There's a little bit of fake money involved in buying homes in Georgia

I've written about due diligence before and if you don't know that that is in a Georgia Contract I suggest you read these two posts about it...

What is due diligence in the GAR contract?

Can a seller accept a higher offer during the due diligence period?

So now I want to talk about the fake money in our contract.  In some states buyers actually pay real money for the option period also known ass the due diligence period, but in Georgia they don't.  Buyers actually get this option for free.

The GAR contract that we use at Lane Realty for our buyers states the due diligence period is purchased from the buyer giving $10 to the seller.  But that money doesn't actually ever change hands.  It's "mythical", "fake", "non-existent" money. In a court of law if both parties have signed the contract the money is legally determined to have changed hands.  So in Georgia the due diligence period is currently free to buyers.  Of course the money you actually purchase the house with, yeah, that part has to be real. (sorry buyers)

There is no set or standard length of due diligence, it is a negotiated amount of time.  Also other contingencies do not necessarily have to fall within the same time period with examples being financing, appraisal or even selling another home. But I'll write more about contingencies in Georgia contracts soon.