Agreement entered into on
,20
between, Buyer(s),
,(hereinafter called "BUYER"), and
Seller(s),
,(hereinafter called ”SELLER”). The
property shall be deeded in the name(s) of
2.PROPERTY TO BE SOLD: Subject to terms and conditions herein, Seller agrees to sell and Buyer agrees to buy the following described property with improvements and fixtures thereon:
Lot
Block
Section
Subdivision
Address
Tax Map #______________________________________________City
Zip
County of
, State of South Carolina.
public water or
Seller represents that the property is connected to [
]
public sewer system or to [
] septic tank or to
[ ]
.
to [
well system or to [
] other
No personal property will convey as a part of this sale, except as described:
3.CONVEYANCE SHALL BE MADE: Conveyance shall be made subject to all easements as well as covenants of record (provided they do not make the title unmarketable) and to all governmental statutes, ordinances, rules and regulations. Seller agrees to convey by marketable title and deliver a proper general warranty deed, if applicable, free of encumbrances, except as herein stated. Seller agrees to pay all statutory deed recording fees. The deed shall be delivered at the stipulated place
of closing, and transaction closed on or before, 20 , not later than 9:00 p.m. Time is of the
essence. Seller and Buyer authorize their respective attorneys and the settlement agent to furnish to Listing Broker and Selling Broker copies of the final HUD-1 settlement statement for the transaction for their review prior to closing.
4.POSSESSION: Possession of said property will be given to Buyer at the time of closing. Seller agrees to deliver property free of debris and in a clean condition. The property, including but not limited to, landscaping and lawn, shall be maintained in the same condition from the effective date of this agreement until possession is delivered, ordinary wear and tear excepted. Possession by Buyer before closing or by Seller after closing shall be subject to the terms and conditions of a separate agreement to be executed prior to closing or occupancy.
5. PURCHASE PRICE shall be
dollars, $
6. METHOD OF PAYMENT: Purchase price shall be paid as follows: [ ] Cash; or [
] Subject to Financing. Financing to
be obtained by [ ] Conventional [ ] Seller [ ] VA [ ] FHA [ ] Other terms:
7. EARNEST MONEY: This offer is accompanied by an earnest money deposit of $
Buyer and Seller authorize, as Escrow Agent, to hold and disburse earnest money according to the terms of this agreement. Earnest money paid by [] Cash, [] Check, or [] Other. Broker does not guarantee payment of a check or checks accepted as earnest money. All escrow money received shall be deposited as required by South Carolina law and South Carolina Real Estate Commission Rules and Regulations. At the consummation of this sale, the earnest money deposit shall be credited to the Buyer.
THE PARTIES UNDERSTAND THAT, UNDER ALL CIRCUMSTANCES, INCLUDING DEFAULT, THE ESCROW AGENT HOLDING THE EARNEST MONEY DEPOSIT WILL NOT DISBURSE IT TO EITHER PARTY UNTIL BOTH PARTIES HAVE EXECUTED AN AGREEMENT AUTHORIZING THE DISBURSEMENT OR UNTIL A COURT OF COMPETENT JURISDICTION HAS DIRECTED A DISBURSEMENT.
[_____] BUYER [_____] BUYER [_____] SELLER [_____] SELLER HAVE READ THIS PAGE
FORM 310 PAGE 1 of 6
8. LOAN PROCESSING AND APPLICATION: Buyer's obligation under this agreement is contingent on Buyer obtaining
said loan. Buyer shall apply for a
% loan (loan-to-value ratio) within
days from the execution of this
Agreement and shall provide Seller with satisfactory loan approval within
days. Time is of the essence. Should
the Buyer fail to make loan application or receive approval within said period, and to diligently pursue the application, the Seller shall have the option to terminate this Agreement, with written notice. Buyer also agrees to provide all documents or information requested by the lending company in a prompt and timely manner. Buyer will take any action that is needed or requested by Lender to process the loan application. Buyer further hereby gives permission to Lender to disclose pertinent information concerning the Buyer's credit-worthiness or any other information needed for the loan processing to the listing or cooperating broker(s) or agent(s). If Buyer fails to comply with these above conditions, Buyer shall be in default of this agreement subject to the terms of paragraph 16.
