Myrtle Beach is known as the area with the least expensive beach property that’s waiting to be invested.
With oceanfront views, condos, golf courses, this place has become known to be the best retreat for retirees, working families on vacation, or simply for those people who need a breather.
Many people who buy or sell their homes at Myrtle Beach just take a look at the contract and sign it without any further thought.
This way they end up buying the house for a lot of money or end up losing it all.
The reason being: these people overlook the 3 important dates stated in the contract that should be taken into consideration when making a decision.
Nevertheless, it doesn’t hurt to know more beforehand so let’s take a look at what the 3 important dates are in the contract:
Offer Expiration Date
This particular date is usually mentioned on the last page of the contract that depicts the expiration date of the offer submitted by the buyer.
The buyer submits an offer on the house and gives a reasonable amount of time for the seller to either provide a counter-offer or accept or reject the offer.
The time set can depend on the buyer, ranging from a few hours to days for the offer to expire.
If the place is listed as new, the buyer may feel that it will not stay long in the market and may reduce the time limit on the offer as they expect the seller to respond fast.
On the other hand, sellers can provide counter-offers to stall the buyers and look for other offers for the house.
All in all, both parties need to keep an eye on the expiration date.
If they miss out on the time of the offer, they may miss out on the house or will be unable to sell it while expecting to get a better price than before.
Another essential date to check out is the closing date of the transaction.
The closing date is depicted as the date when the seller will get his/her money and the buyer gets the ownership of the house.
By default, an extension of the time is given in terms of business working days rather than calendar days if both parties are unable to meet the closing date due to unforeseen circumstances.
If by any chance both are still unable to complete the transaction, then a further extension on the date is to be set up that is accepted by both the parties.
More often than not, you’ll come across houses that need repairs such as broken bathroom pipes, cracked walls, faulty wiring, etc.
When you go to purchase a house, you expect it to be in top-notch condition when the ownership gets transferred to you.
However, it is always a good idea to hire a home inspector who can take a thorough look around the house for anything that may have missed your sight and is in dire need of repairs.
This inspection date is mentioned in the contract to provide time for the buyer to list the repairs to be done by the seller.
If, however, the buyer does not respond during the timeframe given then he/she will have waived any rights and will carry out the repair work of the house themselves.
As for the seller, he/she has to reach an agreement regarding the repairs in the contract, then he/she must respond within 2 working days after the repair request has been submitted by the buyer.
However, if the seller does not respond within that time, the buyer will have a few options to choose from:
- Accept the property as it is
- Make a new contract and negotiate with the seller about the repairs
- Terminate the contract with a notice
However, if none of the options are taken into account, then by default the buyer will accept the house as it is and the seller will repair the damages of normal wear and tear unless otherwise stated in the contract, and sell it with their repair obligations ending during the closing date.
That means, the seller has to maintain the house starting from the beginning to the closing of the date; that is when the ownership gets transferred to the buyer.
As a homeowner, you’d want everything to go right till you get those keys to your new home. You may also keep thinking of new things to add, build, remove, and decorate the way you want it to.
Probably get those new casement windows you always wanted or build a jacuzzi on the patio, if space is available, or maybe an outdoor kitchen.
But before you go ahead to renovate your new home, you need to make sure there isn’t any extra repair work to be done when you are buying the house.
As a seller, you’d want to sell it at a good price showing buyers all the good sides of the house by attracting and encouraging them to put up an offer.
However, as a seller, you have the responsibility to repair any damages that are there, according to the contract, and then finally handing it over to the new owners with a good heart.
So before installing that driveway gate going over these 3 essential dates, as a buyer or seller, in a contract will make your life and the transaction of the Myrtle Beach house much easier.