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2022 GAR Contract Changes – F201 – Purchase & Sale Agreement. This is the first in a series of videos covering the 2022 changes to the Georgia Association of Realtors (GAR) contract package. Please subscribe so that you don’t miss any videos on additional changes to the Georgia Association of Realtors contracts for 2022!  

Georgia Real Estate Academy CE classes – www.registerforREclasses.com – select your geographic area or select “Marietta” for the master schedule of Virtual CE classes.  

2022 GAR Contract Changes – CE Classes start first full week in December 2021!  
00:00 Introduction
00:30 Free CE Classes Info
02:42 Closing Law Firm
03:10 Option Money for Due Diligence Period
04:01 Holder of Earnest Money
05:00 Delivery of Notice
07:19 No Authority to Bind
09:31 Binding Agreement Date Issues
10:49 New Form
11:57 Hierarchy of Contract provisions
15:02 Definition of Days
17:03 Additional Special Stipulations
 
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FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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Time Frames to Negotiate a Low Appraisal – Conv Loan – RE Forms Contract How to negotiate a low appraisal on a Conventional Loan in the RE Forms (“FMLS Contract”) contract. What is the process? What are the time frames? May a Buyer simply terminate the contract? What happens to the Earnest Money? In Georgia, what’s the difference between the processes in Georgia Association of REALTORS (GAR) vs. RE Forms? Watch the video to find out!  

Low Appraisal – Conv Loan – GAR Contract: https://youtu.be/RdFNzqLGlbQ
Do Exhibits Need to Be Attached? – https://youtu.be/lBIZvz8LlLI  

00:00 Introduction
00:42 The Situation
01:13 RE Forms RE100 – Contract for Purchase of Real Property in Georgia Paragraph 6.2
02:03 RE Forms RE1 – Standard Terms for Purchase of Real Property in GA Paragraph 6.2
03:18 What Happens if Appraisal is lower than Sale Price
04:16 Similarities on this issue between GAR Forms & RE Forms
04:55 Differences on this issue between GAR Forms & RE Forms
05:55 Biggest Difference Between GAR Forms & RE Forms regarding Low Appraisal Conventional Loan 06:15 Bottom Line for Low Appraisal Conv Loan RE Forms  

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.  
 
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Time Frames to Negotiate a Low Appraisal – Conv Loan – GAR Contract How to negotiate a low appraisal on a Conventional Loan in the Georgia Association of REALTORS (GAR) contract. What is the process? What are the time frames? May a Buyer simply terminate the contract? What happens to the Earnest Money? Watch the video to find out!
 
:00 Introduction
0:46 Georgia Association of REALTORS (GAR) F404 – Conventional Loan Contingency Exhibit
1:13 Confusion over the Time Frames & Termination Rights and Protection of Buyer’s EM
02:03 Paragraph 11 – Appraisal Contingency
02:33 May a Buyer Pay More Than Appraisal Value
03:25 What is the Fill In The Blank Negotiated Time Frame
03:54 GAR F713 Amendment to the Sale Price
04:33 All the Other Time Frames Regarding the Appraisal Contingency
06:00 When May the Buyer Actually Terminate & Protect the Earnest Money
06:33 When Does Buyer Waive the Appraisal Contingency Protection
07:04 Negotiated Time Frame – What it Really means
07:20 Points of Practice for Real Estate Agents
07:38 What About Other Contracts
07:56 What if Buyer is Getting FHA or VA Insured Loan  

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.    
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In a real estate contract do Exhibits need to be signed? attached? initialed? What happens if an Exhibit IS signed but not referenced in the Purchase & Sale Agreement… is it part of the contract? Is there a difference between the Georgia Association of REALTORS (GAR) contract and the RE Forms (or FMLS Forms) contract? Watch the video to find out!

00:00 Introduction

00:29 The Contract as Instructions

01:20 Georgia Association of REALTORS (GAR) Purchase & Sale Agreement – Paragraph C8

02:25 RE Forms Contract for Purchase & Sale – Paragraph 9

03:07 RE Forms Contingencies in the Purchase & Sale Contract

03:47 RE Forms Standard Terms – Additional Verbiage

04:17 What Does All of This Mean?

