Considerations When Using GAR Exhibit – “Property Sold with Right to Request Repairs” The Georgia Association of REALTORS (GAR) F273 Exhibit – “Property Sold with Right to Request Repairs” has many issues to consider prior to a Buyer making a contract subject to this vs. having a Due Diligence period. In this competitive market, many buyers are using this Exhibit in place of Due Diligence to make their offer more attractive but please be mindful of the many questions this Exhibit leads to. Watch the Video for more information & issues to consider including WHAT HAPPENS TO THE EARNEST MONEY?
Please watch the video on this but just some issues to keep in mind: Earnest Money is not addressed so you must add a special stipulation regarding the disbursement of the Earnest Money of this contract terminates because Buyer & Seller can’t agree on an Amendment Buyer may only ask for Seller to address “Defects” as defined in that Exhibit If parties agree to address any issues financially, then in that Amendment, you must state that the Exhibit is no longer part of the contract
For information on “The Red Book” by Seth Weissman & Ned Blumenthal – Go to www.WeissmanLaw.com
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As a real estate professional, consider the ideas presented in this video to create systems & checklists for great customer service & to keep you out of trouble for potentially violating any Fair Housing laws.
What you need to know as a real estate agent in Georgia about writing special stipulations! Is it the Unauthorized practice of law? Do they protect your client? What do you need to include? Watch the video for a CHECKLIST on issues to address when drafting a special stipulation in a real estate contract.
What is a “Survival Clause?” What does it mean to you? Why it’s important? What do you as a real estate agent need to do in a contract? Are there differences among contracts? GAR vs RE Contract? Watch the video to find out!
If the Buyer & Seller are binding on the RE Forms contract, and they decide to have the Closing Attorney hold the Earnest Money, what document should the closing attorney sign & why? Watch the video to find out!
Special Stipulation: “All parties acknowledge that the funds referenced in this Escrow Agreement refer to the Earnest Money referenced in paragraph 3 of the “Contract for Purchase & Sale of Residential Real Property in Georgia (RE100) & paragraph #3 of the “Standard Terms” (RE1.) The Escrow Holder shall fulfill all the responsibilities of holder of these funds as outlined in those paragraphs of those contracts referenced herein.”
If there is a dispute over who gets the Earnest Money in a terminated contract & the Holder doesn’t write a “10 day letter,” it goes to court as an Interpleader Action Lawsuit and a Judge will decide! How much does that cost? Who pays what? Can the Buyer & Seller avoid that lawsuit? How may the real estate agents help? Watch the video to find out!
Mobile Homes are becoming increasingly popular in this real estate market – watch the video to find out what you need to know as a REALTOR when helping the public buy & sell a modular home! Thank you to Maximum One Greater Atlanta, REALTORS agents, Patti Loveless – Patti@CompassandKeyHomes.com and Jennifer Hardy-Black – Jennifer@CompassandKeyHomes.com for sharing their experience. See Agent Checklist Below. Also thank you to Amee Davis of Davis and Associates, Attorneys at Law (ADavis@DavisLawGA.com) for the Mobile Home Closing Checklist and Fannie Mae Guidelines – see below. In the Mobile Home Closing Checklist, take the time for the Seller to complete items #1 – 6 PRIOR to listing the home & Amee can take care of the rest with hopefully none to very little delay!
How to look through an offer or counter offer and really analyze what the other documents you should look for / request to truly protect your client – hints for both Seller’s agents & Buyer’s agents! What other contract “clues” have you found in practice? Comment below!
If a Buyer terminates a real estate contract prior to the contractual obligation to send the Earnest Money to the Holder, what happens? How do you address that in a “Termination & Release” Agreement? What happens if the Buyer terminates by Default prior to sending the Holder those funds? Watch the video to find out!