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FORM #310 013123 SUBJECT to CHANGE
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People also ask
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How long can buyer back out after due diligence period?
Once the due diligence period ends, the buyer cannot back out of the contract (except under a different, applicable contingency – financing or appraisal, for instance). If they back out prior to closing and no other contingency gets them out of the contract, they lose their earnest money. -
How long do you have to cancel a real estate contract in South Carolina?
Buyer's right to cancel. (1) Except as provided in subsection (5), in addition to any right otherwise to revoke an offer, the buyer may cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which complies with this part. -
What is the due diligence period in SC?
A due diligence period can be as short as one to three days and as long as 30 or even 60 days. Buyers and sellers can agree on longer or shorter periods of time, depending on both parties' needs. It is during this period that the buyer conducts their own due diligence on the property. -
How does due diligence work in South Carolina?
The South Carolina due diligence period is negotiated between the buyer and seller beginning on an effective date and ending on a hard date and time of 6:00PM. Traditionally they can last between 10 to 14 business days, but over the last few years we've been seeing them as low as 1 to 3 days. -
What is the difference between earnest money and due diligence in SC?
Due diligence money is non-refundable, whereas earnest money is refundable if the buyer decides not to buy the home within the due diligence period. Earnest money is usually a much larger amount than the due diligence fee.
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