When a Purchase & Sale Agreement designates a Closing Attorney to hold the Earnest Money, beware that the Attorney may inadvertently create an issue that must be resolved contractually! Watch the video to find out what that issue is & how to correct the problem they may create!
Georgia Association of Realtors (GAR) has completed the Midyear Revision of the Contract Forms. One of the biggest changes involves the Amendment to Address Concerns F704. Please watch this video for a full explanation! Index of 6/1/19 Changes to GAR Contract: https://files.constantcontact.com/1a9… PRIOR TO GAR Change 6/1/19 Video: “Amendment to Address Concerns – Is There a Time Limit” https://youtu.be/PhsAtxfwUPg
If the Buyer doesn’t terminate based on the Financing Contingency, may the Seller terminate the contract if the Buyer doesn’t provide proof of a loan commitment from a Lender? Watch the video to find out!
Do I Need an Approved Lender on a Loan Exhibit? https://youtu.be/Fchlf9u9BUo When is a Buyer NOT Protected With a Loan Denial Letter? https://youtu.be/uUz8WHpmA6E When Must a Buyer Send a Loan Denial Letter? https://youtu.be/qQyEu7fKs2k
If a Buyer terminates a contract that is subject to Financing Contingency, they must do so prior to the expiration of the contingency time frame AND prove it with a Loan Denial Letter. HOWEVER, there are very specific reasons that are prohibited & will NOT protect a Buyer’s Earnest Money… watch the video to learn what those reasons are!
Must I Use an Approved Mortgage Lender? https://youtu.be/Fchlf9u9BUo When must I send the Loan Denial Letter? https://youtu.be/qQyEu7fKs2k
If a Buyer terminates a contract based on not meeting the Financing Contingency, when must the Buyer send the “proof” or the loan denial letter in order to meet the terms of the Contingency Agreement & protect their Earnest Money? Is there a difference between the GAR forms & RE forms? Watch the video to find out!
Also watch previous video on “Use of Approved Mortgage Lender” https://youtu.be/Fchlf9u9BUo
How does a real estate agent complete a “T&R?” What reason do you put? Who signs it? What do you put for the Earnest Money part? What if the Buyer terminates before sending the Earnest Money to the Holder? Do you need a T&R if the contract simply doesn’t close? Do you need one form or two? Watch the video for all the answers!
On the Georgia Association of Realtor (GAR) Financing Contingency Exhibits, there is a place to identify an “Approved Lender.” DO you need to fill it out? Should you? What are the ramifications for a Buyer? Seller? What about the Financing Contingency Exhibits on the RE Form contracts? Watch the video to find out!