South Carolina Real Estate Contract 310 PDF Template

The South Carolina Real Estate Contract 310 form is a legal document used to outline the agreement between a buyer and seller for the purchase of residential property. This form includes essential details such as the parties involved, property description, and terms of sale. Understanding this contract is crucial for both buyers and sellers to ensure a smooth transaction process.

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Article Guide

The South Carolina Real Estate Contract 310 form serves as a crucial document in the residential property transaction process, outlining the terms and conditions agreed upon by the buyer and seller. This legally binding agreement details essential information such as the parties involved, the specific property being sold, and the purchase price. It stipulates how the conveyance of the property will occur, ensuring that it is free from encumbrances and delivered with a marketable title. The form also addresses the possession timeline, indicating when the buyer can take ownership of the property, and outlines the method of payment, including any earnest money deposits required to secure the agreement. Additionally, it includes provisions for closing costs, loan processing, and the responsibilities of both parties concerning repairs and inspections. The contract emphasizes the importance of adhering to timelines and conditions, such as obtaining financing and completing inspections, to ensure a smooth transaction. By clearly defining the obligations and rights of both the buyer and seller, the South Carolina Real Estate Contract 310 form plays a vital role in facilitating real estate transactions in the state.

South Carolina Real Estate Contract 310 Preview

AGREEMENT/CONTRACT: TO BUY AND SELL REAL ESTATE (RESIDENTIAL)

PARTIES ARE SOLELY RESPONSIBLE FOR OBTAINING LEGAL ADVICE PRIOR TO SIGNING THIS CONTRACT

AND DURING THE TRANSACTION. REAL ESTATE LICENSEES RECOMMEND OBTAINING LEGAL COUNSEL.

1. PARTIES: This legally binding Agreement (“Contract”) To Buy and Sell Real Estate is entered into by:

Buyer(s),

(“Buyer”), and

Seller(s),

(“Seller”).

(A) “Party” - defined as either Buyer or Seller, “Parties” defined as both Buyer and Seller.

(B) “Brokers” are licensed South Carolina brokers-in-charge, their associated real estate licensees, and their subagents.

Closing. ,

(D) “Effective Date” - the final date upon which a Party to the negotiation places the final and required signatures and/or

initials and date on this Contract and Delivers Notice to initially cause this primary Contract to be binding on all Parties.

(E) “Good Funds” - is the transfer of the required amount of United States Dollars (USD) within any required timeframe.

(F)

“Time” - all time stated shall be South Carolina local time. Time is of the essence with respect to all provisions of

this Contract stipulating time, deadline, or performance periods.

BUYER SELLER IS A SOUTH CAROLINA REAL ESTATE LICENSEE

(initials) BUYER(s) acknowledges receipt of the SC Disclosure of Brokerage

Relationships form and is receiving Client Customer service in this transaction.

(initials) SELLER(s) acknowledges receipt of the SC Disclosure of Brokerage

Relationships form and is receiving Client Customer service in this transaction.

2. PURCHASE PRICE: $

Payable by transfer of Good Funds via Finance or a combination of Finance and Cash USD or Cash USD.

Verification of Cash available for Closing is attached not attached to be Delivered before .

This Contract is is not contingent upon the sale and closing of Buyer's real property and SCR504 is is not

attached.

3. PROPERTY: Hereby acknowledging sufficient good Contract consideration (e.g. mutual promises herein), Seller will

sell and convey and Buyer will buy for the Purchase Price any and all lot or parcel of land, appurtenant interests,

improvements, landscape, systems, and fixtures if any thereon and further described below ("Property"). Seller agrees to

maintain in operable condition the Property and any personal property conveying in same operable condition, including

any landscaping, grounds and any agreed upon repairs or replacements, from the Effective Date through Closing subject

to normal operable wear and tear. Buyer acknowledges opportunity to inquire about owners association issues, common

area issues, condominium master deed issues, assigned parking/storage areas, memberships, lease issues and financed

equipment prior to signing Contract. Leasing issues and items and financed equipment see Adjustments (e.g. tenants,

leases, future vacation renters, SC vacation rental act reservations, rents, deposits, documents, solar panels, fuel tanks

with fuel, alarm systems, satellite equipment, roll carts).

Address Unit #

City State of South Carolina

Zip County of

Lot Block Section/Phase Subdivision

Other Tax Map

Parties agree that no personal property will transfer as part of this sale, except described below and/or in attachment(s):

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Fax:

Phone:

4. CONVEYANCE/CLOSING/POSSESSION: “Closing” occurs when Seller conveys Property to Buyer and occurs no

later than 5 PM on or before , (“Closing Date”). Conveyance shall be fee

simple made subject to all easements, reservations, rights of way, restrictive covenants of record (provided they do not

make the title unmarketable or adversely affect the use/value of the Property in a material way) and to all government

statutes, ordinances, rules, permits, and regulations. Seller agrees to convey marketable title with a properly recorded

general warranty deed free of encumbrances and liens except as herein stated; and in name(s):

and ownership type determined by Buyer. The deed shall be delivered to the Closing Attorney's designated place on or

before the Closing Date no later than 10 AM. Seller agrees to pay all statutory deed recording fees. Parties agree the

Brokers shall have access to the closing and relevant documents; and the Brokers shall be given copies of the settlement

statement prior to Closing for review. Parties agree to hire/use licensed Attorney(s). Seller shall convey possession of a

vacant and reasonably clean Property, free of debris, along with all keys, codes, any remote controls, available documents

(e.g. manuals, equipment warranties, service information) and similar ownership items to Buyer at Closing.

5. EARNEST MONEY: Total $

(USD) Earnest Money is paid as follows:

$ accompanies this offer and $ will be paid by 6 P.M. on

(date) and Earnest Money is in the form of check cash other (e.g. wire)

to be a Credit to Buyer at Closing or disbursed only as Parties agree in writing or by court

order or by Contract or as required for Closing by Closing Attorney. Buyer and seller authorize

as Escrow Agent to deposit and hold and disburse earnest

money according to the terms of any separate escrow agreement, the law, and any regulations. Broker does not

guarantee payment of a check or checks accepted as earnest money. Parties direct escrow agent to communicate

reasonable information confirming receipt and status of earnest money upon a Broker request. If Earnest Money is not

delivered by the agreed upon date above Seller may terminate the contract by delivering Notice of Termination to the

Buyer.

