Residential Purchase Contract Basics

Charleston Purchase Contract | Charleston Residential Purchase ContractA residential purchase contract allows a seller to construct a legal document for a serious buyer that outlines the process for the sale process up to the closing date. The residential purchase contract also creates a legal agreement between the buyer and seller regarding the terms of sale once in effect. It is important for this contract to clearly state the names of all sellers and buyers, important dates, county records of the property the initial offering price, and any relevant contingencies for the buyer.

Offers, Acceptance & Negotiation

The process of providing offers and counteroffers maps the process of negotiation up until the acceptance of an offer from both parties. An offer that meets the seller’s asking price or the buyer’s target price may not necessarily be accepted and can even be replied with an additional counteroffer. Although the negotiation process aims to bring the buyer and seller to a mutually beneficial common ground, it is important to remember that once a counteroffer is made that the initial offer disappears and is no longer on the table for future discussion. Our Charleston real estate attorneys provide legal counsel to individuals, professionals and families in the negotiation process of creating a final real estate contract to ensure that the best interests of our clients are met.

Once the offer has been accepted, the residential sales contract and residential purchase contract will typically go into effect provided that all predetermined contingencies are also met. A buyer may be able to exit an offer after acceptance if adequate contractual financing is not met or if the property presents majors concerns during inspections. While a seller can do very little to ensure that the buyer has proper mortgage loan access, the seller would be wise to conduct prior inspections to address possible pest infestations, water damages, mold problems, electrical issues or other structural concerns. Our Charleston real estate litigation attorneys also provide legal representation for individuals and families in the event that a client believes the other party has violated the terms of the residential sales contract or residential purchase contract.