Contracts
In South Carolina, a real estate contract is considered 'void' if it is:
ANot notarized
BFor an illegal purpose or lacks essential elements✓ Correct
CSigned only by the buyer
DNot recorded
Explanation
A void contract has no legal effect from the beginning. This occurs when a contract lacks essential elements (competent parties, mutual assent, consideration, legal purpose) or is for an illegal purpose.
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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.
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