FHA Mortgage Insurance [] will [ ] will not be added to the mortgage. VA funding fee [ ] will [ ] will not be added to the mortgage.
9.CLOSING COSTS: Unless otherwise agreed, closing costs, including all loan charges and prepaid recurring items, shall be paid as follows:
(a) SELLER shall provide or pay for preparation of deed, any recording charge based on value of property, and all costs necessary to deliver a marketable title, including recording of satisfactions and property taxes to the day of closing.
(b) BUYER shall pay, unless otherwise agreed herein, the cost of the Buyer’s credit report, property insurance, appraisal, survey, cost of obtaining loan, discount points, title examination, escrow deposits, and prepaid expenses. The Buyer shall also pay, if applicable, interim interest and mortgage insurance premium or VA funding fee. Buyer’s hazard insurance policy shall provide coverage as required by lender. Other terms:
10.HOME PROTECTION PLAN COVERAGE: Both parties understand that a third party home warranty Plan [] will [] will not be issued at closing. If applicable, the warranty premium will be paid at closing by the [] Buyer or [] Seller not to
exceed $
11. EXPIRATION OF OFFER: The offer from Buyer shall be withdrawn at
o'clock
M.
on
unless accepted or countered by Seller in written form prior to such time. Time is of
the essence.
12.EXTENSION AGREEMENT: If the transaction has not closed within the stipulated time limit because a contingency has not been satisfied through no fault of either party, then both parties agree to extend this agreement for a period not to exceed consecutive days from the original closing date. Closing shall occur within this time extension, but in no
event shall closing occur later than the above extension date. Time is of the essence.
13.ADJUSTMENTS: Taxes, water, all sewer assessments, sewer charges, fuel oil, rents as when collected, insurance premiums, if applicable, and other assessments, including homeowner's association fees, shall be adjusted as of the date of closing. Tax prorations pursuant to this Agreement are to be based on the tax information available on the date of closing, and are to be prorated on that basis. BUYER TO BE RESPONSIBLE FOR APPLYING FOR ANY APPLICABLE TAX EXEMPTIONS. Property taxes and rent, as well as other expenses and income of the property, if applicable, shall be apportioned to the date of closing. Annual expenses or income shall be apportioned using 365 days. Monthly property expenses or income shall be apportioned by the number of days in month of closing. Prorations at closing shall be final.
14.NON-RESIDENT TAX: Seller covenants and agrees to comply with the provisions of South Carolina Code Section 12-8-
580(as amended) regarding withholding requirements of sellers who are not residents of South Carolina as defined in the said statute.
15.RISK OF LOSS OR DAMAGE: In case the property herein referred to is destroyed wholly or partially by fire or other casualty prior to delivery of deed, Buyer or Seller shall have the option for ten (10) days thereafter of proceeding hereunder, or of terminating this Agreement.
16.DEFAULT: If Buyer or Seller fails to perform any covenant of this Agreement, the other may elect to seek any remedy provided by law, including but not limited to attorney fees and actual costs incurred (as defined in paragraph 17), or terminate this Agreement with a five day written notice. If terminated, both parties shall execute a written release of the other from this contract and both shall agree to hold the Escrow Agent harmless. If either Buyer or Seller refuses to execute release, Escrow Agent will hold the earnest money in trust until said releases are executed or until a court of competent jurisdiction dictates legal disposition.
FORM 310 PAGE 2 of 6
17.ACTUAL COST INCURRED shall include all costs and expenses incurred or obligated for by Buyer, Seller or Broker in an effort to consummate this sale. Such costs shall include, but are not limited to, cost of credit report, appraisal, survey, inspections and reports, title examination, and Broker's fee or commission for this sale.
