Issuu

Important Documents for

Buying a home

Ric Hollifield + Daniella Stonefield

2024 EDITION

website: ricanddaniella.com social: @ricanddaniella phone: +1 (843) 422-5748 email: ricanddaniella@ricanddaniella.com

table of contents 3. South Carolina Disclosure of Brokerage Relationships 5. Coast Buyer Agency Agreement 9. HHIMLS Contract for the Purchase and Sale of Real Estate 16. Example: Inspection Report Summary 23. Example: Repair Request Addendum 25. Example: CL-100 (Pest & Mold) 30. Example: Appraiser Assistance Package 40. Estimated Purchaser Costs to Close 41. Estimated Timeline

COAST PROFESSIONALS Brokered by eXp Realty

2023

2024

702632 COAST PROFESSIONSALS Brokered by EXP Realty

81 Pope Avenue, Suite D, Hilton Head Island, SC 29928 26169 COAST Brokered by eXp Realty - (Insert Name)

SOUTHEAST INSPECTION SERVICES INC 843-757-1950

Re: Bluffton, SC 29910

Dear At your request, a visual inspection of the above referenced property was conducted on This inspection report reflects the visual conditions of the property at the time of the inspection only. Hidden or concealed defects cannot be included in this report. No warranty is either expressed or implied. This report is not an insurance policy, nor a warranty service. An earnest effort was made on your behalf to discover all visible defects, however, in the event of an oversight, maximum liability must be limited to the fee paid. The following is an opinion report, expressed as a result of the inspection. Please take time to review limitations contained in the inspection agreement.

REPORT SUMMARY Overall, the home was constructed in a workmanlike manner, consistent with the local building trades and codes in effect at the time of construction, and has typical maintenance over the years. However, the following items should be addressed:

EXTERIOR - FOUNDATION - BASEMENT TRIM: CONDITION: Front soffit board noted damaged and coming undone and needs further evaluation. Recommend having this area further evaluated by a licensed contractor and make any repairs as needed.

ROOF SYSTEM EXPOSED FLASHINGS: TYPE AND CONDITION: Attention Needed - There is face nailing on some of the flashing This promotes leaks at the nails and should be corrected.

PLUMBING HOSE FAUCETS: OPERATION: Various exterior faucets were noted missing anti-syphon breakers. Recommend installing these breakers where needed as required for proper installation

ELECTRICAL SYSTEM SWITCHES & OUTLETS: CONDITION: Heat pumps were noted with wrong size circuit breakers in main electrical panels. A licensed contractor should further evaluate and make any repairs as needed.

INTERIOR DOORS: INTERIOR DOORS: Doors rub/stick/won't latch (2). Recommend having doors further evaluated by a licensed contractor.

GARAGE - CARPORT GARAGE DOOR(S): CONDITION: Light out in middle automatic garage door opener, possible to bad bulb. Recommend further evaluation for proper operation

KITCHEN - APPLIANCES - LAUNDRY KITCHEN SINK: TYPE AND CONDITION: Leakage is present in cabinet under sink when water is flowing. A licensed plumber should be called to make further evaluation and repairs as needed.

POOL/HOT TUB & EQUIPMENT PUMPING EQUIPMENT: PRESSURE IN PSI: Pressure gauge is inoperative and needs replacement. A qualified pool contractor should be called to make further evaluation and recommendations for repair or replacement.

CHLORINATOR: safety concern - Service indicator light was on at time of inspection - 0% salt production - Damage was noted to front (plastic) panel. - Ionization mechanism was not grounded or bonded and a safety concern is present. We recommend consultation with a licensed electrician in regard to the proper maintenance of the electrical components of the swimming pool and to insure that all equipment is grounded according to the National and local Town Electrical codes.

HEATERS: TYPE AND CONDITION: Heat pump failed to respond at the time of inspection. A qualified pool equipment contractor should be called to make further evaluation and repairs as needed.

LAWN SPRINKLER SYSTEM PUMP & MOTOR: PUMP/MOTOR CONDITION: Pressure gauge is inoperative and needs replacement. A licensed contractor should further evaluate and make repairs as needed.

