Contracts
A South Carolina purchase contract that is 'bilateral' means:
ABoth buyer and seller have obligations to perform✓ Correct
BOnly the seller has obligations
COnly the buyer has obligations
DTwo attorneys must review the contract
Explanation
A bilateral contract involves mutual, binding obligations. Both the buyer (to purchase and pay) and the seller (to sell and convey) have obligations to perform.
People Also Study
Related South Carolina Questions
- In South Carolina, an offer to purchase real estate becomes a binding contract when:Contracts
- A South Carolina purchase contract that includes the phrase 'subject to satisfactory inspection' means:Contracts
- In South Carolina, a 'home sale contingency' in a purchase contract means:Contracts
- A South Carolina buyer is under contract to purchase a home but wants to back out after the inspection period has expired. The buyer:Contracts
- In South Carolina, who is responsible for ensuring that all conditions of the purchase contract are met before funds are disbursed at closing?Escrow & Title
- In South Carolina, designated agency means the broker-in-charge:Agency
- A buyer's agent in South Carolina discovers that the property their buyer client wants to purchase has unresolved boundary issues with a neighbor. The agent's duty is to:Agency
- In South Carolina, a married person who wishes to convey real property that they own solely in their own name must:Property Ownership
Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Study This Topic
Practice More South Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Carolina Quiz →