18.SURVEY, TITLE EXAMINATION, AND INSURANCE: The Listing and Cooperating Broker(s) and their Agent(s) recommend that Buyer have a survey of the subject property made, have examination as to the title to the property, obtain owner's title insurance, and that Buyer obtain appropriate hazard insurance coverage effective with the time of closing. All hazard insurance to be canceled and new policies furnished by Buyer at closing unless otherwise stipulated in this Agreement. Flood insurance, if required by Lender, at Buyer's option shall be assigned to Buyer with permission of carrier, and premium prorated to date of closing.
19.CONDITION OF PROPERTY:
(A)Seller’s Property Condition Disclosure Statement: (check one)
[] Buyer and Seller agree that Seller will not complete nor provide Buyer a Seller’s Property Condition Disclosure statement in accordance with South Carolina Code of Laws, as amended, Section 27-50-30, Paragraph (13).
[] Buyer and Seller agree that a Seller’s Property Condition Disclosure statement, as required by South Carolina Code of Laws, as amended, Section 27-50-10, et.seq., has been provided to Buyer by Seller prior to the ratification of this agreement. If the Seller discovers, after his delivery of a disclosure statement to a Buyer, a material inaccuracy in the disclosure statement or the disclosure is rendered inaccurate in a material way by the occurrence of some event or circumstance, the Seller shall correct promptly the inaccuracy by delivering a corrected disclosure statement to the Buyer or make reasonable repairs necessitated by the occurrence before closing. Buyer understands that the Seller’s Property Condition Disclosure statement is not intended to replace a professional home inspection. Buyer understands and agrees that the Seller’s Property Condition Disclosure statement contains statements made solely by the Seller. The Buyer and Seller agree that the Listing and Selling Broker and all affiliated agents are not responsible for the accuracy of any information contained in the Seller’s Property Condition Disclosure statement. The Buyer and Seller understand and agree that the Listing and Selling Broker and all affiliated agents haVE fully met the requirements of Section 27-50-70 of the South Carolina Code of Laws, as amended.
(B)Inspection: Buyer at Buyer's expense shall have the privilege and responsibility of inspecting the structure, square footage, environmental concerns including but not limited to radon gas, lead-based paint and lead-based paint hazards, wetlands study, appurtenant buildings, heating, air conditioning, electrical and plumbing systems as well as built-in appurtenant equipment or appliances prior to the day of closing or possession. In the event repairs are necessary to place the heating system, air conditioning, plumbing, and electrical system to be conveyed in operative condition and to make the
roof free of leaks, and the dwelling structurally sound, the Seller shall be notified within consecutive days after both
parties have signed this Agreement. Time is of the essence. If Buyer fails to notify Seller within this time, Buyer shall have waived any and all rights under the terms of this paragraph. If Lender's commitment requires any additional inspections or certifications, these are to be provided by Buyer.
(C)Maintenance: After any inspection by Buyer and after repairs, if any, made as a result of any such inspection, the Seller agrees to maintain the heating, air conditioning, plumbing, and electrical systems, as well as all appliances to be conveyed in operative condition, normal wear and tear excepted, until the day of closing or the day possession is given, whichever occurs first. Seller agrees to maintain the property, including lawn, shrubbery and grounds until the day of closing or possession, whichever occurs first.
(D)Wood Infestation Report: If the property to be sold has been previously occupied, [ ] The Buyer [ ] The Seller shall, at their expense, have the property inspected and shall obtain a current Wood Infestation Report (CL100) from a licensed and
bonded pest control operator, on or before, 20 . Time is of the essence. If Buyer fails to have
the property inspected by this date, Buyer shall have waived any and all rights under the terms of this paragraph. The Seller makes no warranties with regard to matters covered by such report or any other improvement unless specifically stated in this agreement. If the infestation report reveals the presence of or damage by termite infestation or other wood destroying organisms, Seller shall remedy such deficiencies and shall furnish Buyer with a report of a qualified inspector that property is free from infestation or damage herein mentioned or that infestation or damage has been treated and/or repaired as appropriate in a workmanlike manner on or before closing.