GROUNDS PATIO: CONDITION: Outdoor fire pit was not tested due to no pilot light. Inquire with seller as to operation and condition of fire pit prior to closing

Each of these items will likely require further evaluation and repair by licensed trades people. Other minor items are also noted in the following report and should receive eventual attention, but none of them affect the habitability of the house, The majority are the result of normal wear and tear. Thank you for selecting our firm to do your pre-purchase home inspection. If you have any questions regarding the inspection report or the home, please feel free to call us at 843-757-1950

Sincerely,

SOUTHEAST INSPECTION SERVICES INC. Rick Puplava Inspector - 000709 www.southeastinspections.org

enclosure

INSPECTION CONDITIONS CLIENT & SITE INFORMATION: FILE #: Bluffton, SC 29910

DATE OF INSPECTION: TIME OF INSPECTION: 11:00 AM CLIENT NAME: INSPECTION SITE: Bluffton, SC 29910 INSPECTION SITE CITY/STATE/ZIP:

CLIMATIC CONDITIONS: WEATHER: SOIL CONDITIONS: APPROXIMATE OUTSIDE TEMPERATURE in F:

Clear Dry 55 degrees

BUILDING CHARACTERISTICS: MAIN ENTRY FACES: ESTIMATED AGE OF HOUSE: BUILDING TYPE: STORIES: SPACE BELOW GRADE:

East 2010 1 family 2 Crawl space

UTILITY SERVICES: WATER SOURCE: SEWAGE DISPOSAL: UTILITIES STATUS:

Public Public All utilities on

OTHER INFORMATION: AREA: HOUSE OCCUPIED? PEOPLE PRESENT:

Town Yes Homeowner

REPORT LIMITATIONS This report is intended only as a general guide to help the client make his own evaluation of the overall condition of the building, and is not intended to reflect the value of the premises, nor make any representation as to the advisability of purchase. The report expresses the personal opinions of the inspector, based upon his visual impressions of the conditions that existed at the time of the inspection only. The inspection and report are not intended to be technically exhaustive, or to imply that every component was inspected, or that every possible defect was discovered. No disassembly of equipment, opening of walls, moving of furniture, appliances or stored items, or excavation was performed. All components and conditions which by the nature of their location are concealed, camouflaged or difficult to inspect are excluded from the report. Systems and conditions which are not within the scope of the building inspection include, but are not limited to: formaldehyde, lead paint, asbestos, toxic or flammable materials, and other environmental hazards; pest infestation, playground equipment, efficiency measurement of insulation or heating and cooling equipment, internal or underground drainage or plumbing, any systems which are shut down or otherwise secured; water wells (water quality and quantity) zoning ordinances; intercoms; security systems; heat sensors; cosmetics or building code conformity. Any general comments about these systems and conditions are informational only and do not represent an inspection. The inspection report should not be construed as a compliance inspection of any governmental or non governmental codes or regulations. The report is not intended to be a warranty or guarantee of the present or future adequacy or performance of the structure, its systems, or their component parts. This report does not constitute any express or implied warranty of merchantability or fitness for use regarding the condition of the property and it should not be relied upon as such. Any opinions expressed regarding adequacy, capacity, or expected life of components are general estimates based on information about similar components and occasional wide variations are to be expected between such estimates and actual experience. We certify that our inspectors have no interest, present or contemplated, in this property or its improvement and no involvement with tradespeople or benefits derived from any sales or improvements. To the best of our knowledge and belief, all statements and information in this report are true and correct. Should any disagreement or dispute arise as a result of this inspection or report, it shall be decided by arbitration and shall be submitted for binding, non-appealable arbitration to the American Arbitration Association in accordance with its Construction Industry Arbitration Rules then obtaining, unless the parties mutually agree otherwise. In the event of a claim, the Client will allow the Inspection Company to inspect the claim prior to any repairs or waive the right to make the claim. Client agrees not to disturb or repair or have repaired anything which may constitute evidence relating to the complaint, except in the case of an emergency.

