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Affidavit of due diligence

South carolina due diligence addendum 2025

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The document is a Due Diligence Addendum related to a real estate transaction, outlining the terms and conditions under which the Buyer can conduct inspections, request repairs, amend the contract, or terminate the agreement within a specified Due Diligence Period. It details the process for termination, including the requirement of a Termination Fee and conditions for purchasing the property 'As Is' if no new contract is reached. The document also includes legal disclaimers regarding copyright and usage.

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When must due diligence documents be provided to the buyer?

The Due Diligence period begins per the terms of the purchase and sale agreement, usually on a specific date seller is to provide buyer with all Due Diligence documents in the sellers possession. From there, the buyer will conduct their own Due Diligence on the property.

Can buyers back out after due diligence period?

Yes, the buyer can back out pretty much free and clear of any risk of losing their deposit (which your agent failed to obtain) until after the due diligence period has expired and there is an agreement to move forward. If the buyer suddenly realizes the space is too small for their needs, they can back out.

Can a buyer back out of a real estate contract in South Carolina?

Where you are in the house-buying process determines whether you can back out of the deal without financial consequences. Once you get to the point of closing, however, you retain the right to pull out, but its likely to cost you.

What is the timeline for due diligence?

If there are additional documents that would aid the Buyer in their due diligence, such as determining the use of the property with zoning matters, historical value, etc., the Seller will supply those documents by this deadline. Ten to 14 days from date of offer and/or acceptance is a reasonable amount of time.

Does South Carolina do due diligence?

Normally, a due diligence period for a commercial property in South Carolina can last between 10 to 14 days (until 6:00PM on the last day). A due diligence period can be as short as one to three days and as long as 30 or even 60 days.

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Does due diligence come before or after an offer?

After you accept an offer or letter of intent (LOI) on your business, the buyer will begin due diligence. Due diligence is the process of gathering and analyzing information to help the parties determine whether or not to proceed with a business transaction.

What is the due diligence period for buyers?

Due Diligence Requirements A typical due diligence period runs between 30 to 90 days. During that window, there are often required time frames for specific contingency items dictated by state law.

South carolina due diligence addendum 2025

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