sc real estate contract: Contract Series Paragraph 26 - 04/09/08 01:37 PM
George Clements ~ Greenville, SC Real Estate 
Paragraph 26 of the Contract For Sale deals with the acceptable forms of accepting an offer and looks something like this: 
26. Acc eptable Methods of Deliv ery and comm unic ation: The parties agree that the offer,any counter offer and/or acceptance of any offer, as well as any other notice or response required tobe given, may be communicated by hand delivery, Federal Express or other overnight courier, by facsimileor other secure electronic means, including, but not limited to, electronic mail. The signatures, initialsand handwritten or typewritten modifications to any of the foregoing which are conveyed … (0 comments)

sc real estate contract: Contract Series Paragraph 25 - 04/09/08 01:18 PM
George Clements ~ Greenville, SC Real Estate 
Paragraph 25 of the Contract For Sale deals with weather an offer is accepted or not and looks something like this: 
25. Communication of Aceptance: The acceptance of this offer or any counteroffer shall be ineffectiveunless and until such acceptance is communicated by the accepting party to the offering party by one ofthe acceptable methods set forth in paragraph 26 hereinbelow.
This paragraph is also pretty simple.  It just states that an offer cannot be considered accepted until the person that makes the offer gets an acceptance from the person the offer is made to.  The person … (0 comments)

sc real estate contract: Contract Series Paragraph 24 - 04/09/08 01:05 PM
George Clements ~ Greenville, SC Real Estate 
Paragraph 24 of the Contract For Sale deals with the expiration of the offer and looks something like this: 
24. Expiration of Original Offer: The original offer is deemed revoked if not accepted and a signedacceptance communicated by delivery to Purchaser or Purchaser’s Agent by _________________ 20___ , at___AM___PM
This is a pretty simple clause and just lets the seller know exactly how much time the purchaser is giving for them to respond to the offer.  Normally, anywhere from 4 hours to 2 days are given to respond.  It just depends on that paticular offer and situation … (0 comments)

sc real estate contract: Contract Series Paragraph 23 - 04/01/08 04:35 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 23 of the Contract For Sale is entitled "Survival" and looks something like this: 
23. SURVIVAL: If any provision herein contained which by its nature and effect is required to be observed,kept or performed after the closing, it will survive the closing and remain binding upon and for the benefit ofthe parties hereto until fully observed, kept or performed.
This paragraph is wordy but very simple.  It is basically saying that if something is put in this contract to be done after the closing that it will be done even if the closing has taken place.  
This … (0 comments)

sc real estate contract: Contract Series Paragraph 22b - 04/01/08 04:21 PM
George Clements ~ Greenville, SC Real Estate
The second part of pragraph 22 of the Contract For Sale looks something like this:
The following matters are excluded from mediation hereunder: (a) judicial or non-judicial foreclosure or otheraction or proceeding to enforce a deed of trust, mortgage, or land contract; (b) an unlawful detainer action;(c) the filing or enforcement of a mechanic’s lien; or (d) any matter which is within the jurisdiction of a probatecourt. The filing of a judicial action to enable the recording of a notice of pending action, for order of attachment,receivership, injunction, or other provisional remedies, shall not constitute a … (0 comments)

sc real estate contract: Contract Series Paragraph 22a - 04/01/08 04:03 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 22 of the Contract For Sale is rather long so I thought I would break up the explanation into two parts.  The first part looks something like this:
22. Mediation clause: Any dispute or claim arising out of or relating to this Contract, the breach of thisContract or the services provided in relating to this Contract, shall be submitted to mediation in accordance withthe Rules and Procedures of the Dispute Resolution System of the NATIONAL ASSOCIATION OF REA LTORS®.Disputes shall include representations made by the Purchaser(s), Seller(s) or any Real Estate Broker or otherperson or … (0 comments)

sc real estate contract: Contract Series Paragraph 21 - 04/01/08 03:48 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 21 of the Contract For Sale is entitled "Entire Contract; Binding Contract; Time:" and looks somthing like this:
21. ENTIRE CONTRACT; BINDING CONTRACT; TIME: This written Contract expresses the entire agreementbetween the parties, unless there is a written addendum or modification signed by Purchaser and Seller. Anyresponse, counteroffer, or written communication which would alter any of the terms of this agreement must be acknowledged in writing by each party. Both the Purchaser and Seller hereby acknowledge they have not received or relied upon any statements or representations by either Broker or their Agents which are … (0 comments)