REPAIR ADDENDUM/AMENDMENT TO AGREEMENT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Address City

Unit # State of South Carolina

1. REPAIRS: Parties agree that at Seller's expense, Seller agrees to cause/complete in a good faith and timely manner this Addendum's written actions to the Property in a good/workmanlike manner while complying with all applicable repair laws/rules and using qualified repair workers ("Repairs"). Parties agree their intent in Contract is that Sellers will always hire qualified repair workers (e.g. LLR licensed/bonded/insured contractors, electricians, plumbers, roofers, builders, HVAC workers, structural engineers, environmental specialists, pool workers, pest control workers) for all repairs except the most basic repairs (e.g. Seller might be qualified to adequately paint a portion of the Property or remove a dead tree or other basic repairs). Repair related documents [e.g. inspection reports, engineer reports, service documents, repair recommendations] are are not attached. If attached, these repair related documents can be listed and/or described below in the blank lines. Parties agree that Seller shall complete the Repairs no later than Calendar Days prior to Closing ("Repair Deadline") and then Buyer shall Deliver Repairs Cure Notice (if any) to the Seller of any Repairs Inspections results no later than Calendar Days prior to Closing and then Seller shall cure any Repairs issues (if any) thereby completing the Repairs no later than Calendar Days prior to Closing. [Note: Best practice is to insert descending numbers in these blanks.] Any Repairs not covered by Contract become the responsibility of the Buyer upon Closing. Best practices for agreeing upon repairs are to write in the blank lines below: (1) the repairs (2) a specific reference to a specific repair recommendation in a specific attached document (e.g. inspection report) and (3) to avoid vague repair requests vaguely referencing an attached document. In Due Diligence, Parties can agree in writing on the companies and personnel who will conduct the Repair actions. If Seller successfully completes this Repair Agreement, Buyer shall comply with Contract terms. If Seller fails to complete Repairs agreed upon in this Repair Agreement, the Buyer shall (1) accept the Property in its present condition, (2) negotiate and reach agreement with the Seller for different terms (e.g. other Repairs, compensation, price reduction, escrow); or (3) terminate this agreement by Delivered Notice and potentially seek legal remedies against the Seller.

[

] BUYER [

] SELLER [

] SELLER HAVE READ THIS PAGE 6/2022 FORM 525 PAGE 1 of 2

2. MODIFICATION OF CONTRACT: Upon Parties agreeing to this Repair Addendum/Amendment to the Contract, the Buyer waives any " Due Diligence Right to Terminate This Contract". This Repair Agreement modifies the Contract. This Repair Agreement replaces any agreed upon Due Diligence period under the Due Diligence section of SCR Form 310. EXPIRATION: When signed by a Party and intended as a proposed addendum to the Contract, this document represents a proposed addendum to the other Party that may be rescinded any time prior to or expires at AM PM on , unless this proposed addendum to the Contract is accepted by the other Party in written form Delivered prior to such deadline. Party stated expiration of a proposed addendum does not extend any Due Diligence Period. IN WITNESS WHEREOF, this Contract has been duly executed by the Parties. BUYER:

Date:

Time:

BUYER:

Date:

Time:

Date:

Time:

Date:

Time:

SELLER:

Date:

Time:

SELLER:

Date:

Time:

Date:

Time:

Date:

Time:

REALTOR® is the registered collective membership mark which may be used only by those real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® and who subscribe to its strict professional Code of Ethics. The South Carolina Association of REALTORS® (SCR) owns copyright to the content of this form and expressly prohibits the display, distribution, duplication, transmission, alteration, or reproduction of any part of SCR copyright content as well as the use of the name "South Carolina Association of REALTORS®" in connection with any written or electronic format without the prior written consent of SCR. SCR makes no representation as to the legal adequacy of this form or the information added for a specific transaction and recommends that Parties consult a SC attorney prior to signing to ensure the completed form meets your legal need.

