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These conditions will include the closing date, purchase price, financing terms, and expiration date by which both parties must agree to the conditions. Ownership of the property can only be transferred legally if both the seller and buyer agree to the prescribed terms and sign the contract.

The South Carolina due diligence period is negotiated between the buyer and seller beginning on an effective date and ending on a hard date and time of 6:00PM. Traditionally they can last between 10 to 14 business days, but over the last few years we've been seeing them as low as 1 to 3 days.

A South Carolina general bill of sale is a legal document that is used between two (2) private parties to prove the legal sale and purchase of a piece of private property. This form offers information regarding the seller, the buyer, the change of ownership, and the property being sold and purchased.

LAWYER DRAFTED ESCALATOR/ESCALATION CLAUSES ARE NOT ILLEGAL IN SOUTH CAROLINA. REAL ESTATE LICENSEES WITHOUT A LAW LICENSE SHOULD NEVER CREATE PHRASES OR SENTENCES OR SENTENCE FRAGMENTS IN LEGAL CONTRACTS WITHOUT LAWYER OVERSIGHT. CALL THE HOTLINE 803-772-5206 if you need attorney language.

Due diligence money is non-refundable, whereas earnest money is refundable if the buyer decides not to buy the home within the due diligence period. Earnest money is usually a much larger amount than the due diligence fee.

In the South Carolina sales contract, the Repair Procedure section is where buyers can request repairs to specific systems in the property, and the Inspection/Reinspection section gives the buyers the right to inspect the property themselves and/or with inspectors.

Repair procedure only lets the buyer escape the contract if the seller refuses to make one of the 9 basic repairs. All other repairs are the buyer's responsibility. Due diligence allows a buyer to terminate in a timely and proper manner only during a pre-agreed upon limited time period for any reason or no reason.

Due Diligence Clause Basically, anything the buyer wants investigated, the seller will be required to answer before a closing date can be set. If these questions aren't answered by the due diligence date, then the buyer can notify the seller in writing they are not moving forward with honoring the contract.