All about the “Affiliated Business Disclosure” What is it? Who needs to sign it? Does it need to be part of a contract? Am I required to have it signed? Are there any forms I may use to help me share contact information with clients? Watch the video to find out!
What happens if a Buyer never sends a Seller Option Money? May a Seller terminate the contract? Is option money the same thing as Earnest Money? Watch the video to find out! Thank you to Amee Davis of Davis & Associates, Attorneys at Law, LLC (ADavis@DavisLawGA.com) for the Special Stipulation designed to protect Sellers with respect to Buyer’s Option Money in the Georgia Association of Realtors (GAR) Contract. If you are not an agent with Maximum One Realty, please check with your Broker prior to using any Special Stipulation in a contract.
“All parties acknowledge and agree that upon acceptance of the contract, Buyer shall pay a nonrefundable option payment for Seller to take property off market for a period equivalent to the due diligence period herein. The option fee shall be $________ payable to Seller(s.) Said option money shall be separate and apart from the Earnest Money stated herein. Should Buyer fail to pay said money within two (2) days of Binding Agreement date, Seller shall have five (5) days in which to terminate the contract or Seller shall have waived the right to the option money.”
Closing Attorney as Holder of EM – the F510 vs. the F511 – What’s the Difference?? What document MUST a closing attorney sign if holding the Earnest Money in a real estate transaction? All about the Georgia Association of REALTORS (GAR) Contract Forms F510 & F511. When must the closing attorney sign? What happens of the closing attorney doesn’t sign? What happens to the Earnest Money? Who gets it if there is a dispute? Watch the video for the answers to all of this & more!
00:00 Topic is What to do when closing attorney is the Holder of the Earnest Money on GAR Contract 00:25 Punch Line First 00:41 TWO Forms That Need to be Signed 01:06 Which Form do Buyer & Seller Sign vs. Which Form does Closing Attorney Sign 1:16 Putting Buyer in Default 01:32 More In-Depth Explanation – Contract Exhibit – GAR Form F510 02:29 After Binding – GAR Form F511 03:39 More In-Depth about GAR F511 04:13 Common Mistakes Agents Make on the GAR F511 04:34 Reasons Why a Closing Attorney May Not Agree to be Holder 05:13 How This May Put a Buyer in Default 06:00 Many Responsibilities of Holder 06:22 Different For Attorney as Holder in an All Cash Transaction 07:03 Necessary Discussions To Have With Clients & Closing Attorney Before Going Under Contract 07:46 Buyer Responsibilities Per the GAR Contract & Time Frames 08:30 What It Means to Buyer & Seller If Closing Attorney Doesn’t Sign Any Document 10:07 What If Parties Are Not Binding on a GAR Contract 10:36 Alternative Contract Forms in the GAR & RE Forms Contract Packages 11:13 What About New Construction HUD Fannie Mae Etc.
Please browse “Videos” or “Playlist” for so many more! FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.