808 MAIN STREET APPRAISAL ASSISTANCE PACKAGE

BUYER

subject property 808 MAIN STREET BLUFFTON, SC 12345

July 18, 2023

property summary PROPERTY TYPE

SINGLE-FAMILY

BEDROOMS

BATHROOMS

5.5

PARKING VIEW

2 CAR + CART BAY

DOUBLE GOLF + MARSH

relevant information

$1.550M USD LIST PRICE

$1.480M USD CONTRACT PRICE

4,900 ± SQ. FT. HEATED

.58 acre LOT SIZE

1999 YEAR BUILT

1. Each of the 5 bedrooms includes en suite full bath 2. All-new roof installed 2016 3. $300K 2018 remodel included all-new kitchen + 6' bump out of the NW side of the house, adding appx. 150 sqft 4. Electric car charger included in finished garage

2018 YEAR REMODELED

COMPARABLE SUMMARY

101 MAIN STREET

202 MAIN STREET

4,500 SQFT | 4 BEDS | 4 BATHS | 3 CAR + CART .5 ACRE | BUILT 2004 SALE PRICE $865,000

303 MAIN STREET

404 MAIN STREET

4,500 SQFT | 4 BEDS | 4 BATHS | 3 CAR + CART .5 ACRE | BUILT 2004 SALE PRICE $865,000

505 MAIN STREET

606 MAIN STREET

4,500 SQFT | 4 BEDS | 4 BATHS | 3 CAR + CART .5 ACRE | BUILT 2004 32 SALE PRICE $865,000

4,500 SQFT | 4 BEDS | 4 BATHS | 2 CAR + CART .5 ACRE | BUILT 2004 SALE PRICE $865,000

COMPARABLE SUMMARY

101 main street

4.5

4,126

1.395M

4,237

1.395M

4,261

1,617.5M

202 main street

4.5

303 main street

4 33

4.5

COMPARABLE SUMMARY

4.5

4,126

1.395M

34 SALE PRICE $865,000

subject

COMPARABLE HOME MAP 35

COMPARABLE HOME #1 101 MAIN STREET BLUFFTON, SC 12345

May 31, 2023

property summary

$1.395M USD

PROPERTY TYPE

SINGLE-FAMILY

LIST PRICE

BEDROOMS

$1.350M USD SOLD PRICE

BATHROOMS

4.5

PARKING

3 CAR GARAGE

SQ. FT. HEATED

VIEW

GOLF, MARSH

.55

relevant information 1. Directly next door to Subject Property 2. Needs whole-home renovation; no updates 3. Similar view and location 4. Inferior construction 36

4,126

LOT SIZE

1992 YEAR BUILT

N/A YEAR REMODELED

COMPARABLE HOME #2 202 MAIN STREET BLUFFTON, SC 12345

JUNE 30, 2023

property summary

$1.895M USD

PROPERTY TYPE

SINGLE-FAMILY

LIST PRICE

BEDROOMS

$1.850M USD SOLD PRICE

BATHROOMS

4.5

PARKING

2 CAR + CART BAY

SQ. FT. HEATED

VIEW

GOLF, LAGOON

.53

relevant information 1. Superior finishes 2. Similar but older upgrades (roof 2013, HVAC 2014, windows/doors 2015) as subject 3. Similar layout with master on main, guests up 37

4,237

LOT SIZE

1998 YEAR BUILT

N/A YEAR REMODELED

COMPARABLE HOME #3 303 MAIN STREET BLUFFTON, SC 12345

MAY 26, 2023

property summary

$1.595M USD

PROPERTY TYPE

SINGLE-FAMILY

LIST PRICE

BEDROOMS

$1,617,500 USD SOLD PRICE

BATHROOMS

4.5

PARKING

2 CAR + CART BAY

SQ. FT. HEATED

VIEW

LAGOON

.44

relevant information 1. Despite "marsh view" in listing, this is not a true marsh view property 2. Newer construction than Subject 3. Inferior location is further from amenities 4. Finishes are of newer but lesser quality 38

4,261

LOT SIZE

2007 YEAR BUILT

N/A YEAR REMODELED

COAST PROFESSIONALS Brokered by eXp Realty Ric Hollifield and Daniella Stonefield

ADDRESS

808 MAIN STREET, BLUFFTON, SC

HHIMLS LRMLS

123456

WEBSITE

808MAINSTREET.COM

789123

COAST PROFESSIONALS. ALL RIGHTS RESERVED. COAST MAKES EVERY EFFORT TO BE COMPLETE AND ACCURATE IN ITS REPRESENTATIONS, CREATES THIS PROPRIETARY APPRAISER ASSISTANCE PACKAGE FOR THE SOLE BENEFIT OF THE APPRAISER, AND DOES SO PURELY FOR EDUCATIONAL AND ASSISTANCE PURPOSES. INFORMATION INCLUDED IN THIS PACKAGE IS REPRESENTED IN GOOD FAITH, IS DEEMED RELIABLE BUT IS NOT GUARANTEED, AND NO WARRANTIES ARE MADE AS TO ITS COMPLETENESS OR ACCURACY BY COAST PROFESSIONALS BROKERED BY eXp REALTY.

