Wholesaler · Montreal, QC · Member since 2016 · 66 posts · 20 votes
Getting my feet wet ... by submitting an Offer -- TOMORROW MORNING, ideally (and it's midnight already! :-)
Have a question as I review the GAR before signing to submit this offer on a property in Gwinnett County.
It's late for anyone in the Atlanta area, but there may be others out there in the Pacific Time Zone who can help me. :-) Or early-risers in Georgia. :-)
If you submit offers using the Georgia Realtors P&S Agreement do you also add your own "15-day inspection" contingency clause? Or is Section 9. Inspection and Due Diligence sufficient, adding the number "15" for the day from the Binding Agreement Date?
With regards to this, I am interested in refining the P&S agreement that I would like to use when making offers. At the moment, I have borrowed the document that @Stephen Barton uploaded to the BP FilePlace. I am using that as my base. But I would be interested in adding additional verbiage, such as the 15 day inspection period.
I have two questions for this at the moment:
1) With regards to the GAR, do you know if that P&S is copyrighted in such a way where non-realtor's cannot use it? I wouldn't mind trying to model my P&S after what realtor's might expect to see and then adjust to be taylored towards things investors might be interested in... things like you mentioned, @Lynne Jacob, or verbiage related to "and/or assigns..." and such.
At the moment, my SECTION 9 equivalent says the following:
Since this verbiage doesn't include language around "15 days," do you think I should include additional language to suggest something such as "Seller agrees to provide access to the Buyer's representatives no less than 15 business days prior to transfer of title for inspection, repairs and to market the property."?
Glad someone else found some use out of this @Joseph Hoot. We had our attorney's go through this one and it is valid for Indiana. Sounds like you are on the right track to getting this usable for GA- way to go!
Hi, @Joseph Hoot. It would seem to me that the verbiage you have for the inspection means that you have until the day of closing to back out. I, as a vendor, wouldn't accept such terms, but then I know that there are some vendors out there who might not catch that if they didn't take the offer to the lawyer. I'm not saying there's anything wrong with your wording but if you also look at it from your perspective you can get out right to the last minute, yet you also need to engage the title company, etc. to search title prior to closing. So you're driving forward with one foot on the break, so-to-speak.
I won't comment on the wording of your proposed paragraph (as I'm not a lawyer in GA) but I do see benefit to both parties for you to specify a time-frame for the contingency period.
And to respond to your earlier topic @Joseph Hoot, about the copyrighting of Georgia's Real Estate Agreement ... It says specifically that it cannot be "hacked up" (I'm paraphrasing). It states in it, I believe, that non-realtors are not obliged to use the agreement for deals in Georgia. I recommend you read it. And I would recommend you model your own after it, as you mention, without using the clauses verbatim.