Do you have to disclose that a Buyer is getting Down Payment assistance? If a Buyer is getting Down Payment Assistance funds – how do you protect that Buyer in a Real Estate Contract – it’s NOT automatic & it’s NOT included in any Financing Contingency! So what do you do? It is not required to disclose that a Buyer is getting a down payment from a program, BUT the Buyer is NOT protected contractually if the Buyer does not receive those funds so that’s where the contract contingency for this issue becomes important!
“This Agreement is contingent upon the Buyer’s approval for the receipt of down payment from _________ program within ______ days from Binding Agreement Date. Should Buyer not be approved for the DPA program within this time frame, Buyer may terminate without penalty if Buyer notifies Seller in writing and provides the DPA denial letter.”
Amee Davis, Davis & Associates, Attorneys at Law, LLC http://www.davislawga.com 770-426-5440
What happens contractually if you don’t name one of the Real Estate Brokers as the Alternate Holder of Earnest Money on GAR F84 (A)… watch the video to find out! Also Watch: 2018 GAR Contract: Forms Required for Attorney to Hold Earnest Money – https://youtu.be/uWmfF8zVaPU
Watch the Video to Find Out! Thank you to Shawn Horan of Horan Law Group, P.C. SHoran@WestGALaw.com 770-942-8887
“This counter offer is being executed by all parties to evidence their intent to be bound by the terms contained in the purchase and sale agreement dated ________, and agreed to by all parties on ________. All parties agree that the binding agreement date and time for this purchase and sale agreement is __________.”
What contract confirms a Listing Broker’s Commission? a Selling Broker’s Commission? an Agent’s Commission? Can a Selling Broker rely on the “Co-Op Commission” listed in the MLS Service? What does “VRC” mean?” What if there is a mistake in the MLS (FMLS & GAMLS & Others) Service? How can an agent avoid a commission dispute? Is the Co-Op Broker Commission determined by the Seller or Listing Agent? Watch the video to find out!
Can you interchange the Georgia Association of Realtors (GAR) contract package forms & the RE Forms contract package forms when countering an offer? If so, what is the impact? What terms are actually binding upon the parties? Watch the video to find out!
Previous Video Referenced: RE Purchase & Sale – Why You MUST Attach the Standard Terms – https://youtu.be/UqC9NoOL0dA
When a Buyer & Seller are using the RE Forms contracts for their Real Estate transaction, it is IMPERATIVE that you print the “Standard Terms,” reference them & attach as an Exhibit. Watch the video to find out why!
RE 100 – Contract for Purchase & Sale of Residential Real Property
RE 1 – Standard Terms for the Purchase & Sale of Georgia Real Property
These forms are available to agents for FREE on FMLS rDocs & GAMLS Transaction Desk under the Forms sections.
Thank you for watching! Dana Sparks, Qualifying Broker, Maximum One Greater Atlanta, REALTORS http://www.KeepMoreCommission.com