Who needs a 310 Form?
The Agreement to buy and sell real estate residential is used by the individuals who want to buy or sell the real estate property in South Carolina. It’s a legally binding contract between two parties.
What is the purpose of the Agreement?
The Agreement to Buy and Sell Real Estate Residential determines the basic conditions of buying and selling the real estate property: purchase price, method of payment, closing costs, condition of property, etc. One can also find the information about the Buyer and the Seller in this Agreement.
What other documents must accompany the Agreement?
The copy of the HUD-1 form should accompany the agreement. The Parties may require other supporting documents of there is a need: Loan Approval, FHA Mortgage Insurance, and others.
When is the Agreement due?
The Agreement comes into force on the date of its signing by both Parties and their representatives. The estimated time for completing the Agreement is thirty minutes.
What sections of the Agreement should be completed?
The Agreement to Buy and Sell Real Estate Residential has the following clauses for completion:
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Parties: information about the Buyer and the Seller of real estate
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Property to be sold
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Terms of conveyance
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Purchase price
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Method of payment
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Earnest money
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Loan processing and application
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Home protection plan coverage
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Expiration of offer
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Extension agreement
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Adjustments
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Non-resident tax
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Risk of loss or damage
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Default
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Condition of property (inspection, disclosure statement, maintenance, wood infestation report)
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Appraised value
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Coastal tidelands and wetlands act
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Contingencies
The Parties and their representatives must also date and sign the Agreement.
Each page of the agreement also has the field for the Buyer’s and Seller’s initials.
What do I do with the agreement after its completion?
The Parties complete and sign the Agreement in two copies: one for the Buyer and one for the Seller. These copies are kept for further reference.
