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2207 S Ocean Blvd #617, MYRTLE BEACH, SC 29577
MLS#: 2626706
Last updated: November 2026
Due diligence is the period after signing a purchase contract when you investigate the property and can usually walk away if you find problems. It covers title, survey, zoning, inspections, environmental reports, leases and financials. Ask for enough time to order every report you need and get answers, because the deadline is firm.
In a commercial purchase, due diligence is your main protection. Here's what it covers and how to set the timeline.
This guide is part of our guide to buying or leasing commercial property in Myrtle Beach.
In this guide:
- What is the due diligence period?
- What should you check during due diligence?
- How long should you ask for?
- What documents should you ask the seller for?
- What happens if you find a problem?
- What due diligence issues are common on the coast?
- What due diligence applies to income properties?
- What terms should you know?
- How does financing fit in?
- What else do people ask about this?
- Ready to talk about commercial space on the Grand Strand?
What is the due diligence period?
It's a window in the contract for you to investigate the property. During it, you can usually terminate the contract for any reason, or for reasons the contract lists, and often get your earnest money back. After it ends, your deposit may become non-refundable.
The length and terms are negotiated, usually starting in the letter of intent.
What should you check during due diligence?
A typical commercial checklist includes:
- Title: a title search and commitment, through your attorney.
- Survey: boundaries, easements, encroachments and parking.
- Zoning: confirm your use and any nonconformities. See zoning in Horry County.
- Physical condition: building inspection and specialists.
- Environmental: usually a Phase I.
- Flood zone and insurance quotes.
- Leases and financials for income property.
- Permits and code history.
- Utilities and service contracts.
How long should you ask for?
Long enough to finish every report and get answers. We don't quote a standard number of days because it depends on the property and your plans. A simple building with a clean history needs less time than vacant land you plan to develop or a property with many tenants.
Work backward. Ask your inspector, surveyor, environmental consultant and lender how long each will take, then add time to review and negotiate. Ask for an extension option in case a report comes back with questions.
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What documents should you ask the seller for?
Ask the seller to deliver documents by a set date early in the period. Common requests include existing surveys, title policies, environmental reports, leases and amendments, rent rolls, operating statements, service contracts, warranties, permits and any notices from the city or county.
Build the delivery deadline into the contract so your clock isn't eaten up waiting.
What happens if you find a problem?
You have options while the period is open. You can ask the seller to fix it, reduce the price, give a credit or extend the period. If you can't agree, you can usually walk away under the contract's terms.
Don't let the deadline pass while you're still negotiating. Get any agreements in writing before it ends.
What due diligence issues are common on the coast?
Coastal properties bring their own questions. Check the flood zone on the FEMA Flood Map Service Center, ask for any elevation certificate and get insurance quotes for flood and wind early. Insurance cost can change what a property is worth to you, and some lenders require specific coverage.
Look at drainage and any history of storm damage. Ask whether the building has been repaired after storms, and whether permits were pulled for that work. For land or properties near wetlands or the waterway, ask about environmental or permitting limits on what you can build.
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What due diligence applies to income properties?
If the property has tenants, their leases are part of what you're buying. Review every lease and amendment. Confirm rents, terms, renewal options and who pays what. Ask the seller for tenant estoppel certificates, where tenants confirm their lease terms in writing. Compare the rent roll with bank deposits if you can. Then rebuild the operating statement yourself to check the seller's numbers.
What terms should you know?
- Title commitment: A title insurer's statement of what it will insure and the exceptions, like easements or liens.
- ALTA survey: A detailed commercial survey that follows national standards and is often required by lenders and title insurers.
- Estoppel certificate: A tenant's signed confirmation of its lease terms and status.
- Nonconforming use: A use or structure that was legal when established but doesn't meet current zoning. It may be allowed to continue with limits on expansion or rebuilding.
- Earnest money: The deposit you put down when you sign the contract, which may become non-refundable after due diligence ends.
How does financing fit in?
Lenders have their own requirements and timeline. They usually order an appraisal and may require a Phase I and survey. Your financing contingency may run on a different schedule than due diligence, so line them up carefully. See commercial financing.
Related guides:
- Do I Need a Phase I Environmental Report Before Buying Commercial Property in South Carolina?
- Do I Need an Inspection Before I Lease or Buy a Commercial Space in Myrtle Beach?
- What Is a Letter of Intent (LOI) in Commercial Real Estate in South Carolina?
- How Do I Buy or Lease Commercial Property in Myrtle Beach?
What else do people ask about this?
Can I walk away during due diligence?
Usually yes, under the terms of the contract, and often with your earnest money returned. Read your contract's specific terms.
Is due diligence the same as an inspection period?
It's broader. It includes inspections but also title, survey, zoning, environmental, leases and financials.
How long is a commercial due diligence period?
It's negotiated and depends on the property. Ask each consultant how long they need, then add review time.
Who pays for due diligence reports?
Usually the buyer, unless the contract says otherwise.
Can I extend due diligence?
Only if the seller agrees or the contract includes an extension option.
This article is general information, not legal, tax or financial advice. Rules and requirements change. Talk to a South Carolina attorney, CPA or lender about your situation, and confirm current requirements with the agency involved.
Ready to talk about commercial space on the Grand Strand?
Whether you are leasing your first space, buying a building for your business or adding an investment property, a short call with our team can help you sort out the options and the next steps. No pressure, and no commitment.
