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Video instructions and help with filling out and completing earnest money contract texas pdf
Hi everybody Dana sparks Broker of maximum on Greater Atlanta Realtors and today's contract tip has to do with repairs specifically what may a buyer do what happens if a seller does not complete the repairs that the Byron's whore had negotiated on throughout the course of the contract may a buyer terminate the contract and get the earnest money back may a buyer demand that the seller that they delay the closing until the seller completes the repairs may a buyer sue the seller all of these kinds of questions that's what we are going to address today contractually so I am specifically talking about the GA our purchase and sale agreement Georgia Association Realtors and the Georgia re forms contracts so what happens how do you get a seller to perform why didn't they do them what what recourse does a buyer have so who thinks that a buyer does have the right to terminate the contract to not go through with closing and be protected get their earnest money back raise your hand who thinks nope a buyer absolutely does not have termination rights if a seller does not perform the agreed-upon repairs well the answer is there is no answer the answer is both this is a question of law and the answer might answer to you is so you'll have a buyer that says well like I said can they terminate without penalty can they unilaterally extend the closing can they sue the seller for not performing the repairs the answer is these questions require the practice of law and as a real estate licensee that is beyond answering these questions is for you as a licensee and for a broker these questions are above and beyond the scope of practice of real estate what you have your license for um so let me lay out two arguments for you and let me help si help you to under stay in the dichotomy of this situation so what what argument is that the buyer and the seller agree to certain promises to each other throughout the course of a real estate transaction and actually the consideration of the contracts in both the GAR contract and the re forms contract specifically states that it is the promises the buyer makes the seller and the seller makes to the buyer well in essence the buyer promises to come to the seller at a certain date in the future whatever the closing date is with funds that are liquid to the seller at that date and purchase the property take over the deed sign over the deed and take possession of the property and give the seller money for that the and throughout the course of that they have to convince a lender to lend the money they make themselves satisfied with the property with the neighborhood and so forth and so on a-and if they have other contingencies they've met those other contingencies a seller throughout.