THE PARTIES UNDERSTAND AND AGREE THAT UNDER ALL CIRCUMSTANCES INCLUDING DEFAULT, ESCROW

AGENT WILL NOT DISBURSE EARNEST MONEY DEPOSIT TO EITHER PARTY UNTIL BOTH PARTIES HAVE

EXECUTED AN AGREEMENT AUTHORIZING THE DISBURSEMENT (e.g. SCR518, SCR517, MEDIATION

AGREEMENT) OR UNTIL A COURT OF COMPETENT JURISDICTION HAS DIRECTED A DISBURSEMENT. EARNEST

MONEY WILL NOT BE DISBURSED UNTIL DETERMINED TO BE GOOD FUNDS. IF LEGAL ACTIONS OCCUR

RELATED TO EARNEST MONEY, PARTY RECEIVING THE LEAST AMOUNT OF EARNEST MONEY IN THE COURT'S

DISBURSEMENT ORDER AGREES TO INDEMNIFY ESCROW AGENT'S FEES, COURT COSTS AND ATTORNEY

FEES. IF INTERPLEADER IS TO BE UTILIZED, PARTIES AGREE THAT $ SHALL BE

PAID TO THE ESCROW AGENT BY THE PARTIES AS COMPENSATION BEFORE ESCROW AGENT INITIATES COURT

OF COMPETENT JURISDICTION PROCEEDINGS ON EARNEST MONEY.

6. TRANSACTION COSTS: Buyer's transaction costs include all costs and closing costs resulting from selected financing,

pre-paid recurring items, insurance (including but not limited to mortgage insurance, title insurance lender/owner, flood,

insurance, and hazard insurance) discount points, interest, non-recurring closing costs, title exam, FHA/VA allowable costs,

fees and expenses of Buyer's attorney, contractually required real estate broker compensation, and the cost of any

inspector, appraiser, or surveyor. Seller's transaction costs include deed preparation, deed recording costs, deed

stamps/tax/recording costs calculated based on the value of the Property, all costs necessary to deliver marketable title and

payoffs, satisfactions of mortgages/liens and recording, property taxes prorated at Closing, contractually required real estate

broker compensation, and fees and expenses of Seller's attorney.

All costs to obtain information from or pertaining to owners' association, private/public transfer fees, and any costs similar

to transfer fees (e.g. certificate of assessment, capital contributions, working capital, estoppel fees or otherwise named

but similar fees) are the Seller's or Buyer's transaction costs. If no box is checked these costs will be added to

Seller's transaction costs.

At Closing, Seller will pay Buyer's transaction costs not to exceed $ , which includes non-

allowable costs first and then allowable costs (FHA/VA). Buyer is responsible for any Buyer's transaction costs exceeding

this amount. If the amount exceeds the actual amount of those costs or amount allowed by Lender, then any excess funds

will revert to Seller. Seller will also provide or pay for all of Seller's transaction costs. If no Closing, Buyer is responsible for

Buyer's transaction costs and Seller responsible for Seller's transaction costs.

Unless otherwise agreed upon in writing, Buyer will pay Buyer's transaction costs and Seller pay Seller's transaction costs.

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7. FINANCE: Buyer's obligation under this Contract

is is not contingent upon obtaining financing of a 30 year or

15 year or other purchase money loan at reasonable prevailing market terms with loan(s) equal

in amounts to a maximum % of the Purchase Price or Appraised Value whichever is lower. ("Financing

Contingency"). Financing Contingency expires at Closing ("Financing Period"). Buyer must make timely good faith efforts

to apply for and obtain financing while refraining from contrary actions ("Financing Effort"). In a timely manner, Buyer shall

inform Seller and Brokers of pertinent financing issues and authorize Buyer's Lender to disclose pertinent loan information

to Seller and Brokers ("Financing Disclosure"). Buyer shall apply for financing by (date) and

shall Deliver Notice to Seller of reasonable pre-final loan approval (e.g. pre-approval letter, initial approval letter) that

contains no unreasonable credit, income, or asset conditions by (date) (no repairs required

prior to this Notice). Final loan approval occurs when Lender funds loan(s). If the Buyer changes their Lender during the

Financing Period they must notify the seller in writing within calendar days. Absent written approval by the Seller,

Buyer cannot change lender if the closing date agreed upon in Paragraph 4 will change as a direct result. If a Lender

subsequently declines or fails to approve financing, the Buyer shall notify the Seller and Brokers as soon as possible. If

the Seller and Brokers are notified of inability to obtain financing during the Financing Period, either Party may terminate

this Contract by Notice.

Lender (may change): FHA VA Conventional Seller

Other . An FHA VA Financing Addendum is is not attached. Additional financing terms

are are not attached.

8. REPAIRS:

CHECK ONLY ONE OF THE FOLLOWING OPTIONS. IF NO BOXES ARE CHECKED THIS CONTRACT WILL BE AN

AS-IS CONTRACT IN REGARDS TO REPAIRS. IF MULTIPLE BOXES ARE CHECKED THEN THE FIRST

PARAGRAPH WITH A CHECKED BOX WILL DETERMINE REPAIRS.

REPAIR PROCEDURE:

All Repair Procedure Inspections and Requests shall be completed and delivered to the Seller by 6 P.M. on

(date). Any and all requests necessary to place the heating systems, air conditioning

systems, electrical systems, plumbing systems, water supply systems, water waste systems to be conveyed in operative

condition, to make the roof free of leaks, to address environmental concerns and to make the improvements structurally

sound (Repair Requests) should be delivered by the deadline above. If the Buyer fails to notify the Seller within this

timeframe, Buyer shall have waived any and all rights under terms of this section. If Lender's commitment requires any

additional inspections or certifications, these are to be provided by the Buyer. Buyer at Buyer's expense shall have the

privilege and responsibility of inspecting the structure, square footage, environmental concerns including but not limited to

mold, radon gas, lead based hazards including lead based paints, wetlands study, appurtenant buildings, heating

systems, air conditioning systems, electrical systems, plumbing systems, water supply systems, water waste systems, as

well as, appurtenant equipment or appliances. Upon Seller's request the Buyer will provide with a copy of the Inspection

Report.