ESTIMATED PURCHASER’S SCHEDULE OF FEES Title Search $225.00 - $350.00 ⮚ The title search is a review of the property records for Beaufort County. Hilton Head Transfer Tax Fee $ .0025 times purchase/sale price (.25%) ⮚ This tax is required to be paid by purchasers of property located on Hilton Head Island. (Established by municipal ordinance.) Recording Fees $10.00 - $35.00 ⮚ For deed, mortgages and releases (Amount established by state law.) Title Binder and Certification $100.00 - $350.00 ⮚ The binder is a requirement of the lender and informs them of any title defects in the chain of title. Title Insurance $180.00 for first $50,000 of coverage ⮚ Lender’s title insurance is required in financed transactions. Owner’s coverage is $3.00 per thousand from $50,000 - $100,000 strongly recommended for both financed and cash transactions. $2.10 per thousand from $100,000 $500,000 (Premium amounts are regulated by the State of South Carolina.) Attorney’s Fees (based on normal closing) ⮚ Cash Purchase. The services to be performed will include a review of $950.00 or as quoted title exam, preparation of the settlement statement, receipt and disbursal of all closing funds, usual, normal pre-closing correspondence and conferences with clients. ⮚ Financed Purchase. The services to be performed will include the above and will also $950.00 or as quoted include review and preparation of loan Package. ⮚ In addition to legal fee, you will also be billed for any charge we incur on your behalf, Standard Cost such as copying costs, telefax charges, express charges, long distance charges and courier fees. ⮚ Any unusual or extraordinary matters arising during the course of our representation $150.00 - $475.00/hr. will be billed at an hourly rate of the professional or paralegal handling the work. Additionally, any work performed to clear title defects or any negotiations regarding such things as a contract addendum, repairs, or post-closing issues will be billed at the aforementioned hourly rate. ⮚ Other standardized potential attorney’s fees (only charged if the work is performed) ∙ Power of Attorney $150.00 (each individual) ∙ Second mortgage/additional equity line financing $450.00 ∙ Basic Occupancy or Lease Agreement (first draft) $250.00 ∙ Escrow Agreement or Escrow Release Agreement (first draft) $150.00 - $350.00 ∙ Escrow for post-closing issues $350.00 ∙ Corporate/Partnership Resolution $100.00 - $250.00 ∙ 1031 Exchange Participation Fee $300.00 ∙ Certificate of Trust $150.00 ∙ Review of Trust, Corporate, LLC, or Partnership Documents hourly rate Assessments & Property Taxes Prorated at closing ⮚ All assessments (including property owners’ assessments or regime assessments) and Beaufort County property taxes will be prorated at closing. Loan Fees Established and provided by Lender

Estimated South Carolina Timeline Day 1: Both parties agree and sign a “Contract of Sale - Offer and Acceptance.” This date is known as the Effective Date. Day 1-5: Earnest Money Deposit is typically due 1-5 days after contract ratification. A second Earnest Money Deposit may be due at a later, agreed upon date. Day 7: Inspections are typically completed within one week of the Effective Date. Day 10-15: Due Diligence typically ends in 10-15 days. During this time, any repairs requested by the buyer must be submitted and agreed upon. Day 20-30: Financing Contingency ends typically between 20-30 days after the Effective Date. The buyer typically provides to the seller a final loan approval letter from the lender. The appraisal is also completed during the financing contingency period and any re-negotiations based on the appraisal will be completed during this time. Day 28-58: A walkthrough of the property typically occurs 1-2 days prior to closing. During this walkthrough, buyers will inspect the completed agreed upon repairs. Day 30-60: Closing typically occurs 30-60 days after the Effective Date.