What sets us apart is attention to detail. Not only do we pay attention to the details of your contract, but we aggregate and analyze the data from hundreds of contracts. The resulting information gives us insight into market trends, which we delight in passing along to you.
Counteroffer or Modification of the Unaccepted Original Offer (F249)
Remember Counteroffers? With negotiations returning, the GAR Counteroffer form is back. What do we need to remember about this form? Here are a few sections of the form:
Previous Counteroffers Rejected
The party making this Counteroffer acknowledges that in doing so: 1)it constitutes a rejection of the Original Offer as presented and all previous counteroffers; 2) the Original Offer and all previous counteroffers are no longer available for acceptance; 3) no previous counteroffer(s) shall be considered a part of any agreement between the parties; and 4) nothing requires the other party to continue the negotiations.
Effect of Accepting This Counteroffer.
When this Counteroffer is signed by the Buyer and Seller and a copy of the same is delivered to both parties, the Original Offer as modified by this Counteroffer constitutes a legally binding agreement. Since the Original Offer (including all exhibits thereto) is incorporated by reference into this Counteroffer, only this Counteroffer needs to be signed to create a legally binding agreement between the parties.
[The sections not filled in or marked N/C (for “no change” which shall mean that no change is being proposed to that section of the agreement) shall not be a part of this Counteroffer and shall remain the same as set forth in the Original Offer.]
The Red Book on Real Estate Contracts in Georgia by Seth Weissman & Ned Blumenthal gives the following advice in Volume 1 page 39-40
"A question that sometimes arises with the use of the GAR Counteroffer Form is whether exhibits referenced in the counteroffer must be attached to the counteroffer and initialed by the parties. The answer to this question is no. The contract, with exhibits, is an enforceable contract as long as the first offer is signed by the offeror and the GAR Counteroffer Form is signed by both parties. While enforceable under Georgia law, federal law provides that with respect to all homes built prior to 1978, an EPA compliant lead-based paint exhibit must be signed by the buyer and seller before the contract is entered into and the buyer of a home provided with the EPA's lead-based paint brochure. Therefore, if a lead-based paint exhibit has not yet been signed by the parties, it should be fully signed and initialed by the buyer and seller and attached to all counteroffers. If a party is seeking to add a new exhibit to the original offer, the exhibit should similarly be attached to each counteroffer to ensure that it is incorporated into the final contract. While exhibits in the original offer do not need to be initialed if the buyer and seller both sign the GAR Counteroffer Form, some lenders will nevertheless require that all documents that are part of the contract be signed or initialed as a condition of making the loan."
Tip: Multiple counteroffers can get complicated when you're using electronic signing programs, especially when you're up against an offer deadline. Use two screens or your computer and phone to compare the original offer with your final, typed-out GAR Counteroffer form so that you don't accidentally put something in writing that your Buyer/Seller didn't intend. An omission on the Counteroffer means you agree to what was in the original!
Always seek counsel from your Broker for more advice!
SS 720 PROPERTY DELIVERY CONDITION
Seller shall deliver Property clean and free of debris at time of possession. Seller agrees that, as of the date of the transfer of possession of the Property, the Property shall have been thoroughly cleaned with all trash and debris having been removed from the Property, all tiled and hardwood floors having been swept and damp mopped, all carpets having been vacuumed, all cabinets, countertops, ledges, sills, ceiling fans and doors and door frames having been wiped down with a moist rag and cleaner, all appliances having been scrubbed free of dirt, grease and grime, all bathroom sinks, commodes and bathtubs having been scrubbed and cleaned with a bathroom cleaner and disinfected and all cobwebs and dust having been removed from around corners of the house and light fixtures. Seller shall not leave any personal property of Seller in the Property other than what is in this Agreement. This provision shall specifically survive closing.
Friday, 12/23 Some attorney's offices closed or closing early
Monday, 12/26 Christmas Day observed
Friday, 12/30 Some attorney's offices closed or closing early
Monday, 1/2 New Year's Day observed
Monday, 1/16 MLK Jr Day
Monday, 2/20 Presidents' Day
Video: Numbers of Contingent Contracts
Comments