No later than 6 P.M. on (date), Seller shall Deliver Notice agreeing or

not agreeing to make repairs in the Buyer's Repair Requests. The costs of all repairs to heating systems, air conditioning

systems, electrical systems, plumbing systems, water supply systems, water waste systems making these systems operable,

make roof free of leaks, address environmental concerns, and to make the improvements structurally sound to be paid by Seller

("Seller Paid Repairs"). Seller Paid Requests DO NOT include the following items: home maintenance, flooring, fogged

windows, grandfathered code issues, landscaping, preventive maintenance, cosmetic changes, home improvement,

and energy efficiency. If the Seller contractually agrees to make all the requested Seller Paid Repairs, the Parties agree

to proceed under the amended Contract. The repairs to any other items are the sole responsibility of the Buyer.

If the Seller does not timely respond per above or does not agree to make all the Seller Paid Repairs, the Buyer shall

within 2 Calendar Days choose any one of the following options (1) accept the Property in its present condition, (2)

negotiate a new/amended Contract with the Seller for the payment of these repairs/price or (3) terminate this Contract by

Delivered Notice. IF BUYER FAILS TO ACCEPT, RENEGOTIATE A NEW/AMENDED CONTRACT WITH SELLER, OR

TERMINATE CONTRACT BY DELIVERED NOTICE WITHIN 2 CALENDAR DAYS: The Buyer agrees to buy and Seller

agrees to sell the Property AS IS. Parties agree "As Is" means Buyer buys the Property for the Purchase Price while

Seller maintains the Property from the Effective Date through Closing subject to normal wear otherwise without

repair or replacement and sells the Property for the Purchase Price unless otherwise agreed upon in writing by the

Parties in this Contract. The obligations of the Seller for repairs terminate upon Closing.

DUE DILIGENCE:

The DUE DILIGENCE PERIOD begins upon the Effective Date and shall expire at 6 P.M. on

(date). Any extension to this date must be made in writing and agreed to by both Parties.

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During the Due Diligence Period, Buyer may take timely/prudent steps to help Buyer/Inspectors, Seller/Estimators, and

REALTORS® all have adequate time for: Buyer to coordinate Inspections and Repair Requests, Seller to obtain Repair

estimates, Buyer and Seller to negotiate Repairs, and Buyer to potentially timely/properly Due Diligence terminate or buy.

During the Due Diligence Period, Seller agrees Buyer may rely on the following list of five items in accordance

with Contract and laws. Buyer is solely responsible for Inspections. Buyer is not required to Inspect. Until Buyer

timely/properly terminates the Contract or the Parties agree on an amended Contract, the Buyer can rely on #1,

#2, #3, #4, and #5. TIME IS OF THE ESSENCE. Delivering a Repair Request does not extend the Due Diligence

Period.

(1) Conduct/obtain Inspections [e.g. on site conditions, off site conditions]

(2) Deliver Repairs Requests Notice to Seller [e.g. SCR525 with all repair requests, all/portions of reports]

(3) Proceed under amended Contract [e.g. SCR310 and SCR525, SCR390, SCR391]

(4) Proceed under As Is Contract [e.g. Buyer desires to buy anyway, Buyer wants Property without Repair]

(5) Terminate Contract by timely/properly Delivering "Notice of Termination" and "Termination Fee" to Seller within the

Due Diligence Period.

TERMINATION: During the Due Diligence Period, Buyer may unilaterally terminate this Contract only by

Delivering to the Seller both Notice of Termination and a Termination Fee of $ USD Good

Funds.

DURING THE DUE DILIGENCE PERIOD, SHOULD BUYER FAIL TO OBTAIN A NEW/AMENDED CONTRACT WITH

THE SELLER OR BUYER FAIL TO TIMELY/PROPERLY DUE DILIGENCE TERMINATE THE CONTRACT DURING

THE DUE DILIGENCE PERIOD: The Buyer agrees to buy and Seller agree to sell the Property AS IS. Parties agree

"As Is" means Buyer buys the Property for the Purchase Price while Seller maintains the Property from the

Effective Date through Closing subject to normal wear otherwise without repair or replacement and sells the

Property for the Purchase Price unless otherwise agreed in writing by the Parties in this Contract

AS-IS

All Parties agree that Property is being sold “As-Is”. "As Is" means Buyer buys the Property for the Purchase Price while

Seller maintains the Property from the Effective Date through Closing subject to normal wear without repair or

replacement and sells the Property for the Purchase Price unless otherwise agreed upon in writing by the Parties in this

Contract. Buyer retains the right to inspect the Property by 6 P.M. on (date) for

informational purposes only. The Seller is under no obligation to remedy any issues the Buyer discovers during their

inspections, and the Buyer may not terminate the contract based on the results of any inspections conducted.

9. INSPECTION/REINSPECTION RIGHTS: Buyer and SC licensed and insured inspectors (“Inspectors”) reasonably

perform any reasonable ultimately non-destructive examination and make reasonable record of the Property with

reasonable Notice to Seller through Closing including investigations of off-site conditions and any issues related to the

Property at Buyer Expense (“Inspections”). Buyer and persons they choose may make reasonable visual observations of

Property.

Sellers will make the Property accessible for Inspection and not unreasonably withhold access, unless otherwise

agreed in writing by the Parties. Seller will grant the Buyer the right to perform a final walkthrough inspection of

the property within 48 hours prior to the closing date. Seller will keep all utilities operational through Closing

unless otherwise agreed:

Seller grants Buyer permission to connect utilities, pay for utilities, and hire professionals (e.g. electricians,

plumbers) to safely connect and operate the utilities during the Inspections

Other see attached.

Buyer will hold harmless, indemnify, pay damages and attorneys fees to Seller and Brokers for all claims, injuries, and

damages arising out of the exercise of these inspection rights. Seller will hold harmless, indemnify, pay damages and

attorneys fees to Brokers for all claims, injuries, and damages arising out of the exercise of these inspection rights.

Brokers recommend that Parties obtain all inspections as soon as possible. Brokers recommend that Parties and

Inspectors use insurance to manage risk.

