South Carolina REALTORS Legal Hotline Tips for New Due Diligence Contracts
Effective June 13th, South Carolina REALTORS have a slightly modified real estate contract for consumers to use for buying and selling homes. They have removed the “repair procedure” and “as-is” sections and gone to a straight “due diligence” contract. Many disputes had arisen over “repair procedure.” I’m happy to see that removed. It seemed overly confusing and was open to too much interpretation by the buyers and sellers which would then lead to disputes.
The South Carolina REALTORS is the state association and they do a tremendous job of supporting REALTORs in their transaction questions. They have received a number of phone calls on the legal hotline about the latest change to the contract as you can imagine. They have published the key points REALTORS should consider with regard to the new contract and “due diligence.”
For a quick overview of what was changed in the contract, feel free to watch SCR Director of Legal and Regulatory Affairs, Austin Smallwood go through the forms changes in the 6 minute video below.
About The Author
John Murphy
Husband of 34 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 15-31 and 5 grandchildren. I’ve been a licensed REALTOR since 2003 and broker since 2007. I also am a cost segregation specialist helping building owners and real estate investors maximize their tax deductions, save thousands on their income taxes and increase their cash flow. If you’re a building owner you probably haven’t done a study…let’s connect. There is no obligation. We can run an estimate for you and really every building should be evaluated if the basis is over $150,000. I can work all over the country and not just here in the Upstate. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either eXp Realty LLC, Cost Segregation Services, Inc. or any other company, organization or group that I might be affiliated with.