A Little Information About SC Contracts
In SC, in order for a contract to be enforceable, it must be in writing. Oral contracts are no good.
Also, all changes on an offer has to be initialed and dated in order to be sure your contract is enforceable.
It is amazing how many "contracts" don't have the proper initials and/or dates. Some folks tend to think this is not important, but it is critical.
A contract is not considered "ratified" until it has been delivered to all parties.
A contract must be signed and dated by all parties to the contract.
The elements of a legal contract are:
4) Competent Parties
5) Legal purpose
Earnest Money is not consideration for a contract. The amount of earnest money that is given with an offer is a negotiable item just like the sales price.