Hi Dana Sparks, Brook Road maximum one Greater Atlanta Realtors. This week's contract tip has to do with the changes to the 2019 GA (Georgia Association of Realtors) contract forms. Please watch the video I did on just a general overview if you kind of want to get an overview. But today's video is on the changes to the brokerage engagements. First thing, as I mentioned in the overview video, is that GAR did change all of the form numbers. So all of the brokerage engagements are now in the 100s. The form will start with 100. Now, let's cover the changes to the exclusive seller listing agreement. Basically, a question came up and it got clarified: What happens to the term of the agreement if the transaction goes under contract and it closes or if it goes under contract and it fails to close? What happens to that timeframe? So, for example, let's say you have a listing and you go under contract, but the closing date occurs after the expiration of the listing agreement. Is the listing agreement still intact or not? GAR has added in paragraph B2 that if the property goes under contract prior to the expiration of the original listing agreement or any extension thereof (this does not include the protection period), then the agreement shall automatically extend until closing. So, the listing agreement does stay intact through closing if you went under contract prior to closing and the closing date is after the expiration of the listing agreement. Now, another issue: what happens if you go under contract while you are under an active non-listing agreement and then that contract fails to close? That contract terminates. What happens to the timeframe for the listing agreement? Previously, it used to say that the timeframe automatically...
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