In Georgia, a law O.C.G.A. 15-19-59 was revised on 7/1/15 that allowed real estate agents to “prepare special stipulations to forms that were prepared by an attorney” so that they would not be participating in the unauthorized practice of law when completing real estate contracts. Please watch the video for more information on Special Stipulations, the addition to the 2017 GAR Contract to reflect this law, why agents should be careful writing their own & where to find the special stipulations already written by attorneys & ready for use by real estate agents in Georgia.
Archive for February, 2017
There are many issues with the Community Association Fees & Association Management Company Fees being charged at closing. The issue is that these Management Companies will not always disclose their fees PRIOR to closing. The Seller & Buyer need to understand the verbiage of warrants & responsibilities when completing the GAR Community Association Disclosure Exhibit (F122.)
Sellers need to discover ALL of the Association AND Management Company fees due at closing including fees for: Dues, Initiation, Assessments, Transfer Letter, Convenience Fees, Processing Fees, Account Closure Fees, Internet Access Fees and more! Also, how long is a “Letter” good for? Watch the video to learn how you as a real estate agent may address these issues & more!
Thank you also to Jay Alexander, (NMLS 223779) Mortgage Loan Originator of Homestar Financial Corporation. Jay.Alexander@HomestarFC.com for his additional comments regarding this issue!
- Are there any fees charged at closing for:
- Proration for HOA Dues?
- Any additional annual costs?
- Any special assessments Coming Due & Payable?
- Initiation Fee?
- Any other fees that the Association will be charging at closing?
- Is there a Management Company involved in helping a Community Association collect fees or letter?
- Is there a letter fee?
- A Convenience fee?
- A transfer fee?
- An account closure fee?
- Internet Access Fee?
- Late Fee?
- Are there any other fees charged by the management company not listed herein that will be charged at the time of closing?
If a Seller is going to stay in the property after closing, you really should include the Temporary Occupancy Agreement for Seller after Closing Exhibit. Watch the video to learn why, how long a Seller may occupy and the major differences between the GAR Form F140 – Temporary Occupancy Agreement for Seller After Closing Exhibit & the RE Forms RE255 – Occupancy Agreement for Seller After Closing Exhibit. At Closing, Buyer actually signs “INTENT to occupy” but inform Lender if Seller stays 60+ days!