Hi everybody! Let's talk about the due diligence period in real estate contracts here in Georgia. Depending on the contract form you're using, it may be referred to as the due diligence period or the buyer's right determinate period. Regardless of the name, it represents the same concept for both the buyer and the seller. So, what exactly is this timeframe? It's the period in which the buyer has to decide whether they will proceed with the contract or terminate it. Essentially, it provides the buyer with an option contract. During this due diligence period, the buyer has the right to terminate the contract without providing any explanation. If they choose to do so before the agreed-upon number of days, they will receive their earnest money back. It's important to note that the buyer can terminate for any reason. All they need to do is fill out the termination form and state that it is within the due diligence period. Within this timeframe, the buyer is encouraged to take whatever steps are necessary to ensure their satisfaction with the property. This may involve hiring independent inspectors, such as home, roof, foundation, or termite inspectors. The buyer can also bring along family or friends to view the property. The key is that the buyer has reasonable access to the property for inspections and assessments. It is important to clarify that the buyer is not obligated to have inspections done, but they have the opportunity to do so within this time frame. Ultimately, the due diligence period allows the buyer to gather all the information they need to make an informed decision on whether to proceed with the contract or terminate it. That concludes our discussion on the due diligence period in Georgia real estate contracts. If you have any further questions, feel free to ask.
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