Insight
Earnest money in the Myrtle Beach market is typically 1% of the purchase price, held by an attorney, and refundable based on contract contingencies like financing or inspection results.
Buying a Short Term Rental in Myrtle Beach: The Contract Process
Summary
This article details the contract process for buying a short-term rental property in Myrtle Beach, SC. Hosts should understand the specifics of earnest money, termination fees, furniture sales, and disclosures, especially the 90-day rule for existing bookings. This information helps avoid potential financial risks when purchasing a STR.
Key takeaway