Hi everybody, Dana Sparks, Broker of Maximum on Greater Atlanta Realtors. This week's contract tip has to do with counteroffers and contract forms. It has been brought to my attention that there is a little bit of confusion on this, so I want to clarify any and all confusion. Let's just say, for example, that a buyer writes an offer on the RE Forms Purchase and Sale Agreement. We know from the previous video that the RE Forms Purchase and Sale Agreement includes the standard terms, whether or not they are attached. All of those terms and all of the promises between the buyer and the seller, as well as the timeframe and consequences for not meeting those concepts of promises, are included in the standard terms. Again, I implore you to print out the standard terms, reference them, and attach them to the Purchase and Sale Agreement. Nevertheless, they are part of the contract. So, if a buyer makes an offer on the RE Forms Purchase and Sale Agreement and it goes over to the seller and the listing agent, what happens when the listing agent makes a counteroffer on a different form? Let's say the listing agent makes a counteroffer and what form they use is the GAR form, Georgia Association of Realtors form. They use the actual counteroffer form, F-22 Counteroffer or Modification of an Unaccepted Original Offer. The seller fills this out and basically counters some of the terms. For example, purchase price, closing costs, closing date, days for due diligence, whatever it is that the seller chooses to counter. It goes back to the buyer and the buyer signs, agrees to those terms, signs the contract. We now have an accepted contract. The buyer sends the notice of the accepted contract back to the seller and then we have...
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Free Georgia Purchase And Sale Agreement Form: What You Should Know
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