Contracts
A South Carolina property that is under contract but has not yet closed is said to be in 'escrow.' During this period:
AThe seller may accept other offers freely
BBoth parties are bound by the contract terms and must work toward closing✓ Correct
CThe buyer has no legal obligations
DThe agent may renegotiate the commission
Explanation
Once a contract is ratified and in escrow, both parties are bound by its terms. Both must work toward fulfilling their obligations (meeting contingencies, preparing for closing) in good faith.
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