Browsing Tag: Due Diligence

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.