05:04 Point of Practice for Customer Service

05:32 GAR Counter Offer Form

07:09 GAR Contract Package – What to Do/What This Means

07:32 RE Forms Contract Package – What to Do/What This Means

08:33 GAR – What if an Exhibit is included but not referenced?

09:47 Bottom Line

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FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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What is a “Day” in a real estate contract? Do weekends count? Is Saturday considered a Banking Day? Do times in a contract matter? Watch the video to find out!  

The Red Book on Real Estate Contracts in Georgia
https://www.weissman.law/resources/th….  

Click below to go directly to the timed section of the video covering that topic.
 
0:00 Introduction
00:30 Where to go whenever you have a contract question
01:34 GAR & RE Forms Contract – What is a Day
01:50 Binding Agreement Date
02:18 Example
03:26 Banking Day & Business Day
03:49 What about Saturday
05:04 Georgia Association of Realtors (GAR) Contract
06:19 RE Forms Contracts
07:46 Where is definition of a “Day”
08:26 Information specifically in the state of Georgia
08:40 Resource for Real Estate Agents in Georgia
11:17 Georgia Law defines Banking Day & Business Day & Legal Holiday
12:54 Read what is in the Contract
13:13 When are TIMES important in a contract
13:51 Bottom Line…
14:35 Reference to related videos – see links below  

Referenced Videos:
* “Contract Tip – How to Count Days in a Real Estate Contract” – https://youtu.be/tx-3Rn5z3fo
* “Contract Time Frames – Don’t Let a Seller Terminate by Default” – https://youtu.be/SSnYomh9618
* “What if Closing Falls on a Weekend?” – https://youtu.be/fbjIMbrO28c  

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.    

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What happens if the real estate contract closing date falls on a weekend? How can this end up holding a party in a contract against their will for 11 days? What are some real estate agent points of practice to avoid this from happening? Watch the video to find out! Please comment below… Do you like the time markers?
 
00:00 Introduction
00:27 How can this happen
00:44 GAR Contract & 8 Day Unilateral Extension
01:47 GAR Contract Extension of Deadlines
02:28 What Does This Mean with Respect to the Contract
03:22 What Makes the Closing Date Different From Other Contract Deadlines
04:03 How Can This Happen & Why Is This Important
05:00 For Example…
07:16 11 Days is a Long Time to Hold a Party in Contract Against Their Will
08:28 This Only Happens When…
09:33 Real Estate Agent Points of Practice  

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.    

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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!

00:00 Introduction

00:29 Does It Need to Be Part of a Contract

00:57 Broker DOES Need It

01:10 License Law Regarding the Affiliated Business Disclosure

01:47 RESPA & Vendor Programs

03:35 What Does This All Mean

04:28 Agent Point of Practice – Form For Providing Vendor Information

05:05 GAR Form F834 – Vendor List

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FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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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.”

00:00 Introduction

00:28 Why Buyer Paying Seller Option Money Makes Their Contract More Attractive to Seller

00:58 Listing Agents Make Sure to Protect Seller with Respect to Buyer’s Option Money

01:15 GAR Purchase & Sale Agreement Option Money Paragraph

02:34 Option Money Further Explained

03:16 Listing Agents Must Understand Seller’s Position

03:40 What Happens If the Seller Never Gets the Option Money

04:12 Special Stipulation to Give Seller Termination Rights if Buyer Never Delivers Option Money

05:44 If You are Not a Maximum One Agent Check With Your Broker Prior to Using Any Stip

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FYI… there are more videos on the YouTube Channel, “Real Estate Made Crystal Clear” ahead of what is presented in this Newsletter.

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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.  
 
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If a Seller receives multiple offers, may the Seller make multiple counter offers back? How does a Seller call for “Highest & Best?” What happens if a Seller makes simultaneous counter offers & more than 1 Buyer accepts? What forms should Sellers & Buyers & Agents use to protect themselves contractually? Watch the video to find out!

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.

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