Keller Williams Realty Atlanta – Peachtree Road
Real Estate Legal Tip
Presented By:
Extending a Contract
Real_Estate Closings get postponed for a number of reasons, including:
1. Financing
2. Appraisals
3. Repairs
4. Down payment issues
5. Waiting on short sale approval
If your home buyer is getting a loan, it is always a good idea to include both a Financing Contingency and an Appraisal Contingency in the Purchase and Sale Agreement.
If the home seller is involved in a short sale, the Short Sale contingency language should be contained in the Special Stipulations.
When it becomes apparent that the original closing deadline in the contract will not be met, the realestate agents should communicate with each other immediately and work to get a mutual extension signed by all parties.
There is a Unilateral Extension form available, but this can only be used for delays due to title problems or lender/closing attorney issues.
The Unilateral Extension can only be used once, and it does not promote cooperation and communication. It is much better to keep the other parties informed and involved in the process. Unless the seller has a back-up offer or unless the buyer has found another house or is getting cold feet, both parties should be willing to work together toward the common goal: the CLOSING!
New Georgia Texting Law takes effect on July 1st, 2010
The State of Georgia has passed two new laws to hopefully reduce car accidents caused by distracted drivers.
1. Senate Bill 360 (No texting while driving):
“No person shall operate a motor vehicle on any public road or highway of this state while using a wireless telecommunications device to write, send, or read any text based communication, including but not limited to a text message, instant message, electronic mail, or Internet data.”
The fine for offenders will be $150 and one point on the driver’s license.
2. House Bill 23 (No cell phone use by minors):
This new law “prohibits use of wireless telecommunications devices by persons under 18 years of age with an instruction permit or Class D license while operating a motor vehicle”.
The fines are also $150 and one point on the driver’s license.
“Driving” includes sitting at a red light or stop sign.
Presented by Leigh Clack, Attorney
Neel & Robinson Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
404-705-3690 fax 404-705-3697
lenox@neelandrobinson.com
**SEARCH FOR ATLANTA HOMES NOW**
More Atlanta Real Estate Legal Tips:
Why Closing Attorneys Need Wired Funds for Closing
The Buyer Should Do Repairs Whenever Possible, Not The Seller
Watch Language in Short Sale Letters
Flood Insurance Is Not Always Available
Make Sure You Know Who Owns The Property!
Quit Claim Deeds & Owner Title Insurance
Choosing A Settlement Agent When Buying A Fannie Mae Property
KW Atlanta Legal Tip: Georgia 2010 Filing Deadlines Coming Soon!
Due Diligence When Buying a Condo, Townhome or In a Planned Community
Try To Avoid Credits & Allowances!
Special Issues with Buying/Selling Condominiums
First-Time Home Buyer’s Tax Credit – Don’t Wait Till The Last Minute!
Buying Property From The Bank: Tips For Buyers
Waiting Periods Required Under New Truth in Lending Law
Termite Letters – Still a Good Idea
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