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GAR Form of the Month
F322 Community Association Disclosure Exhibit
The GAR Form F322, or Community Association Disclosure Exhibit, is an essential document in Georgia real estate transactions. It provides comprehensive details about any homeowners’ or community associations (HOAs) connected to a property.
Key areas covered include:
Assessments and Fees: Specifies regular and special assessments (dues), initiation fees, and any other financial obligations required by the association.
Special Assessments: Details any additional assessments for significant projects or repairs.
Initiation Fees and Capital Contributions: Outlines one-time fees for new members, contributing to the association’s reserve funds.
Delinquent Assessments: Discloses any unpaid assessments owed by the seller, ensuring buyers are aware of any existing financial obligations.
One of the most common errors I see with this Exhibit is List Agents allowing sellers to leave the initiation fee portion of Paragraph 5 blank. If a Seller overlooked that blank and didn't understand the implications of leaving that blank empty, they could get an expensive surprise a few days before closing. You'll look like a hero if you review the form and send it back to the seller for correction before sharing it with the buyer, especially if the seller overlooked an initiation fee from their HOA.
Here is the language from the form:
5b. Seller Pays: Seller shall pay any amount in excess of the sum disclosed in Section A(5), even in the event of any later disclosures made by the Seller of increase in such Transfer, Initiation, and Administrative Fees. In the event Seller fills in the above blank with “N/A”, or anything other than a dollar amount, or is left empty, it shall be the same as Seller filling in the above blank with $0.00.
Also keep in mind that HOA violations for un-mowed lawns and excessive weeds can derail a closing. If your seller has vacated the property, they'll need to keep up the yard per their HOA guidelines or it could delay the closing!
Note: The information provided in this newsletter is for general informational purposes only and should not be construed as legal or brokerage advice.
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, the receipt and sufficiency of which is hereby acknowledged, 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.
Wednesday, June 19, 2024
Juneteenth
Thursday, July 4, 2024
Independence Day
(several closing attorneys are closed July 5th too)
Monday, September 2, 2024
Labor Day
Monday, October 14, 2024
Columbus Day
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