Buying a home in Myrtle Beach is a complex process. I am starting a video series to help buyers and sellers understand the paperwork used in Myrtle Beach, SC when buying or selling a home. This series will go for several weeks. I will be covering the most common forms used.
First, I am going to discuss the Agreement to Buy and Sell. This form is commonly referred to as the “offer” or “contract”. Today, I explained the first two sections – Parties and Purchase Price. The Parties section is not the most exciting part of the form. However, these definitions set the stage for the rest of the contract.
Parties Section
The Buyer(s) and Seller(s) is listed in this section. Only the buyers on the loan are listed and only the sellers on the Deed are listed. You also must disclose in this section if the Buyer or Seller is a SC Real Estate Licensee. The following terms are defined in this section.
- Party
- Brokers
- Closing Attorney
- Effective Date
- Business Day
- Good Funds
- Time
Purchase Price Section
The Purchase Price section covers what the buyer is offering for the property and how the buyer will pay for the property. This section also covers if the purchase is contingent on the buyer selling a home.
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