Contracts
The South Carolina Residential Property Condition Disclosure Statement is required to be provided by:
AThe listing agent before showing the property
BThe seller before the buyer makes an offer✓ Correct
CThe buyer's agent after the offer is accepted
DThe closing attorney at the settlement table
Explanation
Under South Carolina law, sellers of residential properties must provide the Residential Property Condition Disclosure Statement to prospective buyers before the buyer makes an offer, or as soon as practicable thereafter.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Disclosure Requirements
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