Browsing Tag: Repair Procedures

The South Carolina REALTORS Association has decided to remove the Repair Procedures language from South Carolina real estate contracts effective June 13, 2022. Along with that they also removed the “As-Is” part of the contract as well. What remains is strictly a Due Diligence component where the buyers and sellers will agree to a specific date whereby all inspection related items must be resolved. They buyer can back out or continue to negotiate as long as they do so before the Due Diligence deadline in the contract. If they back out, they have to deliver a Notice of Termination Form #313 along with the agreed upon Termination Fee to the Seller prior to the expiration of the Due Diligence period.

I personally like this change. I think it will help all parties in their negotiations and making sure there aren’t any misunderstandings causing hard feelings or possibly jeapardizing the transaction.

Remember the Earnest Money is completely separate from the Termination Fee. Earnest Money go to a trust account whereas the Termination Fee will go to the Seller.

Here’s a short video that explains the changes to the contract.