Hi everybody, in this video, we will be discussing the changes made by the Georgia Association of Realtors forms committee to the purchase and sale agreement for 2018. If you want to see the other videos in this series, you can find them listed in the channel or in the separate playlist for 2018 GAR contract forms. Firstly, let's talk about the changes made to the closing and possession section. Previously, there were two separate paragraphs, 4a and 4b, addressing the closing date and possession. Now, they have been combined into one paragraph, and both issues are to be negotiated between the buyer and seller under paragraph four. Another change is found in paragraph 5, where there is a fill-in-the-blank for the parties to negotiate the holder of the earnest money. If the chosen holder is a closing attorney, then the form f-84a must be attached as an exhibit and form f-84b must be signed by the closing attorney. Make sure to watch the contract tip video on these forms for a thorough discussion. GAR has also added the term "law firm" alongside "closing attorney" wherever it is mentioned in the purchase and sale agreement. This allows for the inclusion of an actual law firm instead of a specific attorney. Additionally, the purchase and sale agreement now includes the form numbers of referenced exhibits, such as the lead-based paint exhibit, for easy reference. Lastly, there have been some clarifications made regarding brokerage relationships. For the selling broker, the options are representing the buyer as a client, representing the buyer as a customer, acting as a dual agent, or acting as a designated agent. Similarly, for the listing broker, the options are representing the seller as a client, representing the seller as a customer, acting as a dual agent, or acting as a designated agent. These are...
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Georgia real estate purchase and sale agreement 2024 Form: What You Should Know
The real estate settlement system is essentially like a land Title Search & Title Database run by the Georgia Departments of Revenue. It allows sellers to make a formal offer to Buyers. It is important that buyers read it carefully. Furthermore, it contains the provisions for the Georgia Residential Purchase and Sale Agreement. 1. PURCHASE AGREEMENT IS REQUIRED TO BE PAID AND SUBMITTED WITH THE COMPLETION OF MONEY SHEET AND CHECK OR WITHIN ONE (1) DAY OF THE OFFER. BUYERS AND SALES ARE ENTITLED TO A REFUND IF THE PURCHASE PROVISION IS INCREASED (1) ON-LINE DEBIT CARD PAYMENT. If the Purchaser does not possess a credit or debit card, the Georgia Department of Revenue, Tax Collections Division, can accept cash payment through a bank check or money order. To send money with a debit card, a personal check is acceptable as well. If the Buyer does not receive payment within one (1) day, The Georgia State Tax Collection Division in the Financial Services Division can make a “FINAL PAYMENT” and the property can be sold without a sale agreement. The Georgia Departments of Revenue, Tax Collections Division, would collect the full purchase price. 3. BUYER MUST FILL OUT APPLICATION FOR PURCHASE, SUBMIT PROPERTY CHARGES, AND POST ALL CHARGES AND TAXES IN THE COMPLETED STATE OF Georgia Real Estate Settlement System AT THE RECEIPT OF THE PURCHASE PRICE. 3.1. BUYER MUST FILE APPLICATION FOR PURCHASE On-line AT THE APPLICATION POST OFFICE WITH THE STATE DEPARTMENT OF REVENUE OFFICE. The Application for Purchase requires all the following: Full Name: (required) Date of Birth: (required) (Required) Driver's License Number, Title or Registration Number. (required) Passport Number, (optional) Social Security Number (optional), State of Birth, Address (Required) The Transaction Number, a Georgia Identification Number, Certificate Number, All Property Tax Bill Payment, Purchase Price 2. SALE AGREEMENT IS REQUIRED TO HAVE EACH BOTH BUYER AND SALES SIGNED. 2.1.
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