RECEIVING OFFERS

PERSONAL PROPERTY
Personal items such as a refrigerator, curtain rods, TV brackets, stove/oven, attached gas grills, washer, dryer, outdoor freezer, pool equipment, etc. that the Buyer is requesting to be left with the house at no monetary value above and beyond the purchase price of the home.

CLOSING
This is the date the Buyer and Seller sign at the closing agent’s office to convey the property. This is an in-person appointment date (M-F, 9am-5pm).

EARNEST MONEY DEPOSIT
This is placed in an escrow account and will count towards the purchase price of the home. There are various contingencies or lackthereof throughout the contract that dictate where the earnest money goes (Buyer/Seller), depending on the reason for the termination (repairs, appraisal, termites, financing).

TRANSACTION FEES | BUYER/SELLER TO PAY
All costs to obtain information from or pertaining to owners’ association, private/public transfer fees, and any costs similar to transfer fees (e.g. certificate of assessment, capital contributions, working capital, estoppel fees or otherwise named but similar fees) are the Seller’s or Buyer’s transaction costs.

SELLER PAID CLOSING COSTS
This is the amount the buyers are asking you to pay towards their closing costs. Buyers may ask for some or all of their closing costs to be covered by the seller at closing, based on the current market conditions.

This is another key term when choosing which offer is best and we will review this in detail as we review all offers.

FINANCING
In South Carolina the contract is contingent on the type of loan the buyer intends to use. If the buyer opts to change the way they are going to finance their purchase both parties will need to agree and sign off on the change.

DUE DILIGENCE PERIOD
This is the time the Buyer is granted to perform inspections, surveys, appraisal work, etc.

APPRAISED VALUE
The contract can be contingent or non contingent on the appraisal. Should the appraised value come in less than the contract, the Buyer will most likely attempt to renegotiate the purchase price with us.

WOOD INFESTATION
The contract can be contingent or non contingent on a clean Wood Destroying Insect Inspection.

HOME WARRANTY
A home warranty is essentially an insurance policy for mechanics throughout the home. It’s commonly reviewed at time of a resale purchase to bring confidence in the integrity of the home and the Buyer to have lesser concerns about big out of pocket expenses within the first year. Depending on the current market conditions, a buyer may ask for an allowance towards a home warranty at closing.

EXPIRATION OF OFFER
The Buyer can opt to give us a deadline to respond by, if we do not respond by their expiration time/date the offer is considered void at that time.