Big changes to the Greenville real estate contract are upon us

The contract/purchase agreement that the vast majority of buyers in Greenville use is about to change. The "Repair Procedure" of SCR Form 310 will soon be no more, and in June (2022), buyers will only have the option of inspecting a home under a "due diligence" period. That would sound like a buyer-friendly option because during a due diligence period, a buyer can back out for any reason without it being considered defaulting on the contract. But when backing out, buyers may have to pay a termination fee, and depending on whether the market is more of a seller's market or buyer's market, that fee could be tremendously high or nothing at all. All that said, the way real estate contracts in Greenville are structured is about to change dramatically, and no one is exactly sure how it will all play it.

 As always, if you have any questions or comments (or, of course, need a realtor), feel free to reach out to Stan McCune directly by phone/text at (864) 735-7580 or by email at smccune@cdanjoyner.com.