South Carolina Due Diligence Document Request

State:
Multi-State
Control #:
US-OG-433
Format:
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This form is a request to examin certain documents and materials.
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How to fill out Due Diligence Document Request?

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FAQ

Answer: Let your agent know of your decision. The contract requires a Notice of Termination be delivered to the Seller before the due diligence period expires. Depending upon the terms of your specific contract, you may also be required to pay a Termination Fee to the seller.

Yes. For certain types of mortgages, after you sign your mortgage closing documents, you may be able to change your mind. You have the right to cancel, also known as the right of rescission, for most non-purchase money mortgages. A non-purchase money mortgage is a mortgage that is not used to buy the home.

How long is the due diligence period 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 PM.

Once the due diligence period ends, you'll lose some of your protections. Generally, if you decide to back out of the purchase after the due diligence period ends, you won't be able to recover your earnest money unless you can prove that the seller covered up a serious home defect or property title issue.

Can a seller sue you for backing out? Again, the short answer is yes. If you back out of a signed contract for a reason not explicitly stipulated as a contingency, not only do you risk losing your earnest money, but the seller could possibly seek further legal action.

Until both parties have come to an agreement on all the contract terms and actually signed the purchase agreement, neither of you are legally bound to anything, and you can withdraw your offer without any problem.

The buyer may have a right to terminate the Contract if he can not obtain a loan for the purchase of the property.

Starting the due diligence process Check out the area. Before submitting an offer, there are a few due diligence items to work through to ensure this is the neighborhood for you, including: ... Understand the property disclosures. ... Hire an inspector. ... Get an appraisal. ... Survey the property. ... Compare homeowners insurance.

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South Carolina Due Diligence Document Request