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10. APPRAISED VALUE:

This Contract is contingent upon the Property being valued according to the Lender's appraisal or other appraisal as

agreed upon by the Parties (“Appraised Value”) for the Purchase Price or higher. If the Parties are made aware that the

Appraised Value is less than the Purchase Price and the Seller Delivers Notice to the Buyer within 5 Calendar Days or

Closing (whichever earliest) of an amendment to reduce the Purchase Price to the Appraised Value, the Parties agree to

proceed to Closing under terms of this Contract with the Purchase Price amended to be the Appraised Value. If Seller is

aware and refuses to reduce as stated above, Buyer may proceed to Closing or terminate this Contract by Delivering Notice

of Termination to the Seller.

This Contract is not contingent upon the Property being valued at an Appraised Value according to the Lender's appraisa

or other appraisal as agreed upon by the Parties for the Purchase Price or more.

11. WOOD INFESTATION REPORT: If the Property to be sold has been previously occupied, this Contract is

contingent not contingent upon the Buyer Seller having the Property inspected at their expense by a

qualified/licensed/bonded pest control operator selected by the Buyer Seller. Buyer Seller shall deliver timely

Notice of and shall deliver to Closing a CL100 Wood Infestation Report dated no earlier than 30 calendar days prior to

Closing and no later than calendar days prior to Closing. If the Buyer is responsible for having the Property

inspected as indicated above, but does not have the Property timely inspected for the report's required Delivery time frame,

the Buyer waives any and all rights under the terms of this section. The Seller makes no warranties with regard to matters

covered by such infestation report or any other improvement unless specifically stated in this Contract.

If the wood infestation report reveals the presence or indication of or damages by termite infestation or other wood destroying

organisms, Seller shall remedy such deficiencies and shall furnish the Buyer with a CL100 wood infestation report by a

qualified/licensed/bonded pest control operator (dated no earlier than 30 calendar days prior to Closing) that the Property is free

from infestation or any damage herein mentioned; or documentation that the infestation has been treated and damage has

been repaired as appropriate in a workmanlike manner on or before closing and reported by an appropriate licensee. State law

and regulations control CL100 issues. If the Seller does not make the 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 Contract by Delivering Notice of Termination to the Seller. 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 at Closing to the Buyer a written certification from a qualified/licensed/bonded pest

control operator. The obligations of the Seller under this Section terminate after the Closing.

12. SURVEY, TITLE EXAMINATION, ELEVATION, INSURANCE: Brokers recommend Buyer have Property surveyed,

title examined, elevation/wetlands/beachfront determined, and appropriate insurance (e.g. flood, flood contents, hazard,

liability, owner's title) effective at Closing. Unless otherwise agreed upon in writing by Parties, Buyer to obtain new

insurance policies by Closing and Seller may cancel existing insurance after Closing. Flood Insurance, if required by

Lender or at Buyer's option, shall be assigned to Buyer with permission of carrier and premium prorated to Closing.

Buyers are solely responsible to investigate pricing, availability, coverage, and requirements of insurance (e.g. flood, flood

contents, hazard, liability) for the property prior to signing Contract.

13. SURVIVAL: If any provision herein contained which by its nature or effect is required to be observed, kept, or

performed after Closing, it will survive the Closing and remain binding upon for the parties hereto until fully observed, kept

or performed.

14. HOME WARRANTY COMPANY OPTIONAL COVERAGE (“HWC”): Parties agree that a Home Warranty ordered by

with at least twelve months of coverage after Closing Date will will not be provided by

Closing and $ will be paid by to the Home Warranty Company.

Buyer to pay any deficit and surplus reverts to payor. Proposed HWC and type of HWC: .

NOTICE: THIS IS TO GIVE YOU NOTICE THAT BROKERS HAVE/WILL/MAY RECEIVE COMPENSATION FROM

HWC/OTHERS FOR REFERRAL/PROCESSING. YOU ARE NOT REQUIRED TO PURCHASE A HWC OR SIMILAR

RESIDENTIAL SERVICE CONTRACT AND IF YOU CHOOSE TO PURCHASE SUCH COVERAGE YOU ARE FREE TO

PURCHASE IT FROM ANOTHER PROVIDER.

15. FIRE OR CASUALTY OR INJURY: In case the Property is damaged wholly or partially by fire or other casualty prior

to Closing, Parties will have the right for 5 Calendar Days after Notice of damage to Deliver Notice of Termination to other

Party. If Party does not Deliver Notice of Termination, the Parties proceed according to the Contract and Seller is to be

responsible to (1) repair all damage, (2) remit to Buyer an amount sufficient for repairs, or (3) assign to Buyer the right to

all proceeds of insurance and remit any deductible amount applicable to such casualty. If Buyer or Inspections caused the

damage, Buyer is responsible for indemnifying Seller for damages. Brokers and Parties should ensure that they are

protected by appropriate risk management strategies such as insurance.

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16. SC RESIDENTIAL PROPERTY CONDITION DISCLOSURE STATEMENT (“CDS”) [check one]:

Buyer and Seller agree that Seller has Delivered prior to this Contract, a CDS to Buyer, as required by SC Code of Laws

Section 27-50-10 et seq. If after delivery, Seller discovers a CDS material inaccuracy or the CDS becomes materially inaccurate

due to an occurrence or circumstance; the Seller shall promptly correct this inaccuracy (e.g. delivering a corrected CDS to the

Buyer/making reasonable repairs prior to Closing). Buyer understands the CDS does not replace Inspections. Buyer

understands and agrees the CDS contains only statements made by the Seller. Parties agree the Brokers have met

requirements of SC Code 27-50-70 and Brokers are not responsible or liable for any information in the CDS. CDS is not a

substitute for the Buyers and Inspectors inspecting the Property (related issues/onsite/offsite) "Property issues" for all needs.

Buyer and Seller agree that Seller will NOT complete nor provide a CDS to Buyer in accordance with SC Code of Law, as

amended, Section 27-50-30, Paragraph (13). Buyers have sole responsibility to inspect Property Issues for all their needs.

17. LEAD BASED PAINT/LEAD HAZARDS: If Property was built or contains items created prior to 1978, it may contain

lead based hazards and Parties agree to sign "Disclosure of Information of Lead Based Paint and/or Lead Hazards" forms

(e.g. SCR315) and give copies to Brokers. Parties acknowledge receiving and understanding the EPA pamphlet "Protect

Your Family From Lead in Your Home." For their protection, Buyers should conduct/obtain Inspections of all Property

issues per their needs.

