Contracts - Purchase & Sale Agreements for the state of Georgia has changed.
Major changes were made in several key areas:
• Due Diligence Period or Accept Home "As is" - Item #11 on the New Contracts
In this section of the contract, Buyer may, but shall not be required to: Arrange loans, conduct evaluations, inspections, appraisals, examinations, surveys and testing. This includes termite inspections or any active infestations of any organizations. Buyer may propose an Amendment to Address Concerns of Property to seller to remedy. Buyer or Seller has a right to terminate during this time period. Buyer is responsible for termite letter at the time of closing. Traditionally, it has been the seller up to 2006.
• Financial & Appraisal Exhibits - Both are now under separate Exhibits and alluded to in the 2008 contracts.
• Legal Description- Item #2 - There's a choice to describe the property, now. Either legal description or description as recorded in the county records.
• Closing Costs - Item #5 - Buyer now pays Georgia Transfer Tax which has traditionally been paid by the Seller until this year. Buyer pays for preparation of warranty deed, owner's affidavit, buyer's power of attorney and all promissory notes, deeds to secure debt and other loan documents required by any lender providing financing in the transaction. Seller pays for any sums, costs, fees necessary to clear title encumbrances and/or defects to allow Seller to be able to convey good and marketable title to Property.
So dont get cake on your face ask a REALTOR® for help with those contracts.
Looking to buy or sell real estate in West Atlanta Area?
Call the Perry's
Keith & Robin Perry Realtor®
Phone:678-363-1901 Cell: 678-363-0385 Fax:770-920-2250
http://perryangel.georgiamls.com/
Comments(12)