Conditions and agreements should be drafted in an easily understandable manner. To write the terms of the real estate contract, use a common language. Avoid using technical jargon or terms that could easily be misunderstood. Express the words in their entirety instead of using abbreviations. Some shortcuts have a very different meaning if they are not used with clarity. For example, the terms “VA loan” can mean either “Virginia loan” (a loan product for Virginia residents) or the “VA loan” guaranteed by the Department of Veterans Affairs, which is a totally different thing. To clarify the terms, you can spell the words “for sale by the owner” instead of the abbreviation “FSBO” in a real estate contract. In the case of a short sale, is the date of the binding agreement when? If the lender approves the short sale offer or if the seller and buyer sign the purchase and sale contract that is sent to the lender as part of the short sale package? This date is indicated as a number of days from the date of the commitment agreement. If this number is 10 days, the due diligence period expires on the 12th at midnight. So what happens at 12:01 on the 13th? The buyer is considered accepted the property “how is” AUTOMATICALLY. This means that there will be inspections, negotiations and estimates of contractors that will be carried out before this deadline in order to reach an agreement on the condition of the property. In the absence of an agreement before the due diligence period expires, the buyer may either send a written termination statement to the seller or be willing to accept the property “as intended” (in this case, the buyer is not obliged to take action).

QUESTION: Who enters this date if you have a binding contractual date? 4. HOT LINE: Privacy of customer information QUESTION: Are Realtors or real estate companies required to any type of data protection legislation? Here`s my situation: we work with an out-of-state network that sends customers back to us all the time. We have also brought in customers who are not through this network. However, under a contract with this network, we must send them the names of new customers by email to confirm that they are not now and that they have never been on their network. But they have now sent us an email asking the phone numbers and addresses of these customers to refer to this information. Before I tell you, I want to make sure that we do not pass data protection laws. This is usually indicated as a date or “at closing” (it is a date and time agreed upon by mutual agreement). The period of action continued as soon as the contract was adopted and binding.

The above data are typical milestones in the process of buying a home. If you are the buyer, this is your show and your team must meet their brands so that your Earnest Money is not compromised. The explanatory notes below were developed on the basis of the 2015 Georgia Association of Realtors (GAR) residential real estate contract forms. Hey Jack The agreement becomes mandatory once the last party has signed and declares acceptance to the other parties. The contract should be a serious money for us. As a general rule, serious money is only unlocked if the buyer and seller sign the unlock. If no agreement is reached, a court must order payment. This applies as long as the payment contract does not have a specific language. You can consult a lawyer to see what they recommend.