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Trec release of earnest money Form: What You Should Know
Earnest Money — TREE.
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Instructions and Help about 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...