'08 Contract - Buyer Concerns
Most buyers and sellers rarely pause to evaluate what happens when they sign a purchase and sale contract, everyone is looking ahead. Every so often though, the train comes off the track. If you don’t take the time to carefully evaluate your agent’s ability and performance, the broker’s experience, and the company’s reputation, that light at the end of the tunnel may in fact be an 80 ton locomotive.
Effective Feb 2008, the GA Purchase and Sale Agreement has had MAJOR changes. In brief, buyers now have a set "due diligence" period to research anything they want and secure financing. Once the date is past, you are effectively locked into the deal. The financing contingency is removed as well unless notification of loan denial has been received by the seller. At that point, the buyer is obligated to close or risks legal action for non-performance. Actions can be brought by not only the seller, but the brokers involved.
Your agent must be savvy when writing your offer, diligent during the loan process, and extremely effective and organized why notifying the seller of any issues. Any missteps here will cause you major problems.
Are you aware of this? Do you understand exactly what this means….as well as the other parts of the contact? We will ensure that we cover all of this in detail. We’ve never had serious issues come up, mainly because we spend the time working with you.