In continuing with the changes for 2008, here are some more revisions in the real estate contract for Georgia:
Paragraph 3-"Purchase Price and Method of Payment" has changed. It replaces paragraph 2 AND 6 of the other contracts. It Eliminates the financing contingency, but don't worry; there is now a new "Financing Contingency Exhibit" if you want to use it.
Closing Costs-The new contract changes the allocation of closing costs. Now the buyer pays all closing costs INCLUDING TRANSFER TAX. The Seller, if agreed upon, will make a single financial contribution. Also, the taxes can be re-prorated if both parties agree.
Paragraph 6- Closing and Possession: Clarifies when either party can unilaterally extend the closing date.Liens that can be paid off are not valid title objections. Also the buyer cannot extend the closing date if at fault for any reason. Lastly, if there are any delays, the resaon(s) must be disclosed.
Inspection: Now the buyer takes responsibility for knowing about any changes in the neighborhood. List of Inspection conditions includes 'Odor and/or noise producing land uses."
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