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. Disclosure of residential real estate conditions (No. 27-50-40) – All sellers of real estate must submit this status report to buyers before entering into a residential real estate contract. This document explains the seller`s current knowledge of the physical condition of the property. 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 so that an agreement is considered legally binding: each page of the contract also has the box for the initials of the buyer and seller. 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 copy of the HUD-1 form should be attached to the agreement.
Parties may require other supporting documents that are required: credit authorization, FHA mortgage insurance and others. The contract to buy and sell real estate dwellings determines the basic conditions for the purchase and sale of the property: purchase price, payment method, acquisition costs, condition of the property, etc. You will also find information about the buyer and seller in this agreement. 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) Lead-Based Paint Disclosure – If the seller sells a property built before 1978, the seller must provide the buyer with this disclosure that contains information about the history of the leaded colored apartment. The real estate purchase and sale agreement is used by individuals who want to buy or sell real estate in South Carolina.