If the property to be sold has not been previously occupied, Seller shall certify that the dwelling has been treated by soil poisoning for the prevention of termites and other wood destroying organisms and shall provide the Buyer, at closing, a written certification from a licensed pest control operator.
FORM 310 PAGE 3 of 6
(E)Repairs: The cost of all repairs to heating system, air conditioning, plumbing, and electrical system to be conveyed, and to make the roof free of leaks, and the dwelling structurally sound and wood infestation treatment, if any, required by section
(D)above, to be paid by Seller. If the Seller refuses to make these repairs and treatment, the Buyer shall have the option to
(1) accept the property in its present condition, (2) negotiate with the Seller for the payment of these repairs and treatment, or
(3) terminate this Agreement, subject to paragraph 7. The repairs to any other items are the sole responsibility of Buyer. The obligations of Seller under paragraph 19 terminate on the day of closing or on the day possession is given, whichever occurs first.
(F)Residential Dwellings Built before 1978: (check one of the following)
[] This contract is contingent upon a risk assessment or inspection of the property for the presence of lead-based paint and/or lead-based paint hazards which shall be done, at the Buyer’s expense, by midnight on the tenth day after
ratification of this contract or by midnight on, 20 . (Intact lead-based paint that is in
good condition is not necessarily a hazard. See EPA pamphlet “Protect Your Family From Lead in Your Home” for more information). This contingency will terminate at the above predetermined deadline unless the Buyer (or Buyer’s agent) delivers to the Seller (or Seller’s agent) a written contract addendum listing the specific existing deficiencies and corrections needed, together with a copy of the inspection and/or risk assessment
report. The Seller may, at the Seller’s option, within days after Delivery of the addendum, elect in
writing whether to correct the condition(s) prior to settlement. If the Seller will correct the condition, the Seller shall furnish the Buyer with certification from a risk assessor or inspector demonstrating that the condition has been remedied before the date of the settlement. If the Seller does not elect to make the repairs or if the Seller makes a
counter-offer, the Buyer shall have days to respond to the counter-offer or remove this contingency
and take the property in “as-is” condition or this contract shall become void. Upon such termination, the earnest money deposit of Buyer shall be returned to Buyer and neither party shall have any further rights hereunder. The Buyer may remove this contingency at any time without cause; or
[] Buyer waives the opportunity to conduct a risk assessment or inspection for lead-based paint and/or lead-based paint hazards.
(G)Megan’s Law: The Buyer and Seller agree that the Listing and Selling Broker and all affiliated agents are not responsible for obtaining or disclosing any information contained in the South Carolina Sex Offender Registry. The Buyer and Seller agree that no course of action may be brought against the Listing and Selling Broker and all affiliated agents for failure to obtain or disclose any information contained in the South Carolina Sex Offender Registry. The Buyer agrees that the Buyer has the sole responsibility to obtain any such information. The Buyer understands that Sex Offender Registry information may be obtained from the local sheriff’s department or other appropriate law enforcement officials.
(H)Disclaimer: The Buyer acknowledges the Seller, except as provided in subparagraphs (B), (C), (D), and (E) of this section, gives no guarantee or warranty of any kind, expressed or implied, as to the physical condition of the property or to the conditions of or existence of improvements, services, appliances or system thereto, or as to merchantability or fitness for a particular purpose as to the property or improvements thereof, and any implied warranty is hereby disclaimed by the Seller. Neither Buyer nor Seller will hold Cooperating or Listing Broker responsible for any act of negligence or intent by any inspection or repair company employed by Seller or Buyer for the purposes of this agreement. The Seller is not required to make any repairs under any circumstances until Purchaser’s financing has been approved.
20.APPRAISED VALUE: (check one)
[]
This agreement is not contingent on the lot or parcel with building and improvements thereon, if any, appraising, according to the lender's appraisal or other appraisal as agreed, for the selling price.
