Contract for the Sale and Purchase of Real Estate

CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
(NO BROKER)

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, , “Seller” whether one or more, and

, “Buyer” whether one or more, do hereby covenant, contract and agree as follows:

1. AGREEMENT TO SALE AND PURCHASE: Seller agrees to sell, and Buyer agrees to buy from Seller the property described as follows: (complete adequately to identify property)

County, South Carolina.

Address: .

Legal Description (or see attached exhibit):

As described in attached Exhibit.

Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings, wall-to-wall carpeting, mirrors fixed in place, ceiling fans, attic fans, mail boxes, television antennas and satellite dish system with controls and equipment, permanently installed heating and air-conditioning units, window air-conditioning units, built-in security and fire detection equipment, plumbing and lighting fixtures including chandeliers, water softener, stove, built-in kitchen equipment, garage door openers with controls, built-in cleaning equipment, all swimming pool equipment and maintenance accessories, shrubbery, landscaping, permanently installed outdoor cooking equipment, built-in fireplace screens, artificial fireplace logs and all other property owned by Seller and attached to the above described real property except the following property which is not included (list items not included):

All property sold by this contract is called the "Property."

2. SALES PRICE: The parties agree to the following sales price:

Purchase Price $

Earnest Money $

New Loan $

Assumption of Loan $

Seller Financing $

Cash at Closing $

Total (both columns should be equal) $ $

Both columns should be an equal amount.

3. FINANCING: The following provisions apply with respect to financing:

CASH SALE: This contract is not contingent on financing.

OWNER FINANCING: Seller agrees to finance dollars of the purchase price pursuant to a promissory note from Buyer to Seller of $ , bearing % interest per annum, payable over a term of years with even monthly payments, secured by a deed of trust or mortgage lien with the first payment to begin on the day of , 20.

NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval. If financing or assumption approval is not obtained within days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer.

If Buyer intends to obtain a new loan, the loan will be of the following type: Conventional VA FHA Other:

The following provisions apply if a new loan is to be obtained:

FHA. The Purchaser (Buyer) shall not be obligated unless given a written statement setting forth the appraised value of the Property of not less than $ .

VA. If Buyer is to pay the purchase price by obtaining a new VA-guaranteed loan, Buyer shall not incur any penalty if the contract purchase price or cost exceeds the reasonable value established by the Veterans Administration.

Existing Loan Review. Seller shall provide copies of the loan documents within calendar days from acceptance of this contract. Buyer objection deadline: calendar days. If lender approval is not obtained on or before , this contract shall be terminated on such date.

Seller shall shall not be released from liability under such existing loan.

Credit Information. Buyer shall supply information to Seller on or before , at Buyer’s expense. Seller disapproval notice deadline: .

4. EARNEST MONEY: Buyer shall deposit $ as earnest money with upon execution of this contract by both parties.

5. PROPERTY CONDITION:

Seller’s disclosure of lead-based paint and lead-based paint hazards is required by Federal law for a residential dwelling constructed prior to 1978. An addendum providing such disclosure is attached is not applicable.

Buyer hereby represents that he has personally inspected and examined the above-mentioned premises and all improvements thereon. Buyer and Seller agree to the following concerning the condition of the property:

Buyer accepts the property in its "as-is" and present condition.

Buyer may have the property inspected by persons of Buyer’s choosing and at Buyer’s expense. If defects are found, Buyer shall notify Seller within 5 days of receipt of the report and may cancel this contract, close notwithstanding the defects, or renegotiate. All inspections and notices to Seller shall be complete within days after execution of this agreement.

Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall complete the following repairs and treatment:

Buyer agrees that he will not hold Seller or its representatives responsible or liable for any present or future structural problems or damage to the foundation or slab of said property.

If the subject residential dwelling was constructed prior to 1978, Buyer may conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards, to be completed within days after execution of this agreement.

MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold "as-is" without warranty, or shall be in good working order on the date of closing.

Any repairs needed to mechanical equipment or appliances, if any, shall be the responsibility of Seller Buyer.

UTILITIES: Water is provided to the property by , Sewer is provided by . Gas is provided by . Electricity is provided by .

Other:

The present condition of all utilities is accepted by Buyer.

MEGAN’S LAW: The Buyer agrees that the responsibility for obtaining information contained in the official South Carolina Sex Offender Registry lies solely with the Buyer.

6. CLOSING: The closing of the sale will be on or before , unless extended pursuant to the terms hereof.

If financing or assumption approval has been obtained, the Closing Date may be extended up to 15 days if necessary to comply with lender requirements.

7. TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or and provide Buyer with a Certificate of Title.

General taxes for the year and subsequent years and other: .

8. APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility of Buyer Seller.

A survey is not required required, the cost of which shall be paid by Seller Buyer.

A termite inspection is not required required, the cost of which shall be paid by Seller Buyer.

9. POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be conveyed to Buyer as Joint tenants with rights of survivorship, tenants in common, Other: .

10. CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.)

* 50/50 between buyer and seller.

11. PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date.

12. CASUALTY LOSS: If the Property is damaged or destroyed after the effective date, Seller shall restore the Property or Buyer may terminate, extend, or accept insurance proceeds.

13. DEFAULT: If Buyer or Seller fails to comply, remedies include specific performance, damages, termination, and reimbursement of certain costs.

14. ATTORNEY'S FEES: The prevailing party is entitled to recover costs and reasonable attorney’s fees.

15. REPRESENTATIONS: Seller represents there will be no undisclosed liens or defaults at closing.

16. FEDERAL TAX REQUIREMENT: If Seller is a "foreign person," Buyer shall withhold applicable amounts and deliver required tax forms.

17. AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement.

18. NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand-delivered at, or transmitted by facsimile machine as follows:

19. ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller.

20. PRIOR AGREEMENTS: This contract incorporates all prior agreements and can be changed only by written consent.

21. NO BROKER OR AGENTS: The parties represent that neither party has employed a real estate broker or agent, or if employed, that the employing party shall pay the expenses.

22. EMINENT DOMAIN: If the property is condemned, the parties shall agree to continue or cancel. If the parties cannot agree, this contract shall remain valid with Buyer entitled to condemnation proceeds or be cancelled and earnest money returned.

23. OTHER PROVISIONS

24. TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.

25. GOVERNING LAW: This contract shall be governed by the laws of the State of South Carolina.

26. DEADLINE LIST (Optional) (complete all that apply). Based on other provisions of Contract.

Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.

EXECUTED the day of , 20 (THE EFFECTIVE DATE).

EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION

RECEIPT

Receipt of Earnest Money is acknowledged.