18. SEX OFFENDER/CRIMINAL INFORMATION: Parties agree that Brokers are not responsible for obtaining or disclosing

information in the SC Sex Offender Registry and no course of action may be brought against any Brokers for failure to obtain

or disclose sex offender or criminal information. Buyer and Seller agree that they have sole responsibility to obtain their own

sex offender, death, psychological stigma, clandestine laboratory, and crime information from sources (e.g. law enforcement,

P.I., web). The Buyer may obtain information about the Sex Offender Registry and persons registered with the Registry by

contacting the local county Sheriff or other appropriate law enforcement officials.

19. TRUST ACCOUNT INTEREST/CHARITABLE CONTRIBUTION: According to the South Carolina Real Estate

Commission regulations and South Carolina laws, any interest earned from deposit to Closing on Buyer's earnest money

deposit belongs to Buyer. It is understood that Broker may may not place deposited earnest monies into an interest

bearing trust account. If Buyer's earnest money deposit is deposited into an interest bearing trust account, Parties agree

that Broker will retain all interest earned in said account and may contribute some or all to a charitable enterprise.

20. SC INCOME TAX ON NON-RESIDENT GAIN AND COMPLIANCE AND USA FEDERAL INCOME TAX: Seller and

Buyer will comply with the provisions of South Carolina laws [e.g. 12-8-580 (as amended)] regarding state income tax

withholding requirements if the Seller is not a resident or has not filed South Carolina state income tax returns. Seller and

Buyer will comply with United States of America federal income tax laws. Seller and Buyer should discuss tax laws and

minimization actions with their qualified tax advisor. Parties will comply with all local, state, federal laws, and any rules.

21. ENTIRE AND BINDING AGREEMENT (MERGER CLAUSE): Parties agree that this Contract expresses the entire

agreement between the parties, that there is no other agreement, oral/otherwise, modifying the terms; and this Contract is

binding on Parties and principals, heirs, personal representatives, successors, and assigns. Illegal provisions are severable.

22. ADJUSTMENTS: Buyer and Seller agree to settle or prorate, annually or as appropriate; as of Closing Date: (A) utilities

and waste fees issued after Closing which include service for time Property was owned/occupied by Seller (B) real estate

taxes and owner association fees/assessments for the calendar year of Closing (C) any rents, deposits, fees associated with

leasing (D) insurance, EMS service, fuel/consumables, and assessments. Closing Attorney shall make tax proration based

on the available tax information deemed reliable by the Closing Attorney. Should the tax or tax estimate or proration later

become inaccurate or change, Buyer and Seller shall make any financial adjustments between themselves once accurate

tax information is available and Buyer takes timely reasonable steps to minimize taxes. This section survives Closing. Buyer

is solely responsible for timely and reasonably minimizing the Buyer's taxes and obtaining tax minimization procedural

information including related legal counsel and financial counsel. Special assessments approved prior to Closing shall be the

responsibility of the Seller. Special Assessments approved after Closing shall be the responsibility of the Buyer.

23. DEFAULT:

(A) If Seller defaults in the performance of any of the Seller's obligations under this Contract (“Default”), Buyer may:

(i) Deliver Notice of Default to Seller and terminate Contract; and

(ii) Pursue any remedies available to Buyer at law or equity; and

(iii) Recover attorneys' fees and all other direct costs of litigation if Seller found in default/breach of Contract.

(B) If Buyer defaults in the performance of any of the Buyer's obligations under this Contract ("Default"), Seller may:

(i) Deliver Notice of Default to Buyer and terminate Contract; and

(ii) Pursue any remedies available to Seller at law or equity; and

(iii) Recover attorneys' fees and all other direct costs of litigation if Buyer found in default/breach of Contract.

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(D) Parties may agree in writing to allow a Cure Period for a default. If within the Cure Period, either Party cures the

Default and Delivers Notice, Parties shall proceed under the Contract.

24. MEDIATION: To potentially avoid expensive/lengthy/uncertain litigation, Parties may voluntarily/cooperatively decide

which mediator to hire, how to pay the mediator, where to meet for mediation talks, and their own settlement agreement.

Mediators do not decide settlement outcomes (Parties decide). Mediators merely facilitate the Parties reaching their own

settlement and documenting settlement. Parties agree to attempt mediation for any dispute, claim, breach,

representations made by any Party. Broker/other (e.g. concealment, misrepresentation, negligence, fraud) or service

issues related to this Contract by using the National Association of REALTORS® Mediation Dispute Resolution System

803-772-5206 or www.NAR.REALTOR/policy/mediation or www.screaltors.org/mediation). Parties agree that the duty to

attempt mediation survives closing and any signed mediation settlement agreement is binding. Parties agree some

matters may proceed without mediation (e.g. foreclosure, action to enforce a mortgage or deed of trust or "rent to own"

agreement, unlawful detainer action, file/enforce mechanic's lien, probate issues, interpleader action on earnest money).

Parties agree some matters are not a waiver of mediation nor a breach of duty to attempt mediation (e.g. filing judicial

action enabling recording notice of pending action, order for attachment/receivership/injunction or other provisional

remedies).

25. NON-RELIANCE CLAUSE (NOT A MERGER CLAUSE NOR EXTENSION OF A MERGER CLAUSE): Parties execute

this Contract freely and voluntarily without reliance upon any statements, representations, inducements, promises, or

agreements by Brokers or Parties except as expressly stipulated or set forth in this Contract. If not contained herein, such

statements, representations, inducements, promises, or agreements shall be of no force or effect. Parties acknowledge that

Brokers are being retained solely as licensed real estate agents and not as any attorney, tax/financial advisor, appraiser,

surveyor, engineer, mold or air quality expert, home inspector, or other professional service provider.

26. BROKER DISCLAIMER: Parties acknowledge that Brokers give no warranties or representations of any kind, expressed

or implied as to: (1) condition of the Property, including but not limited to termites, radon, mold, asbestos, moisture,

environmental issues, water, waste, air quality, HVAC, utilities, plumbing, electrical or structure, etc. (2) condition of the

Property, survey or legal matters, square footage (3) off site conditions (4) schools (5) title including but not limited to

easements, encroachments, projections, encumbrances, restrictions, covenants, setbacks, and the like (6) fitness for a

particular purpose of the Property or the improvements (7) zoning ordinances and restrictions (8) projected income, value,

marketability, taxes, insurance, or other possible benefits to Buyer. Parties consent that their Brokers may communicate with

them via any means; and use or disclose information not made confidential by written instruction of Parties.

