Hi, I'm Dana Sparks Burger with Maximum One Greater Atlanta Realtors. This week's contract tip is about the changes made by GAR (Georgia Association of Realtors) to the 2016 purchase and sale agreement. GAR did not make many changes, but I will go over the few that they did make. The first change is in response to new trade laws. Under these laws, lenders are preparing the buyer's closing disclosure and are not allowed to share it with anyone other than the borrower. This means that neither the lenders nor the attorneys can provide the closing disclosures to the agent or any other party involved in the transaction. The only way to obtain it is directly from the buyer who is getting a mortgage from a lender. To help agents and brokers who need copies of these closing disclosures, GAR has added paragraph 13 to the front page of the purchase and sale agreement. This paragraph is titled "Consent to Share Non-Public Information" and it states that the buyer and seller hereby consent to the closing attorney preparing and distributing an American Land Title Association (ALTA) estimated settlement statement. The statement will be shared with the buyer, seller, brokers, and affiliated licensees working in this agreement for their various uses. Basically, this means that if the closing attorney is using these ALTA forms (which stand for the American Land Title Association), there will be three forms involved in the transaction. The first is the closing disclosure prepared by the lender for the buyer, the second is the closing disclosure prepared for the seller by the closing attorney, and the third is a combined form that combines the seller and buyer information on one document. The combined form does not have specific buyer information such as loan rates or interest rates. This new stipulation in...
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