This agreement is contingent on the lot or parcel with building and improvements thereon, if any, appraising, according to the lender's appraisal or other appraisal as agreed, for the selling price or more; if the lot or parcel with building and improvements thereon appraises for less than the selling price, the seller may elect to sell for the appraised value. In such case, the Buyer agrees to proceed with the consummation of this sale at the reduced price. However, if Seller does not agree to sell at the appraised value, the Buyer shall have the option of proceeding with the consummation of the Agreement without regard to the amount of the appraised valuation, or terminate the agreement without penalty.
FORM 310 PAGE 4 of 6
21.DISCLAIMER BY BROKERS AND AGENTS: The parties acknowledge that the Listing and Cooperating Broker(s) and their Agent(s): (1) Give no guaranty or warranty of any kind, express or implied, as to the physical condition of the property or as to condition of or existence of improvement services or systems, thereto, included but not limited to termite damage, roof, basement, appliances, heating and air conditioning systems, plumbing, sewage, electric systems, and to the structure; (2) Give no warranty, express or implied, as to the merchantability or fitness for a particular purpose as to the property or such improvements thereto and any implied warranty hereby disclaimed; (3) Give no warranty as to title; (4) Give no guaranty on warranty concerning (a) any certification or inspection concerning the condition of the property, (b) any matters which would be reflected by current survey of the property, and (c) the accuracy of the published square footage of the property; (5) Buyer acknowledges that Seller and Seller's Agents have not made any oral or written commitments to Buyer regarding (a) projected income or economic benefit for Buyer from rentals; (b) rental arrangements except that Buyer may rent the unit if Buyer so desires or (c) other economic benefits to the Buyer.
22.COASTAL TIDELANDS & WETLANDS ACT: In the event the property is affected by the provisions of the South Carolina Coastal Tidelands & Wetlands Act (Section 48-39-10, et seq., South Carolina Code of Laws), an Addendum will be
attached to this Agreement incorporating the required disclosures at [ ] Buyer’s [ ] Seller’s expense.
23.MEDIATION CLAUSE. Any dispute or claim arising out of or relating to this Agreement, the breach of this Agreement or the services provided in relation to this Agreement, shall be submitted to mediation in accordance with the Rules and Procedures of the Dispute Resolution System of the NATIONAL ASSOCIATION OF REALTORS®. Disputes shall include representations made by the Buyer(s), Seller(s) or any real estate broker or other person or entity in connection with the sale, purchase, financing, condition or other aspect of the property to which this Agreement pertains, including without limitation allegations of concealment, misrepresentation, negligence and/or fraud. Any agreement signed by the parties pursuant to the mediation conference shall be binding.
This mediation clause shall survive for a period of 120 days after the date of the closing. The following matters are excluded from mediation hereunder: (a) judicial or non-judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage, or land contract; (b) an unlawful detainer action; (c) the filing or enforcement of a mechanic's lien; (d) any matter which is within the jurisdiction of a probate court; (e) the filing of a interpleader action to resolve earnest money disputes. The filing of a judicial action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of the right to mediate under this provision, nor shall it constitute a breach of the duty to mediate.
24. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed, kept or performed after the closing, it shall survive the closing and remain binding upon and for the benefit of the parties hereto until fully observed, kept or performed.
25.ENTIRE BINDING AGREEMENT: This written instrument, including the additional terms and conditions set forth on the reverse, expresses the entire agreement and all promises, covenants, and warranties between the Buyer and Seller. It can be changed only by a subsequently written instrument signed by both parties. Both Buyer and Seller hereby acknowledge that they have not received or relied upon any statements or representations by either Broker or their agents which are not expressly stipulated herein. The benefits and obligations shall inure to and bind the parties hereto and their heirs, assigns, successors, executors, or administrators. Whenever used, singular includes plural, and use of any gender shall include all.
