What are the laws governing real estate contracts?

The laws governing real estate contracts in South Carolina are outlined in the South Carolina Real Estate License Law. According to the law, all real estate contracts must be in writing and must be signed by both parties in order to be legally binding. The contract must include a description of the property, the purchase price, and the rights and responsibilities of each party. In addition, the law outlines the requirements for the content of a valid real estate contract. These include: the names of the parties to the contract, the address of the property, a legal description of the property, and the purchase price. It must also include any conditions or limitations on the transfer of the property, such as restrictions on the development or use of the land, or liens or easements on the property. The law also states that all real estate contracts must include a disclosure statement which outlines any material facts about the property and any potential defects that may affect the buyer’s decision to purchase. This includes information about any potential repairs or safety hazards. Furthermore, both the buyer and seller must review the contract and sign it before it is legally binding. Finally, the law also states that all real estate transactions must be mediated by a licensed real estate broker or agent. The broker or agent must provide the buyer with a copy of the contract prior to signing. They must also continue to mediate the transaction until it is completed and all parties have agreed to the terms of the contract.

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What are the laws governing real estate contracts?

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