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Video instructions and help with filling out and completing Trec release of earnest money
Hi everybody date the sparks broker of maximum one Greater Atlanta Realtors and this week's contract tip has to do with the due diligence period in our real estate contracts here in Georgia so this timeframe depending on which contract forms are using if you're using the car Georgia Association of Realtors contracts it is referred to as the due diligence period if you are using the re forms contract this timeframe is referred to as the buyers right determinate period regardless of which set of contracts you're using and what it's called conceptually and contractually it is the same concept in the same thing per the buyer and the seller with respect to the contract so what is it that timeframe is the period within which the buyer has to decide are they going to proceed with the contract or are they going to terminate in essence it creates an option contract for the buyer for that timeframe if the buyer chooses to terminate prior to 11:59 p.m. at night the number of days that the buyer and the seller negotiated in filling out that contract then the buyer terminates they don't even need a reason the buyer can terminate for any reason and on the form the termination form all you fill in is termination within due diligence period you don't need to put an explanation at all and within that timeframe the buyer will get their earnest money back because they are terminating within that agreed-upon contingency so again it is an option contract for the buyer simply the option is are they going to proceed or are they not going to proceed so what happens so during this due diligence period or buyers right to terminate period the buyer needs to do whatever is required to make the buyer completely satisfied that they are going to proceed with the contract or terminate their choice but they that is the timeframe within which to make themselves satisfied and do what they need to do to determine how they are going to proceed so the buyer does have reasonable access to the property within this time frame for whatever inspections or the buyer wants to have done for example the buyer may have an independent home inspector come in during that time frame the buyer may have a roof inspector the buyer may have a foundation inspector the buyer may have a termite inspector come the buyer may simply bring family or friends or loved ones to come and look at the property the buyer can just whatever the buyer needs to do is the timeframe within which the buyer can do that and the buyer does have reasonable access to inspect the property whether that means just viewing the property or having inspections done the buyer is not required to have inspections done but within this time frame is what the buyer can do now if the buyer is going to have the property inspected by.