Contracts
A South Carolina buyer discovers significant undisclosed defects after closing. Their legal remedy may include:
AOnly requesting repairs from the listing agent
BRescission of the contract or damages for fraudulent misrepresentation✓ Correct
CRequiring the seller to repurchase the property
DFiling a complaint with the SCREC only
Explanation
A buyer who discovers undisclosed material defects after closing may pursue rescission (unwinding the transaction) or sue for compensatory damages based on fraudulent misrepresentation or concealment.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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