26.FACSIMILE AND OTHER ELECTRONIC MEANS: The parties agree that the offer, any counteroffer and/or acceptance of any offer or counteroffer may be communicated by use of a fax or other secure electronic means, including but not limited to electronic mail and the internet, and the signatures, initials and handwritten or typewritten modifications to any of the foregoing shall be deemed to be valid and binding upon the parties as if the original signatures, initials and handwritten or typewritten modifications were present on the documents in the handwriting of each party.
27.TRUST ACCOUNT INTEREST/CHARITABLE CONTRIBUTION: According to the rules and regulations of the South Carolina Real Estate Commission and the Code of Laws of South Carolina, 1976, as amended, any interest earned on Buyer’s earnest money deposit would belong to Buyer until the closing of the transaction referenced in this agreement. It is understood that Broker may place deposited earnest monies into an interest bearing trust account and that Broker will retain all interest incurred in said account in which case all interest earned on Broker’s interest bearing trust account shall be donated on a regular basis to a charity of Broker’s choice.
28.CONTINGENCIES: These stipulations shall preempt printed matter herein: (attach and reference addendum if necessary)
FORM 310 PAGE 5 of 6
THIS IS A LEGALLY BINDING AGREEMENT. BOTH BUYER AND SELLER SHALL SEEK FURTHER ASSISTANCE IF THE CONTENTS ARE NOT UNDERSTOOD. BOTH BUYER AND SELLER ACKNOWLEDGE RECEIPT OF A COPY OF THIS AGREEMENT. ALL TERMS AND CONDITIONS OF THIS AGREEMENT DO NOT SURVIVE CLOSING UNLESS OTHERWISE SPECIFIED.
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties.
BUYER:
Date
Time
WITNESS:
SELLER:
LISTING AGENT AND COMPANY
SELLING AGENT AND COMPANY
ESCROW AGENT ACKNOWLEDGMENT
The foregoing form is available for use by the entire real estate industry. The use of the form is not intended to identify the user as a REALTOR®. REALTOR® is the registered collective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® and who subscribe to its Code of Ethics. Expressly prohibited is the duplication or reproduction of such form or the use of the name "South Carolina Association of REALTORS®" in connection with any written form without the prior written consent of the South Carolina Association of REALTORS®. The foregoing form may not be edited, revised, or changed without the prior written
consent of the South Carolina Association of REALTORS®.
© 2003 South Carolina Association of REALTORS®. 1/03
THIS FORM HAS BEEN BEEN DOWNLOADED FROM CHARLESTON REAL ESTATE GUIDE.COM.
FORM 310 PAGE 6 of 6
Before diving into filling out the South Carolina Real Estate Contract 310 form, it's vital to understand that this document is a crucial step in the process of buying or selling a residential property. It outlines the terms and conditions under which the sale will take place, including the obligations of both the buyer and the seller. Proper completion of this form is essential for a smooth transaction and to ensure that all parties are legally protected. Below are the steps needed to correctly fill out this form:
Once all sections have been carefully reviewed and filled out, both the buyer(s) and seller(s) must initial each page and sign the last page to validate the agreement. Ensure that all information is accurate and clearly written to prevent any misunderstandings or disputes in the future. Completing this form is a significant step towards finalizing the property sale, moving both parties closer to successfully closing the transaction.
What is the purpose of the South Carolina Real Estate Contract 310 form?
The South Carolina Real Estate Contract 310 form is used to outline the agreement between a buyer and seller for the purchase and sale of residential real estate in the state of South Carolina. It specifies the terms and conditions of the transaction, including the property details, the purchase price, the method of payment, and any contingencies or conditions that must be met before the transaction can be completed. Its primary purpose is to ensure that both parties have a clear understanding of their rights and obligations in the transaction.
Does the Buyer or Seller have to complete a Seller’s Property Condition Disclosure statement according to this contract?
Yes, either the buyer and seller agree that the seller will not provide a Seller’s Property Condition Disclosure statement or they agree that such a disclosure, as required by South Carolina Code of Laws, has been provided to the buyer by the seller prior to the agreement's ratification. It's crucial for the buyer to understand that this statement, which the seller provides, outlines the condition of the property but does not replace a professional home inspection. It is based solely on the seller's knowledge.
How does the contract address the issue of earnest money?
This agreement stipulates that the earnest money deposit is to be held by an escrow agent and will be disbursed according to the terms agreed upon in this contract. It specifically points out that, in every situation including defaults, the escrow agent will not release the earnest money to any party without both having signed an agreement authorizing its release or upon direction from a court of competent jurisdiction. This protects both parties and ensures that the earnest money is handled fairly and legally.
What happens if the property appraises for less than the selling price?
If the property appraises for less than the selling price, this agreement gives the seller the option to sell at the appraised value. The buyer then has the choice to proceed with the purchase at this reduced price. If the seller decides not to sell at the appraised value, the buyer has the option to either proceed with the purchase without regard to the appraised value or to terminate the agreement without penalty. This contingency is designed to address and provide a solution for one of the most common issues that can arise during real estate transactions.
Are there any provisions for dispute resolution in this contract?
Yes, the contract includes a mediation clause. This clause requires that any disputes or claims relating to the agreement, its breach, or the services provided in relation to it, be submitted to mediation in accordance with the National Association of Realtors® Dispute Resolution System rules and procedures. This approach encourages both parties to resolve disputes out of court in a structured and effective manner. It is highlighted that this mediation clause remains in effect for 120 days after the closing date, covering disputes that might arise post-transaction as well.
When filling out the South Carolina Real Estate Contract 310 form, individuals often make mistakes that can complicate or delay the real estate transaction. One common error is inaccurately identifying the parties involved. It is crucial to use full legal names for both buyers and sellers to avoid any ambiguity that could affect the transfer of the property. Mistakenly using nicknames or incomplete names might lead to legal issues during the property transfer process.
Another area where errors frequently occur is in the description of the property to be sold. This section requires precise details, including the lot, block, section, subdivision, address, and Tax Map number. Overlooking or inaccurately entering this information can lead to significant misunderstandings or disputes over what property is being conveyed. Ensuring accuracy in this area is essential for the legality and clarity of the agreement.
Incorrectly handling the method of payment is also a common mistake. Buyers and sellers must clearly agree and indicate whether the purchase price will be paid in cash, subject to financing, or through other terms. Failure to accurately document the agreed-upon method can cause complications in securing financing and could potentially void the contract if the necessary funding is not approved in time.
Many individuals fail to address the earnest money deposit properly. This includes not specifying the amount correctly, neglecting to outline the terms of its holding and disbursement, or omitting the details of the escrow agent responsible for the deposit. Such oversights can lead to disputes between the parties if the deal does not proceed as planned. Properly documenting the earnest money details helps protect both the buyer and the seller's interests.
Overlooking the importance of the closing costs and who is responsible for paying them is another mistake. The contract should clearly detail what costs the seller and buyer are responsible for, including preparation of the deed, recording charges, loan charges, and prepaid items. Misunderstandings in this area can lead to unexpected expenses for one or both parties at closing.
Lastly, neglecting to adequately address inspections, repairs, and condition of property clauses often leads to post-closing disputes. Buyers should thoroughly review and negotiate these terms to ensure they are not inheriting problems that were the seller's responsibility. Similarly, sellers need to clearly understand their obligations for disclosing property conditions and for making agreed-upon repairs before closing. Failing to negotiate these aspects clearly can result in dissatisfaction and potential legal challenges after the sale.
In a real estate transaction in South Carolina, particularly when leveraging the Form 310 Agreement to Buy and Sell Real Estate (Residential), several other forms and documents frequently come into play to ensure a smooth, comprehensive, and legally sound process. These documents support and elaborate on the terms outlined in the Form 310, offering further protection and clarity to all parties involved.
Collectively, these documents, alongside the South Carolina Real Estate Contract Form 310, form a comprehensive toolkit that addresses the intricacies of real estate transactions, ensuring both buyers and sellers are well-informed and protected throughout the process. Understanding the purpose and implications of each can significantly contribute to a successful and seamless property transfer.