sc real estate contract: Contract Series Paragraph 20 - 04/01/08 03:36 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 20 of the Contract For Sale is quite long and looks something like this:
20. DISCLAIMER BY BROKERS AND AGENTS: The Listing Brokers or Selling Brokers and their Agents donot make any warranties or representations, either expressed or implied, as to the condition of the Propertyincluding, but not limited to: termite infestation or damage, excessive moisture or water, air quality, roof orbasement leaks, appliances, heating or air conditioning systems, plumbing (including the presence or lackthereof of polybutylene piping), sewage disposal systems, electrical systems, building materials, the structuralcomponents of any buildings or the presence of any … (0 comments)

sc real estate contract: Contract Series Paragraph 19 - 04/01/08 03:26 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 19 of the Contract For Sale deals with Megan's Law and looks something like this:
19. MEGAN’S LAW : The Purchaser and Seller agree the Listing and Selling Brokers and their agents are notresponsible for obtaining or disclosing any information contained in the South Carolina Sex Offender Registry.This information may be obtained from the local sheriff’s department or other appropriate law enforcementagencies.
This paragraph is basically saying that it is the purchaser's responsibility to see if there are sex offenders in the area and not the responsibility of the agents involved.  It explains that the … (0 comments)

sc real estate contract: Contract Series Paragraph 18 - 04/01/08 03:12 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 18 of the Contract For Sale deals with home warranties and looks something like this: 
18. HOME WARRANTY : It is understood a third-party 1-year home warranty ___ will, ___ will not be provided through_______________________________ Warranty Company at a cost not to exceed $________ at closing. If pplicable, the cost will be paid at closing by ____ Purchaser  ____ Seller. No additional home warranty will be provided if one is currently being offered by the Seller.
This paragraph  shows if a home warranty will be provided for the home and if the purchaser or the … (0 comments)

sc real estate contract: Contract Series Paragraph 17 - 04/01/08 02:37 PM
George Clements ~ Greenville, SC Real Estate
Paragraph 17 of the Contract For Sale is pretty simple and looks something like this:
17. WATER/WASTE SYSTEMS: Seller represents that the Property is connected to ___ public sewer system ___ septic tank, ___ public water system, ___ individual well system, ___ other water well system.
This clause is basically just showing what the seller says the house has for water and sewer systems and doesn't need a lot of explanation.  A house is most likely either going to have public water or a well and public sewer or a septic tank.  
There is a place on the … (0 comments)

sc real estate contract: Contract Series Paragraph 16 H - 04/01/08 02:27 PM
George Clements ~ Greenville, SC Real Estate
Because of the recent change in the Contract For Sale, we have shifted a little in the letters of the paragraph.  I will just start in on the new one in the spot I left off in the old contract.  The biggest change is 16B but the rest of the changes are pretty minor.  The other bad thing is that the contract is now 6 pages instead of 5.  The shorter the better in my opinion.  16H looks something like this: 
(H) RE INSPECTION /MAINTENANCE: Seller agrees to allow Purchaser, or his designee, the right to … (0 comments)

sc real estate contract: Contract Series Paragraph 16 Change - 04/01/08 02:19 PM
George Clements ~ Greenville, SC Real Estate
Well, the Contract For Sale just had a major change while I am in the middle of this series.  Paragraph 16 had a clause added to it that I am not sure that I like.  It looks something like this:
(B) Rig ht to Termi nate: Prior to the expiration of the Inspection Period, Purchaser ___ will ___ will not havethe unilateral right to reject the condition of the Property and to terminate this Contract, upon written noticeto Seller or Seller’s Agent. If such termination rights are exercised, Purchaser shall be entitled to a return ofthe … (0 comments)

sc real estate contract: Contract Series Paragraph 16 E - 03/26/08 10:57 AM
George Clements ~ Greenville, SC Real Estate
Paragraph 16E of the Contract for Sale is titled "OTHER" and looks something like this: 
(E) OTHER: The property is sold with the following additional stipulations. ____________________  The Seller will not be required to make any repairs until the Purchaser’s financing has been approved.
This is where you would list any other inspection or special situation that might be associated with a property.  Every home is unique and might have a special issue that the purchaser could be concerned about.  
This also states that the seller does not have to start any repairs until the purchaser's … (0 comments)

