If you`re buying or selling property in South Carolina, you may come across the term "912 agreement." But what exactly is a 912 agreement and what does it mean for your real estate transaction? Here`s what you need to know.

What is a 912 agreement?

A 912 agreement is a form used in South Carolina real estate transactions when the seller has received notice of a potential claim or lawsuit related to the property. The agreement requires the seller to notify the buyer of any such claims and to provide information about the claim, including the name of the claimant, the nature of the claim, and the status of any legal proceedings.

Why is a 912 agreement important?

A 912 agreement protects the buyer from being surprised by any legal claims related to the property after the sale is complete. Without a 912 agreement, a buyer could potentially be held liable for any legal claims related to the property, even if they were not aware of the claim at the time of purchase.

By requiring the seller to disclose any potential claims, the buyer can make an informed decision about whether to proceed with the transaction and can take steps to protect themselves from future legal action.

How does a 912 agreement work?

If a potential claim is identified, the seller must provide the buyer with written notice of the claim within a specified time frame. The notice must include detailed information about the claim, including the name of the claimant, the nature of the claim, and the status of any legal proceedings.

The buyer then has the option to terminate the contract or proceed with the sale, knowing that there is a potential claim related to the property.

It`s important to note that a 912 agreement only applies to claims that are known or reasonably anticipated by the seller at the time of the agreement. If a claim arises after the agreement is signed, the buyer may need to seek legal advice to determine their rights and options.

In conclusion, if you`re buying or selling property in South Carolina, a 912 agreement is an important tool to help protect your interests and ensure a smooth transaction. Be sure to work with an experienced real estate attorney who can help you navigate the legal requirements and protect your investment.

If you`re buying or selling property in South Carolina, you may come across the term "912 agreement." But what exactly is a 912 agreement and what does it mean for your real estate transaction? Here`s what you need to know.

What is a 912 agreement?

A 912 agreement is a form used in South Carolina real estate transactions when the seller has received notice of a potential claim or lawsuit related to the property. The agreement requires the seller to notify the buyer of any such claims and to provide information about the claim, including the name of the claimant, the nature of the claim, and the status of any legal proceedings.

Why is a 912 agreement important?

A 912 agreement protects the buyer from being surprised by any legal claims related to the property after the sale is complete. Without a 912 agreement, a buyer could potentially be held liable for any legal claims related to the property, even if they were not aware of the claim at the time of purchase.

By requiring the seller to disclose any potential claims, the buyer can make an informed decision about whether to proceed with the transaction and can take steps to protect themselves from future legal action.

How does a 912 agreement work?

If a potential claim is identified, the seller must provide the buyer with written notice of the claim within a specified time frame. The notice must include detailed information about the claim, including the name of the claimant, the nature of the claim, and the status of any legal proceedings.

The buyer then has the option to terminate the contract or proceed with the sale, knowing that there is a potential claim related to the property.

It`s important to note that a 912 agreement only applies to claims that are known or reasonably anticipated by the seller at the time of the agreement. If a claim arises after the agreement is signed, the buyer may need to seek legal advice to determine their rights and options.

In conclusion, if you`re buying or selling property in South Carolina, a 912 agreement is an important tool to help protect your interests and ensure a smooth transaction. Be sure to work with an experienced real estate attorney who can help you navigate the legal requirements and protect your investment.

If you`re buying or selling property in South Carolina, you may come across the term "912 agreement." But what exactly is a 912 agreement and what does it mean for your real estate transaction? Here`s what you need to know.

What is a 912 agreement?

A 912 agreement is a form used in South Carolina real estate transactions when the seller has received notice of a potential claim or lawsuit related to the property. The agreement requires the seller to notify the buyer of any such claims and to provide information about the claim, including the name of the claimant, the nature of the claim, and the status of any legal proceedings.

Why is a 912 agreement important?

A 912 agreement protects the buyer from being surprised by any legal claims related to the property after the sale is complete. Without a 912 agreement, a buyer could potentially be held liable for any legal claims related to the property, even if they were not aware of the claim at the time of purchase.

By requiring the seller to disclose any potential claims, the buyer can make an informed decision about whether to proceed with the transaction and can take steps to protect themselves from future legal action.

How does a 912 agreement work?

If a potential claim is identified, the seller must provide the buyer with written notice of the claim within a specified time frame. The notice must include detailed information about the claim, including the name of the claimant, the nature of the claim, and the status of any legal proceedings.

The buyer then has the option to terminate the contract or proceed with the sale, knowing that there is a potential claim related to the property.

It`s important to note that a 912 agreement only applies to claims that are known or reasonably anticipated by the seller at the time of the agreement. If a claim arises after the agreement is signed, the buyer may need to seek legal advice to determine their rights and options.

In conclusion, if you`re buying or selling property in South Carolina, a 912 agreement is an important tool to help protect your interests and ensure a smooth transaction. Be sure to work with an experienced real estate attorney who can help you navigate the legal requirements and protect your investment.