Metro Atlanta Buy Lease Sell Sadly Accepts Agreement Termination in Buckhead Atlanta GA DAY 2

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Real Estate Broker/Owner with Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ...

Metro Atlanta Buy Lease Sell Sadly Accepts Agreement Termination in Buckhead Atlanta GA  DAY 2

Dear AR friends,
RE:
The blog from 30 May 2011
http://activerain.com/blogsview/2324948/metro-atlanta-buy-lease-sell-sadly-accepts-agreement-termination-in-buckhead-atlanta-ga

Tonight I have an idea where the tipping point towards termination of the Buyer's Agreement was located.  The friend probably just stimulated the process. 

Here it is:

Yellow house with red roofMy personal satisfaction comes from narrowing down choices and having just the right choice so the decision may be made the first day out.  Therefore - I was honed in on getting the search done well.

dollar sign on a house cortoonI misunderstood their target - I thought it was to BUY a home.  I totally missed that they were just interested in looking and were not ready to buy!  All their comments led me to believe that they wanted to find a house -- and we found exactly what they had asked to have, in exactly the neighborhood they wanted and at least $100K less than the neighborhood level, leaving room to update the baths and still be OK financially and it was four BR not 3 and had fresh painted walls, refinished TRUE hardwood floors, new carpet and had all kitchen appliances -- all they asked for was there in one lovely home!  I think the reality of having to make a commitment was another issue.  They are first time buyers who need more time and . 

Anyway - let's move on to the interesting subject of Earnest Money. Pamela's comment alerted me to how different each states rules are for Earnest Money.  In Georgia, we have the State Code that holds the laws for EVERYTHING!  The Georgia Association of Realtors (GAR) Purchase and Sale Agreement, Paragraph 4, clearly states the Earnest Money policy.

4. Amount and Deposit of Earnest Money. Buyer has paid to (Name of Brokerage here) (“Holder”) earnest money of $_____ check, OR $_____ cash, which has been received by Holder.  The earnest money shall be deposited in Holder’s escrow/trust account (with Holder retaining the interest if the account is interest bearing) within five (5) banking days from the Binding Agreement Date.  If Buyer writes a check for earnest money and the same is deposited into Holder’s escrow/trust account, Holder shall not be required to return the earnest money until the check has cleared the account on which the check was written.  In the event any earnest money check is dishonored by the bank upon which it is drawn, Holder shall promptly give notice of the same to Buyer and Seller. Buyer shall have three (3) banking days after receiving such notice to deliver good funds to Holder.     In the event Buyer does not timely deliver good funds, Seller shall have the right to terminate this Agreement upon notice to Buyer.

 

The Georgia Real Estate Commission offers a FAQ page for further information about Earnest Money. 

One day I'll write a longer post about that but for now - DAY 31 of the 31 Days of May Challenge - for now - BYE!   

Have a happy day,
Lynn

 

 

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31 Days of May Challenge 2011
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Rainmaker
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Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

Lynn, thank you for the mention. Coming from you it's like a big hug! It is interesting how state laws do vary. Thanks for sharing paragraph 4 of your state's purchase contract. I may write a post on the subject, because in California the laws have just changed and there is a bit of confusion. Thanks again, Lynn, and congratulations on the 31 day challenge! It's not an easy task to write a post everyday for 31 days. Have a great week. :)

May 31, 2011 05:24 PM #1
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Pamela, 

Thanks for checking out part 2!
I often forget that each state is SO different. 
Ture, it wasn't easy to do the "31" (hmmm, ice cream ...) but it certainly got me into the habit. 
Have a happy day -
Lynn

Jun 01, 2011 03:22 AM #2
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Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Lynn, the link seems to be broken to your part one. Our contracts allow us to not collect earnest money until after the contract is accepted by all parties; or even after inspection is satified.

Jun 01, 2011 04:33 AM #3
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Lynn B. Friedman
Atlanta Homes ODAT Realty Call/Text 404-939-2727 Buckhead - Midtown - Westside -- and more ... - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Toni -
Thanks for heads up about link. I fixed it!
Interesting how different the purchase and sale contracts are formulated state to state!
Have a happy day -
Lynn

 

Jun 01, 2011 05:10 AM #4
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