sc real estate contract: Contract Series Paragraph 16 D - 03/26/08 10:50 AM
George Clements ~ Greenville, SC Real Estate
Paragraph 16D deals with what types of repairs the seller will be required to do and looks something like this: 
(D) REPAIRS: To the extent the Purchaser has requested such repairs, the Seller agrees to make or pay forrepairs to the following items: (1) Structural defects or damage; (2) Leaks to roof or basement; (3) Repairsrequired to place the heating, air conditioning, electrical and plumbing systems and any appliances to beconveyed in an operative condition and functioning properly; (4) Repairs required to cause the sewer or septicsystem, well water system, irrigation system, pool or spa and … (0 comments)

sc real estate contract: Contract Series Paragraph 16 C - 03/26/08 10:33 AM
George Clements ~ Greenville, SC Real Estate
Paragraph 16C of the Contract For Sale deals with termites and moisture and looks something like this:
(C) WOOD INFESTATION/MOISTURE REPORT: Purchaser will, at their expense, have the property inspectedand obtain a CL-100 Wood Infestation Report from a licensed and bonded pest control operator. If anyinfestation, structural damage, or excessive moisture is found, the Seller agrees to have it corrected, at Seller’s expense, subject to subparagraph 16 (D) below. If new construction, a soil treatment letter will be provided bySeller.
It is always a good idea to have a CL-100 report done on a house before … (0 comments)

sc real estate contract: Contract Series Paragraph 16 B - 03/26/08 10:25 AM
George Clements ~ Greenville, SC Real Estate 
Paragraph 16B of the Contract For Sale deals with Radon and the condition of the property.  The paragraph looks something like this:
(B) RADON: Notwithstanding any other provisions in this Contract, should test results indicate the presence ofradon in excess of EPA standards for a habitable dwelling, the Purchaser will have the option to terminate thisContract and receive a return of the earnest money deposit subject to provisions in Paragraph 14 of thisContract, with neither party having any further rights hereunder. Should Purchaser elect not to terminate thisContract, the Seller will mitigate the presence of … (0 comments)

sc real estate contract: Contract Series Paragraph 16 - 03/26/08 10:13 AM
George Clements ~ Greenville, SC Real Estate 
Paragrahp 16 of the Contract For Sale deals with the condition of the property and has 7 sections dealing with condition. Section A deals with inspections in general and looks something like this:
16. CONDITION OF PROPERTY: (A) INSPECTION: Purchaser will have the right and responsibility to inspect or select an inspector(s) at Purchaser’s expense to make any inspections, tests, or investigations, including, but not limited to testing for air quality, mold, radon gas and asbestos and to verify the square footage of the Property. Seller will make the Property available for all inspections and … (0 comments)

sc real estate contract: Contract Series Paragraph 15 - 03/26/08 09:51 AM
George Clements ~ Greenville, SC Real Estate
Paragraph 15 of the Contract For Sale is entitled "Disclaimer" and looks something like this: 
15. DISCLAIMER: Except in the case of a new home being sold by the builder, the Purchaser acknowledges the Seller gives no guarantee or warranty of any kind, expressed or implied, as to the physical condition of the Property, unless otherwise provided for in the Contract. Seller does not warrant the condition of any improvements, services, appliances or systems thereto, or as the merchantability or fitness for a particular purpose of the Property or improvements thereon. Any implied warranty is … (0 comments)

sc real estate contract: Contract Series Paragraph 14 - 03/26/08 09:28 AM
George Clements ~ Greenville, SC Real Estate
Paragraph 14 of the Contract For Sale deals with default of the contract and looks something like this:
14. DEFAULT: If Purchaser or Seller fails to perform any covenant of this Contract, the other party may seek any available legal or equitable remedy, and may terminate this Contract. If termination is due to default by Purchaser, Seller shall be entitled to retain the earnest money deposit. If termination is due to default by Seller, Purchaser shall be entitled to a refund of the earnest money deposit, and Seller shall reimburse Purchaser for Purchaser’s actual costs … (0 comments)

 
George Clements, Greenville, SC Real Estate (Keller Williams Realty)

George Clements

Greenville, SC Real Estate

Greenville, SC

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Keller Williams Realty

Mobile: (864) 238-4815

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Real Estate in the Greenville, SC area is the main focus of this blog. Topics include everything to do with real estate and real estate transactions.


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