If you are planning to buy or sell a property in South Carolina, you will need to sign a purchase and sale agreement. This legal document outlines the terms of the transaction, including the purchase price, closing date, and contingencies. To ensure that the agreement is fair and legally binding, it is essential to work with a qualified real estate attorney and understand the key provisions.

Purchase Price and Earnest Money

The first section of the purchase and sale agreement will describe the purchase price, which is the amount the buyer is willing to pay for the property. This section should also specify the amount of earnest money that the buyer will deposit with the seller or an escrow agent to show that they are serious about the purchase. Typically, the earnest money is around 1-3% of the purchase price, but this amount can vary depending on the circumstances.


The purchase and sale agreement will also include contingencies that must be met for the transaction to go through. These contingencies may include a financing contingency, which allows the buyer to back out of the sale if they are unable to secure financing for the purchase, or an inspection contingency, which allows the buyer to have the property inspected and negotiate repairs or concessions with the seller.

Closing Date and Possession

The agreement will also specify the closing date, which is the date on which the ownership of the property will transfer from the seller to the buyer. This section should also include details about possession, which is the date on which the buyer can take possession of the property. In some cases, possession can occur at closing, while in others, the buyer may need to wait until a later date.

Title and Closing Costs

The purchase and sale agreement should also address the issue of title, which is the legal ownership of the property. The seller must provide a clear and marketable title to the buyer, which means that there are no liens or other issues that could prevent the buyer from taking ownership of the property. Additionally, the agreement should specify how closing costs will be divided between the buyer and seller.

Working with a Real Estate Attorney

To ensure that your purchase and sale agreement is legally binding and protects your interests, it is essential to work with a qualified real estate attorney. A skilled attorney can help you negotiate the terms of the agreement, identify potential issues that could impact the transaction, and ensure that all legal requirements are met.

In conclusion, a purchase and sale agreement is a crucial document when buying or selling a property in South Carolina. By working with a real estate attorney and understanding the key provisions of the agreement, you can ensure that the transaction goes smoothly and that your rights are protected.