What First-Time Buyers Should Know Before Signing in South Carolina

Buying your first home is exciting, but it is also one of the biggest financial decisions you will ever make. Before you sign a contract, it is important to understand what you are agreeing to and what protections you should have in place. A well-written contract can protect your money, your timeline, and your interests as a buyer. A poorly written contract can cost you time, stress, and financial security.

At Shipman Miranda Law, we help first-time buyers in Anderson, Greenville, and communities across the Upstate understand their contracts and move toward a safe, successful closing. Here is what every first-time buyer should know before signing an offer.

Understand the Purchase Contract Before You Sign

A South Carolina real estate contract outlines the terms of your purchase. It is legally binding once both parties sign. Before you reach that point, make sure you fully understand the key terms. These include:

• Purchase price: Confirm that the number reflects what you agreed upon and that you are comfortable with the financing required.

• Earnest money: This deposit shows the seller you’re serious. Make sure you know how much you are paying, who is holding it, and what conditions allow you to get it back.

• Closing date: Check that the date fits your moving plans and financing timeline.

• Included items: Be sure appliances, fixtures, and anything the seller agreed to leave are clearly listed in the contract.

• Deadlines: Pay close attention to timelines for inspections, loan approval, repairs, and document submissions.

If any part of the contract feels confusing, it is better to ask questions now rather than after you sign.

Inspections Protect You as a First-Time Buyer

Most first-time buyers underestimate the importance of a home inspection. An inspection allows you to uncover potential issues before you finalize the purchase. Common inspections include:

• General home inspection

• Pest or termite inspections

• HVAC or plumbing evaluations

• Structural inspections

• Roof inspections

• Septic or well inspections if applicable

If the inspection reveals problems, you can often negotiate repairs, request credits, or choose to walk away if the issues are too serious. Make sure your contract includes an inspection contingency that protects your right to make these decisions.

Know How Your Earnest Money Works

Earnest money is one of the areas where first-time buyers have the most questions. In South Carolina, earnest money is usually held by a neutral third party such as a real estate attorney or brokerage. It is applied toward your purchase at closing.

Before signing your offer, understand:

• The amount you are required to pay

• When the money is due

• Whether it is refundable if an inspection reveals a problem

• What happens if the seller fails to meet their obligations

• Who is responsible for holding and disbursing the funds

Your attorney can help ensure your earnest money is handled safely and returned to you if the terms of the contract allow it.

Review Your Financing Terms

Before signing a contract, have a clear understanding of your pre-approval, loan type, interest rate, and estimated monthly payment. Keep in mind that the lending process takes time. Depending on your lender, you may need:

• Bank statements

• Tax returns

• Pay stubs

• Employment verification

• Documentation for any large deposits

Your loan contingency should protect you in case financing falls through. Without this protection, you could lose your earnest money or face other penalties.

Understand the Role of Your Closing Attorney

In South Carolina, a real estate closing must be handled by a licensed attorney. Your attorney reviews the contract, examines the title to the property, prepares necessary documents, manages communication between parties, and oversees the final signing.

Having an attorney involved early in the process makes it easier to catch potential issues before they become serious. This includes problems with the title, property boundaries, homeowners' association rules, liens, or errors in the contract itself.

Don’t Rush the Process

Many first-time buyers feel pressured to move quickly when they find a home they love, especially in a competitive market. While timing matters, it is important to protect your interests. Take a moment to review the contract with your agent and attorney. Ask questions, clarify uncertainties, and make sure every expectation is in writing.

A few extra minutes of review can save you from unexpected costs or legal complications.

Ready to Buy Your First Home?

Buying your first home is a major milestone, and having the right guidance can make the experience smooth and confident. At Shipman Miranda Law, we help first-time buyers understand their contracts, protect their earnest money, and navigate every step of the closing process.

Planning to make an offer? Contact Shipman Miranda Law today to review your contract before you sign and move forward with peace of mind.