Due Diligence Period
In South Carolina, the due diligence period is a set timeframe in the contract that gives the buyer the chance to fully evaluate the property before moving forward. Most buyers schedule a home inspection during this time, and some also bring in specialists for areas like the roof, HVAC, or septic system. It’s essentially a window to confirm the property is the right fit.
During this period, the buyer may request repairs or a credit from the seller. While the seller is not obligated to agree, the buyer retains the option to terminate in writing as long as they pay any required termination fee as stipulated in the contract and as long as it’s done before the due diligence deadline.
Once the due diligence period ends, the buyer is committed to moving forward with the purchase, unless another contingency, such as financing or appraisal, is not met.
Appraisal
If financing is part of the agreement, the lender will likely require a licensed appraiser to confirm the property’s value. This third party appraisal ensures that the home is worth the amount being financed. Sellers should expect the appraiser to visit the property, verify features, and review comparable sales.
The Closing Attorney
In South Carolina, real estate closings are always handled by attorneys, with both the buyer and seller typically having their own representation. The attorneys work together to ensure title is transferred properly, funds are disbursed, and all documents are executed according to South Carolina Law.
Contingencies.
Contingencies are conditions that must be satisfied before the sale can proceed. Common examples include financing, inspections, and clear title.
The Right Agent for the Right Results
Many things can come up during a real estate transaction from inspection results and appraisal issues to title concerns, financing delays, or repair negotiations. An experienced listing agent helps prevent many common pitfalls before they happen and brings practical solutions when challenges arise. With a skilled Realtor® guiding the process, sellers have the support and expertise needed to keep the transaction on track and moving toward a successful closing.
Loan Approval
Strong buyers typically come with a lender’s pre-approval or loan commitment. Sellers should expect their agent to verify this with the buyer’s lender to ensure the deal is solid from the start.
