Receiving
Offers

Purchase Price

This is the amount the Buyer and Seller agree on to purchase/sell the property for.

DUE DILIGENCE

This is paid to you and is 100% non-refundable to the Buyer if they terminate for any or no reason. Should we get to closing as planned, it's credited towards the total purchase price.

Note: The only way the Buyer would receive these funds back is if you, the Seller, are in default or the property has been misrepresented.

EARNEST MONEY DEPOSIT

This is placed in an escrow account and should the Buyer Terminate during the Due Diligence period, it is refundable to them. Should they terminate after the Due Diligence period, it's yours to keep as compensation.

DUE DILIGENCE PERIOD

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

CLOSING DATE

This is the date the Buyer and Seller sign at the closing agent's office to convey the property. Please note that the NC contract has an AUTOMATIC 7 day extension built in, so this is not a guaranteed closing date.

FIXTURE EXCEPTIONS

These are items in the property that are currently permanently attached but that the Buyer and/or Seller want removed prior to closing. Typically when a fixture is removed, the Seller also patches and paints to match.

PERSONAL PROPERTY

Personal items such as a refrigerator, 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.

FINANCING

This will state whether the buyer plans to use financing for the home, or to purchase it with cash.

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.

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.

Purchase Price

This is the amount the Buyer and Seller agree on to purchase/sell the property for.

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.