Have you Georgia Agents seen the new GAR contract???

By
Real Estate Agent with Coldwell Banker

Have you seen the proposed 2008 GAR contracts?

The current draft which is circulating is VERY different than contracts before.

1. There is no "INSPECT AND REPAIRS" section. All offers will be under DUE DILIGENCE or AS IS.

2. There is no FINANCING CONTINGENCY. There is a new APPRAISAL CONTINGENCY, which is optional.

3. Inspection is certainly allowed, but since there is no INSPECT/REPAIR option, there's no need to define what defective or unsafe is.

As always, I'm sure that there will be classes offered by various instructors in the area...

 

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Rainmaker
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Bob Southard
e-Pro - Cobb, Cherokee, North Fulton
Solid Source Realty GA

Al,

I haven't seen it yet but it sounds interesting.

I'm curious about the financing contingency or lack of.  does that mean that if the financing fall through for any reason after the binding agreemnt date that the buyer either pays cash or loses the earnest money?  If so, I actually like that.  I think some (ok I know) some agents did not have a full understanding of the current financing clause as it is in the current contract.  It sounds like this would make the buyers be more prepared before presenting an offer.

December 11, 2007 04:01 PM
Rainer
129,600
Al Maxwell
Real Estate Agent
Coldwell Banker
Bob, it's my understanding that your financing requirements would fall under the general "umbrella" of due diligence. I think that there is an "appraisal contingency" because most lenders wait so long before they order the appraisals.
December 11, 2007 10:24 PM
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Rainer
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Al Maxwell

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