2023 Georgia Association of REALTORS (GAR) Contract Dissection – GREC Course #75553 through Real Estate Academy of America – GREC School #6915 taught by Dana Sparks, Director of Real Estate Academy of America & Qualifying Broker, Maximum One Greater Atlanta, REALTORS. The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below.
The Georgia Association of Realtors (GAR) makes changes to contracts based on market trends and feedback from agents on issues or concerns throughout the year. These changes are aimed at maintaining consistency in the transactions. GAR revises its forms at the beginning of every year and a mid-year revision to correct errors. Licensed agents pay for the GAR licensing agreement for the year through their realtor dues, and non-realtors may use GAR contracts by paying GAR directly for the forms. The forms are not given to the public.
GAR Form Revisions
GAR revises its forms based on feedback from agents and to correct errors. Universal changes apply to all forms and are available for licensed agents. Changes can also be substantial.
GAR Forms Availability and Intent
GAR forms are intended to keep transactions together and maintain consistency. Realtors have access to a legal helpline, which requires an NRDS number, available on GAR’s website. The legal helpline is for realtors only.
Legal Description vs Address
A legal description is required per license law when writing a contract for a real property in Georgia. A general street address is not sufficient, as it may not specify the intended property when similar addresses exist. A legal description ensures that the buyer and seller agree on the conveyed property.
Completion of Financing Terms and Earnest Money
Agents must complete all financing terms per license law, and earnest money should be forwarded to the broker as soon as possible to avoid delays in closing. Leaving blanks in the contract is not acceptable, and N/A or $0 should be used. “To be determined” is not an acceptable response to contract blanks.
In conclusion, Georgia real estate contracts require compliance with license laws. All buyer and seller signatures are required, and special stipulations should be limited. Agents are responsible for following up on earnest money with the holder and providing the necessary license information. The legal description must be used to avoid confusion over similar addresses. Completing financing terms is required, and leaving blanks is not acceptable. GAR revisions maintain consistency and reliability in real estate transactions.
Watch the entire video for more information here: