Residential sales contracts generally contain promises and provisions that guarantee the condition of a property. Many states legally require sellers to deivate explicit information about the condition of a property. In states where this is necessary and where a seller deliberately conceals such information, they may be prosecuted for fraud. Parties: Information on the buyer and seller of real estate In South Carolina, sellers are required to enter into a real estate purchase agreement and are asked to complete the following disclosure statement as legally binding for an agreement: the agreement to purchase and sell real estate housing is used by people who buy or want to sell the property in South Carolina. This is a legally binding contract between two parties. The south Carolina residential real estate purchase agreement („sales and sale contract“) allows a seller to sell a legally binding contract for real estate with a potential buyer. The main terms of the agreement consist of a purchase price, a down payment and financing terms (if any). Disclosure statement of residential real estate conditions. South Carolina law requires a property owner to provide the purchaser with this completed and signed disclosure statement prior to the incorporation of a contract. (No. 27-50-40) Disclosure of real estate brokerage relationships – In real estate transactions with a seller or broker, clarification of the relationship with the buyer and seller must be described and defined by all parties. The South Carolina Real Estate Commission form informs the buyer and seller of the obligations of any type of agency and the right of the individual to choose who best meets his or her needs. The parties may also be able to arrange terms of the agreement for all agreed terms.
Once the form has been signed by both parties, each party is required to complete its diploma in order to facilitate graduation. The copy of the HUD-1 form should be attached to the agreement.