What are the different types of real estate contracts?

When it comes to residential real estate law in South Carolina, there are various types of real estate contracts. The most common are the purchase agreement, the lease agreement, and the deed. The purchase agreement is an agreement between a buyer and a seller that outlines the terms and conditions of the sale of a property. It includes details such as the purchase price, the closing date, the mortgage term, and the responsibilities of both the buyer and the seller. A lease agreement is very similar to the purchase agreement, but it is used for rental properties. This agreement includes the amount of rent, the length of the lease, the security deposit amount, and the terms of the lease. The deed is the document that transfers the legal ownership of the property from one person to another. The deed must be signed by both the buyer and the seller and is then recorded in the county where the property is located. These are the three main types of real estate contracts that are generally used in residential real estate law in South Carolina. Other types of contracts, such as option agreements, can also be used for a variety of different types of real estate transactions. It is important to understand each type of contract before entering into one for any residential real estate transaction in South Carolina.

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What are the different types of real estate contracts?

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