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GAR Form of the Month
No Form of the Month!
There's no point reviewing one of this year's form documents since on January 1st, GAR is releasing revised versions of most of the forms. In addition to attending most of the yearly meetings, I've already taken my 2025 Form change class. Have you booked your CE class yet? I recommend you do so as soon as possible! There are many options available, some in person and some online. Instead of going through a GAR form, I'm going to do a recap of the special stipulations we reviewed this year.
SS 640: Tax ID as Description If, after a diligent search by the Seller, there is no acceptable legal description available, the County Tax Identification Number is recognized by all parties to be sufficient for this Agreement. The Tax ID Number is ____________________________________.
SS 416: Security Deposit from Seller for Temporary Occupancy of Property After Closing Seller shall pay Buyer at Closing a security deposit of $_____________ which shall be held by Buyer to cover any damage done to the Property during the Temporary Occupancy Period, excluding normal wear and tear or prior-existing damage. Buyer must notify Seller of any deductions, supported by either a repair estimate or receipt. The remaining deposit shall be returned to Seller within ten (10) days after possession is returned.
SS 636: School District Verification Contingency Notwithstanding any other provision in this Agreement, if Buyer determines that Property is in a school district other than ______________________ Elementary School, _______________________ Middle School, and ______________________ High School, Buyer shall have the right to terminate this Agreement without penalty upon written notice to Seller within _____ days from the Binding Agreement Date.
SS 620: Buyer Requests Seller Pay Buyer’s Broker’s Compensation Buyer hereby requests, and Seller hereby agrees to pay Buyer’s Broker at Closing the following compensation for professional services. [Explain below]
SS 738: Unfulfilled Conditions at Closing Buyer and Seller agree that [ ] Buyer OR [ ] Seller did not complete the following prior to closing: _________________________________________________________________________________________.For and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, it is agreed that the items referenced above shall be completed by [ ] Buyer OR [ ] Seller within __________ days after the closing. It is the intent of the parties that this provision shall constitute an Amendment to the Agreement and survive the closing.
Probate Sales Stipulation Purchaser’s obligation to close is expressly contingent upon receipt of and approval of evidence of valid probate, administration, or other proceeding or process legally sufficient to support a conveyance of clear and marketable title sufficient to support the issuance of an owner’s title insurance policy for Purchaser without exception for estate or estate tax matters.
Seller shall provide such evidence to Purchaser within five (5) business days of the Binding Agreement Date herein, and failure to do so shall render this contract null and void, and all earnest money shall be refunded to Purchaser.
Purchaser shall have five (5) days to confirm in writing to Seller that such evidence is satisfactory, or this contingency is waived.
Note: The information provided in this newsletter is for general informational purposes only and should not be construed as legal or brokerage advice.
See list above. New stips will be featured next month!
Tuesday, December 24, 2024
Wednesday, December 25, 2024
Christmas Eve and Christmas Day
(Christmas Day is a Federal holiday but most closing attorneys are not open on Christmas Eve. If you have a 24th closing, you'll need to do an amendment.)
Wednesday, January 1, 2025
New Year's Day
Monday, January 20, 2025
MLK Jr Birthday
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