The South Carolina Real Estate Contract 310 form bears resemblance to the Uniform Residential Loan Application in its necessity to detail financial agreements in a structure that requires rigorous accuracy and legal compliance. Similar to the Real Estate Contract 310, the Loan Application mandates in-depth information about the buyer’s finances to ensure they meet the criteria for obtaining a loan. Both documents play a pivotal role in the process of purchasing real estate, aligning buyers' financial capabilities with the purchasing agreements and ensuring all parties are duly informed.
Another document that mirrors the South Carolina Real Estate Contract 310 is the Seller’s Property Disclosure Statement. This document requires sellers to disclose known defects and the condition of the property being sold, akin to section 19 of the Real Estate Contract 310 which discusses the condition of the property and any related inspections or disclosures. Both aim to ensure buyers are fully informed about the property's condition before purchase, mitigating potential legal disputes post-sale.
A Residential Lease Agreement shares similarities with the Real Estate Contract 310, particularly regarding the terms of possession and maintenance conditions specified in sections 4 and 19, respectively. Just as a lease agreement outlines the tenant's and landlord's responsibilities towards the property, the Real Estate Contract specifies maintenance standards and the transition of possession, establishing clear expectations for both parties to prevent disputes.
The Earnest Money Receipt Agreement parallels the Real Estate Contract 310 in handling preliminary financial exchanges, with section 7 of the contract outlining terms for earnest money deposits. Both documents serve to protect initial investments and indicate the buyer's commitment, holding the funds in escrow until the transaction processes are either completed or terminated, thereby ensuring fair handling of the earnest deposit.
The General Warranty Deed, mentioned in section 3 of the Real Estate Contract 310, and the contract itself have congruent intentions in ensuring clear title transfer. The General Warranty Deed guarantees the buyer receives property free of liens and encumbrances not disclosed in the contract, mirroring the contract’s clause for conveying marketable title, thereby offering legal assurances to the buyer.
Closely related to the Real Estate Contract 310 is the Addendum for Property Subject to Mandatory Membership in an Owners’ Association. While the real estate contract outlines the broader terms of sale, this addendum specifically addresses the obligations and rights associated with properties in homeowners' associations—similar to how the contract might stipulate adherence to local statutes or ordinances, ensuring buyers are aware of all encumbrances and memberships that come with the property.
The HUD-1 Settlement Statement is intricately connected to the processes encapsulated by the Real Estate Contract 310, particularly concerning the closing arrangements and financial transactions outlined in sections 9 and 17. Both documents provide a detailed account of financial transactions, including closing costs and adjustments, ensuring transparency and agreement between all parties involved in the real estate transaction.
Lastly, the Buyer's Agent Agreement resonates with the Real Estate Contract 310 through their mutual focus on representation and agreement terms, albeit from different perspectives. Where the Real Estate Contract 310 focuses on the agreement between buyer and seller, the Buyer's Agent Agreement establishes the relationship between the buyer and their agent, specifying duties and compensation akin to how the real estate contract outlines obligations and financial terms of the property transaction.
When filling out the South Carolina Real Estate Contract 310 form, it's crucial to pay attention to detail and follow specific guidelines to ensure a smooth transaction process. Here is a list of things you should and shouldn't do:
There are several misconceptions about the South Carolina Real Estate Contract 310 form. Understanding and clarifying these misconceptions is crucial for both buyers and sellers engaging in real estate transactions in South Carolina. Below are nine common misunderstandings:
Understanding these misconceptions can help parties involved in a real estate transaction in South Carolina navigate the process more effectively, making informed decisions based on accurate knowledge of the Contract 310 form.
When filling out and using the South Carolina Real Estate Contract 310 form, there are several key takeaways to consider for a smooth and legally compliant transaction:
In addition to these points, the form emphasizes the importance of both parties reading and understanding each clause, as indicated by the requirement for initialing each page. This attention ensures that both the buyer and seller are fully informed of their rights and obligations under the agreement.
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