The South Carolina purchase agreement is a legal document used for determining the terms and conditions under which the seller agrees to sell and the buyer agrees to buy a certain item.
You should use the South Carolina purchase agreement for any sale or purchase where the item’s purchase price is over $500. However, you should use the purchase agreement for more complex transactions, regardless of the purchase price.
Although the purchase price doesn’t directly transfer any legal rights between the parties, they are using it to establish a framework under which the sale and purchase are going to occur and to prevent any potential misunderstandings and disputes in the future.
South Carolina Purchase and Sale Agreement Form
Seller and buyer will draft the document that contains all the details related to the sale and purchase of an item, such as information about the seller and the buyer, property description, purchase price, details about financing, and other terms and conditions.
The South Carolina purchase agreement is also known as:
Other Names for South Carolina Purchase and Sale Agreement Form
South Carolina purchase and sale agreement
South Carolina sale and purchase agreement
South Carolina sale and purchase contract
South Carolina purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in South Carolina.
Purchase Agreement South Carolina Laws & Requirements
There is no specific law that dictates the structure of the purchase agreement template in South Carolina. However, it is essential to incorporate particular disclosures into the purchase agreement when conducting a real estate transaction in South Carolina.
Purchase Agreement Required Disclosures in South Carolina
Here, you can find the list of disclosures you must include when drafting your South Carolina real estate purchase agreement:
Lead-Based Paint Disclosure: As mandated by 42 U.S. Code § 4852d, the seller is required to disclose to the buyer any lead-based paint hazard in the property. This disclosure is mandatory for all properties where there is a known lead-based paint hazard, as well as for any property built before 1978.
Common Types of Purchase Agreements in South Carolina
This section provides all the types of purchase agreements used in South Carolina:
Types of Purchase Agreements
Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Used for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Also known as the motor vehicle bill of sale. You can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in South Carolina.
Purchase Agreement in South Carolina FAQ
Yes, a purchase agreement is a legally binding document in South Carolina. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, a South Carolina sales agreement needs to state the purchase price. The purchase price is the main obligation of the buyer, and it is, therefore, the essential element of the South Carolina purchase agreement. Without it, the document won’t have any legal effect.
No, purchase and sales agreements in South Carolina don’t need to be notarized since the document itself doesn’t transfer any legal rights between the seller and the buyer.
Yes, a seller can back out of the purchase agreement after compensating the buyer. However, if the buyer fails to meet the contingencies set out in the purchase agreement, the seller can back out without being under any obligation to compensate the buyer.