GA Purchase and Sales
TN Purchase and Sales
Inspection/Due Diligence Periods
Special Stipulations
Contingencies
100
In Georgia, what happens if a deadline ends on a weekend or holiday?
The deadline doesn't change and remains on the date on the contract.
100
In Tennessee, what happens if a deadline ends on a weekend or holiday?
The deadline moves to the next business day.
100
What is the difference between the GA and TN Inspection/Due Diligence Periods?
In TN there is an inspection period then a resolution period where both parties agree to the repairs. In GA all inspections and amendment to address concerns must be completed/signed within the due diligence period.
100
Where do you find the team's special stips wording that should be on all of our contracts?
Google drive. Premier Group Folder. Team Policies and Procedures
100
(GA) What should you do when a closing is extended out and the buyer is getting the home financed?
Send amendment to agreement extending the financing contingency day
200
On a GA purchase and sales, what should you be doing to make sure all the exhibits are in place?
Check off the boxes and label them with a letter.
200
Buyer agent has one day past the earnest money due date and it has not been turned in. What do you do? (TN)
Holder shall promptly notify Buyer and Seller of the Buyer’s failure to deposit the agreed upon Earnest Money/Trust Money. Buyer shall then have one (1) day to deliver Earnest Money/Trust Money in immediately available funds to Holder.
200
When does the resolution period start on a TN contract?
When the repair/replacement amendment is sent NOT at the end of the inspection period.
200
(TN) There is a possibility that the home is in a flood zone. What should be added to the contract to protect the buyer?
The following stipulation must be added from the Special Stipulations TAR form: "A determination that the Property is not located in an unacceptable flood hazard area and/or mortgage lender does not require flood insurance."
200
In TN, if an appraisal comes back lower than contract price, how many days after you send the notification do you have to work it out?
3 days
300
Buyer is paying all cash for a property. What exhibit must be attached. (GA)
"All Cash Sale Exhibit"
300
(TN) Within how many days does the buyer have to make loan application after the binding agreement?
3
400
(GA) It is the day of closing and the buyer needs to extend the contract out by 8 days. How would they do this?
Buyer or Seller may unilaterally extend the closing date for eight (8) days upon notice to the other party given prior to or on the date of closing
400
(TN) Husband and wife are both listed to be on the deed, per the purchase and sales agreement. Only the wife is on the loan. Which of the two are required to be at closing?
Both are required to be at closing
500
(GA) When is designated agency used in GA.
When both agents are in the same office
500
If a buyer doesn't want a home inspection, can they still have a licensed person inspect certain systems?
tate law defines a home inspection as "a visual analysis for the purpose of providing a professional opinion of the condition of a residential building, ancillary building, any reasonably accessible installed components, and the operation of the building systems, including any controls normally operated by the owner of the building, for the following components: (i) Heating systems; (ii) Cooling systems; (iii) Electrical systems; (iv) Plumbing systems; (v) Structural components; (vi) Foundations; (vii) Roof covering; (viii) Exterior and Interior components; and (ix) Any other site aspects that affect the residential dwelling." Therefore, if the Buyer is receiving an inspection which covers ALL of the above mentioned components, then it must be performed by a licensed home inspector. However, a Buyer is permitted to get an inspection of individual systems without using a licensed home inspector. However, the person performing the limited inspection must meet state requirements for licensure and/or experience. (e.g. a licensed electrician to inspect the electrical, a licensed plumber to inspect the plumbing, an experienced roofer to inspect the roof.)
500
1) Buyer doesn't have closing/down payment funds 2) Buyer's home has not sold 3) Buyer not giving the lender all information that is required
Name three different ways the Loan Denial letter CANT be based on in GA based on the FHA Loan Contingency.
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