27. BROKERS COMPENSATION: Parties direct Closing Attorney to use settlement funds to collect and disburse Brokers

Compensation to Brokers in accordance with agreements and document compensation on the settlement statement. If a Party

disputes Brokers Compensation, that Party agrees to retain a South Carolina law firm to escrow only the disputed amount of

Brokerage Compensation until the dispute is resolved by a written agreement signed by that Party and the Affected Broker,

arbitration award, or court order. Party requesting the escrow shall pay all costs for escrow. If the dispute is not resolved within

180 days of Closing, the escrow shall be disbursed to the Broker. Parties agree that Brokers are third party beneficiaries to this

Contract and have standing to seek remedies at law and equity. Parties represent that their only enforceable agency and/or

non-agency agreements are with the Brokers disclosed in this Contract. Parties consent to Brokers possibly receiving

compensation from the HWC and/or others if compensation is paid in accordance with laws and REALTOR® ethics.

28. ATTACHMENTS, OTHER CONTINGENCIES, TERMS, AND/OR STIPULATIONS: There may be attachments to this

Contract. The most recent changes, amendments, attachments, contingencies, stipulations, addendum, additions,

exhibits, or writings, agreed to by the Parties; is evidence of the Parties' intent and agreement and shall control any

Contract language conflicts. Parties shall initial and date Contract changes. If any documents are attached as addenda,

amendments, attachments, or exhibits considered part of this Agreement, such documents can be further identified or

described here (e.g. SCR 390, 391, 503, 504, 315, 320, 393, 370, 375, 513, 610):

29. NOTICE AND DELIVERY: Notice is any unilateral communication (e.g. offers, counteroffers, acceptance, termination,

unilateral requests for better terms, and associated addenda/amendments) from one Party to the other. Notice to/from a

Broker representing a Party is deemed Notice to/from the Party. All Notice, consents, approvals, counterparts, and similar

actions required under Contract must be in paper or electronic writing and will only be effective as of delivery to the Notice

address/email/fax written below and awareness of receipt by Broker (“Delivered”) unless Parties agree otherwise in writing.

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1/2020 FORM 310 PAGE 7 of 9

30. Acknowledgements: Due to potential criminal activity, parties are solely responsible to verify all wiring

instructions with law firm/bank. Parties are also advised and understand that audio/visual surveillance may occur

in the property and parties should plan accordingly and comply with all federal, state, and local laws. Parties

acknowledge receiving, reading, reviewing, and understanding: this Contract, the SC Disclosure of Real Estate

Brokerage Relationships form, any agency agreements, and copies of these documents. Parties acknowledge

having time and opportunity to review all documents and receive legal counsel from their attorneys prior to

signing Contract.

31. EXPIRATION OF OFFER: When signed by a Party and intended as an offer or counter offer, this document

represents an offer to the other Party that may be rescinded any time prior to or expires at AM PM

on , unless accepted or counter-offered by the other Party in written form Delivered

prior to such deadline. This offer will expire automatically if no action is taken by either party 30 calendar days

after the offer's submittal.

IN WITNESS WHEREOF, this Contract has been duly executed by the Parties as true to the best of their

knowledge/belief. If signee is not a Party, appropriate legal documents (e.g. Power of Attorney, Corporate Authorization)

are attached or to be Delivered to the other Party within Calendar Days.

Parties shall initial and date all changes in this Contract and initial all pages.

BUYER: Date: Time:

NOTICE ADDRESS/EMAIL/FAX:

SELLER: Date: Time:

NOTICE ADDRESS/EMAIL/FAX:

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Buyer's Agent/Company Buyer's Agent License #/LLR Office Code

Buyer's Agent's Email Address Buyer's Agent Telephone Number

Seller's Agent/Company Seller's Agent License #/LLR Office Code

Seller's Agent's Email Address Seller's Agent Telephone Number

REALTOR® is the registered collective membership mark which may be used only by those real estate licensees who are members of the NATIONAL ASSOCIATION OF

REALTORS® and who subscribe to its strict professional Code of Ethics. The South Carolina Association of REALTORS® (SCR) owns copyright to the content of this form

and expressly prohibits the display, distribution, duplication, transmission, alteration, or reproduction of any part of SCR copyright content as well as the use of the name

"South Carolina Association of REALTORS®" in connection with any written or electronic format without the prior written consent of SCR. SCR makes no representation as to

the legal adequacy of this form or the information added for a specific transaction and recommends that Parties consult a SC attorney prior to signing to ensure the completed

form meets your legal need.

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↓ South Carolina Real Estate Contract 310

File Properties

Fact Name	Details
Parties Involved	The form is an agreement between the Buyer(s) and Seller(s) for the sale of real estate.
Property Description	The form requires a detailed description of the property, including address and tax map number.
Possession Terms	Possession is granted to the Buyer at closing, with the property delivered clean and free of debris.
Earnest Money	An earnest money deposit is required, and it must be held by an escrow agent as per South Carolina law.
Closing Costs	Closing costs are typically divided between the Buyer and Seller, with specific responsibilities outlined in the form.
Governing Law	This agreement is governed by South Carolina law, including relevant statutes and regulations.

Instructions on Utilizing South Carolina Real Estate Contract 310

Filling out the South Carolina Real Estate Contract 310 form is a crucial step in the home buying or selling process. This form outlines the terms and conditions agreed upon by both the buyer and seller. It is important to complete the form accurately to ensure a smooth transaction. Below are the steps to guide you through filling out the form.

Enter the Date: Write the date the agreement is being entered into at the top of the form.
Identify the Parties: Fill in the names of the Buyer(s) and Seller(s) in the designated spaces.
Describe the Property: Provide the specific details of the property, including the lot number, block, section, subdivision, address, tax map number, city, zip code, and county.
Specify Utilities: Indicate how the property is connected to utilities, such as public water, sewer system, septic tank, or well system.
Outline Conveyance Details: State how the property will be conveyed, including any easements or covenants that apply.
Set the Closing Date: Specify the date by which the transaction must close, ensuring it is before 9:00 p.m.
Detail Possession Terms: Indicate when possession will be given to the Buyer and any conditions related to property maintenance before closing.
State the Purchase Price: Clearly write the total purchase price in both words and numbers.
Choose the Method of Payment: Select whether the payment will be made in cash or through financing, and specify the type of financing if applicable.
Include Earnest Money: Enter the amount of the earnest money deposit and how it will be paid (cash, check, etc.).
Loan Processing: Describe the loan application process, including the loan percentage and deadlines for obtaining approval.
Clarify Closing Costs: Specify which party will be responsible for various closing costs, including preparation of the deed and other fees.
Home Protection Plan: Indicate whether a home warranty plan will be issued at closing and who will pay for it.
Set Offer Expiration: Write the time and date by which the offer will expire if not accepted.
Adjustments: Note how adjustments for taxes and other expenses will be handled at closing.
Risk of Loss: Specify what will happen if the property is damaged before the closing date.
Signatures: Ensure all parties sign and date the agreement where indicated.

After completing the form, it’s essential to review all entries for accuracy. Each party should retain a copy of the signed agreement for their records. This contract serves as a foundational document for the real estate transaction, so clarity and precision are key.

Important Facts about South Carolina Real Estate Contract 310

What is the South Carolina Real Estate Contract 310 form?

The South Carolina Real Estate Contract 310 form is a legally binding document used in residential real estate transactions in South Carolina. It outlines the terms of the agreement between the buyer and seller, including details about the property, purchase price, payment methods, and conditions of sale. This form is essential for ensuring that both parties understand their rights and obligations during the transaction.

Who are the parties involved in the contract?

The contract involves two main parties: the Buyer(s) and the Seller(s). The Buyer is the individual or entity purchasing the property, while the Seller is the individual or entity selling the property. Both parties must provide their names and sign the contract to make it legally enforceable.

What information about the property is included in the form?

The form requires detailed information about the property being sold. This includes the property's address, tax map number, subdivision details, and any relevant connections to public utilities like water and sewer systems. It also specifies any personal property included in the sale.

What is the earnest money deposit?

The earnest money deposit is a sum of money submitted by the Buyer to demonstrate their serious intent to purchase the property. This deposit is held by an escrow agent until the transaction is completed. If the sale goes through, the earnest money is credited toward the purchase price. If the Buyer defaults, the Seller may be entitled to keep the deposit.

What are the closing costs, and who pays them?

Closing costs include various fees associated with finalizing the sale, such as loan charges, recording fees, and title insurance. Typically, the Seller pays for the deed preparation and any necessary title-related costs, while the Buyer covers expenses like the credit report, appraisal, and insurance. The specific allocation of these costs can be negotiated between the parties.

What happens if the Buyer fails to obtain financing?

If the Buyer cannot secure financing as outlined in the contract, the Seller has the option to terminate the agreement. The Buyer must apply for a loan within a specified timeframe and provide proof of approval. Failure to do so may result in the Buyer being in default, which could lead to the loss of the earnest money deposit.

Are there any contingencies included in the contract?

Yes, the contract may include various contingencies, such as the Buyer obtaining financing or the property passing inspections. These contingencies protect both parties by allowing them to back out of the agreement if certain conditions are not met. It's crucial to clearly outline these contingencies in the contract to avoid misunderstandings.

What is the process for resolving disputes under this contract?

The contract includes a mediation clause, which requires any disputes arising from the agreement to be submitted to mediation before pursuing legal action. This process aims to resolve conflicts amicably and efficiently, helping both parties avoid lengthy and costly litigation.

Can the contract be modified after it has been signed?

Yes, the contract can be modified, but any changes must be made in writing and signed by both parties. This ensures that all modifications are legally binding and acknowledged by everyone involved in the transaction.

Common mistakes

Filling out the South Carolina Real Estate Contract 310 form can be a complex process, and mistakes can lead to significant issues down the line. One common error is failing to include the correct date at the beginning of the contract. The date is crucial as it marks the commencement of the agreement and can affect timelines for contingencies and closing.

Another frequent mistake is neglecting to specify the full legal names of the Buyer(s) and Seller(s). Incomplete or incorrect names can create confusion and may complicate the legal standing of the contract. It's essential to ensure that all parties are correctly identified to avoid future disputes.

Omitting the property details is also a critical error. Buyers and sellers must provide complete information about the property, including the address, tax map number, and any relevant subdivision details. Inaccuracies in this section can lead to misunderstandings about what is being sold.

Additionally, many people overlook the financing section. Failing to indicate the method of payment, such as whether the purchase is cash or subject to financing, can create complications during the closing process. It's vital to clarify how the purchase will be funded to avoid delays.

Earnest money deposits are another area where mistakes often occur. Some individuals forget to specify the amount of the earnest money or how it will be paid. This deposit shows the seller that the buyer is serious and committed to the transaction, so clarity here is essential.

Buyers sometimes fail to understand their obligations regarding loan processing. The contract requires buyers to apply for financing within a specified timeframe. Missing this deadline can give the seller grounds to terminate the agreement, so it's crucial to adhere to the timelines outlined in the contract.

Closing costs can also be a point of confusion. Buyers and sellers must agree on who will cover these costs, and failing to specify this can lead to disputes later. It's important to clearly outline responsibilities to avoid misunderstandings.

Another common mistake is not addressing the home protection plan coverage. Buyers and sellers should clarify whether a home warranty will be issued at closing and who will pay for it. This detail can be significant in protecting the buyer's investment.

Failing to include an expiration date for the offer is a mistake that can leave both parties in limbo. Without a clear deadline, the seller may feel pressured to respond quickly, while the buyer may feel uncertain about the status of their offer.

Lastly, many overlook the importance of contingencies. Buyers should ensure that any contingencies, such as inspections or financing, are clearly stated in the contract. This protects their interests and provides a way out if conditions are not met.

Documents used along the form

The South Carolina Real Estate Contract 310 form is a crucial document in real estate transactions, but it is often accompanied by several other forms and documents to ensure a smooth process. Each of these documents serves a specific purpose and helps clarify the terms and conditions of the sale. Below is a list of commonly used forms alongside the 310 form.

Seller’s Property Condition Disclosure Statement: This document provides potential buyers with important information about the condition of the property. It discloses any known issues or defects, allowing the buyer to make an informed decision. This statement is required by South Carolina law and must be provided to the buyer before the agreement is finalized.
Earnest Money Agreement: This document outlines the terms regarding the earnest money deposit made by the buyer. It specifies how much money is being held in escrow, the conditions under which it may be forfeited or returned, and the responsibilities of both parties concerning the earnest money. This agreement helps protect both the buyer and seller during the transaction.
Closing Disclosure: This form provides detailed information about the final terms of the mortgage, including the loan amount, interest rate, and all closing costs. It must be provided to the buyer at least three days before closing, allowing them to review and understand the financial aspects of the transaction before finalizing the sale.
Title Insurance Policy: This document protects the buyer against any issues related to the title of the property. It ensures that the buyer has clear ownership of the property and safeguards against potential claims or disputes over the title that may arise after the purchase. Obtaining title insurance is a common practice in real estate transactions.

Understanding these additional forms is essential for both buyers and sellers in South Carolina. They help clarify responsibilities, protect interests, and ensure that the transaction proceeds smoothly. Always consider consulting with a real estate professional or legal advisor to navigate these documents effectively.

Similar forms

Residential Purchase Agreement: Similar to the South Carolina Real Estate Contract 310, this document outlines the terms of a residential property sale, including buyer and seller information, property details, and conditions for closing. Both documents serve as legally binding agreements between the involved parties.
Commercial Purchase Agreement: Like the 310 form, this agreement details the sale of commercial real estate. It includes sections on property description, purchase price, and closing conditions, ensuring that both buyer and seller understand their obligations.
Lease Agreement: While primarily for rental situations, a lease agreement shares similarities with the 310 form in that it specifies terms, conditions, and responsibilities of both parties regarding the property, although it typically does not involve a purchase price.
Option to Purchase Agreement: This document grants a buyer the right to purchase a property at a later date. Similar to the 310 form, it outlines terms and conditions, but it focuses on the option rather than an immediate sale.
Real Estate Listing Agreement: This agreement establishes a relationship between a seller and a real estate agent. It shares elements with the 310 form, such as property details and responsibilities of each party, although it is more focused on representation than sale.
Counteroffer Agreement: When a buyer or seller wishes to modify the terms of a purchase agreement, a counteroffer agreement is used. This document, like the 310 form, includes essential details about the property and conditions but reflects changes to the original offer.
Buyer’s Agency Agreement: This outlines the relationship between a buyer and their agent. While the 310 form focuses on the sale itself, both documents establish rights and responsibilities, ensuring clarity in the buyer-agent relationship.
Seller’s Disclosure Statement: This document requires sellers to disclose known issues with the property. Similar to the 310 form, it emphasizes transparency and protects the buyer by providing essential information about the property’s condition.
Closing Disclosure: This document details the final terms of the mortgage and closing costs. It complements the 310 form by providing a clear breakdown of financial obligations and ensuring that both parties are informed before the transaction is finalized.
Title Insurance Policy: This document protects against potential title issues. While the 310 form outlines the sale terms, both documents work together to ensure that the buyer receives clear title to the property, safeguarding their investment.

Dos and Don'ts

When filling out the South Carolina Real Estate Contract 310 form, consider the following do's and don'ts:

Do ensure that all names of the Buyer(s) and Seller(s) are accurately spelled and clearly written.
Do specify the correct property address, including city, zip code, and county.
Do provide a detailed description of the property, including any improvements or fixtures included in the sale.
Do consult with a real estate attorney or agent if you have any questions about the terms or conditions of the contract.

Don't leave any sections blank; all fields must be completed to avoid delays.
Don't use abbreviations or shorthand that may cause confusion regarding the terms.
Don't overlook the importance of deadlines; ensure that all dates are accurate and realistic.
Don't forget to sign and date the form; incomplete signatures can invalidate the agreement.

Misconceptions

Misconceptions about the South Carolina Real Estate Contract 310 form can lead to misunderstandings among buyers and sellers. The following list addresses five common misconceptions:

Misconception 1: The contract is not legally binding until both parties sign it.

This is incorrect. While both signatures are necessary for the contract to be enforceable, the agreement becomes legally binding once both parties have agreed to the terms, even if one party has not yet signed.

Misconception 2: Earnest money guarantees the buyer will not lose their deposit.

In reality, earnest money can be forfeited under certain conditions, such as buyer default or failure to fulfill contingencies. The terms of the contract dictate how and when earnest money is returned or forfeited.

Misconception 3: Sellers must make all repairs requested by the buyer.

This is misleading. Sellers are only obligated to make repairs that are specifically outlined in the contract. If no agreement is reached regarding repairs, the seller is not required to make any changes.

Misconception 4: The contract automatically includes all personal property in the sale.

This is false. The contract explicitly states that no personal property will convey unless described in the agreement. Buyers should ensure that any desired items are clearly listed.

Misconception 5: Closing costs are always split evenly between the buyer and seller.

This assumption is incorrect. The allocation of closing costs can vary based on the agreement between the parties. Each party may be responsible for different fees, as outlined in the contract.

Key takeaways

Parties Involved: Clearly identify the Buyer(s) and Seller(s) in the agreement. Include full names and roles in the transaction.
Property Details: Provide a complete description of the property, including the address, tax map number, and any relevant connection to public utilities.
Conveyance Terms: Understand that the Seller must convey a marketable title and deliver a proper general warranty deed, free of encumbrances unless otherwise stated.
Possession Timing: The Buyer will receive possession of the property at closing, and the property should be maintained in good condition until that time.
Earnest Money: An earnest money deposit is required and will be held by an escrow agent. It will not be disbursed until both parties agree or a court directs it.
Loan Processing: The Buyer’s obligation to proceed is contingent upon obtaining financing. Timely application and communication with the lender are essential.
Closing Costs: Understand who is responsible for various closing costs, including deed preparation and loan-related expenses.
Property Condition: The Seller must disclose property conditions and maintain systems in working order until closing. The Buyer is responsible for inspections.
Contingencies: Be aware of any contingencies that may affect the agreement, such as financing or property appraisal conditions.