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Purchase & Sale Agreement (F201)
Back to the Basics! The Purchase & Sale Agreement is the basis for the majority of Georgia real estate transactions. If you are familiar with other states' contracts, you'll see that we're one of the lucky states where the GAR Forms Committee moved the majority of the negotiated items to page one of the Agreement. When I was first licensed, we had to read through each page to find all of the relevant blanks to complete. However, I feel like some agents forget to re-read the middle of the contract on a regular basis: the paragraphs which explain the details on page one. This month we're going to deal with the closing date.
Paragraph B4a: Right to Extend the Closing Date:
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 if: (1) Seller cannot satisfy valid title objections (excluding title objections that: (a) can be satisfied through the payment of money or by bonding off the same; and (b) do not prevent Seller from conveying good and marketable title, as that term is defined herein, to the Property); (2) Buyer’s mortgage lender (even in “all cash” transactions where Buyer is obtaining a mortgage loan) or the closing attorney is delayed and cannot fulfill their respective obligations by the date of closing, provided that the delay is not caused by Buyer; or (3) Buyer has not received required estimates or disclosures and Buyer is prohibited from closing under federal regulations. The party unilaterally extending the closing date shall state the basis for the delay in the notice of extension. If the right to unilaterally extend the closing date is exercised once by either the Buyer or Seller, the right shall thereafter terminate.
Note: This right is unilateral, but not automatic. One party will have to give notice to the other. The proper GAR form is F270.
Paragraph C4f: Extension of Deadlines:No time deadline under this Agreement shall be extended by virtue of it falling on a Saturday, Sunday or federal holiday except for the date of closing.
Note: If you accidentally put a weekend or holiday in as your Closing Date OR if your 8th day of the unilateral extension ends on a weekend or holiday, you are automatically protected by this paragraph. While an amendment isn't mandatory, most closing attorneys still request one so they are 100% sure that both Sellers and Buyers understand and agree to the closing date.
TIP! When you amend your closing date, don't forget about your possession date AND your contingency dates (if applicable).
SS 618 CLOSING DATE EXTENSION
The Buyer may extend the date of closing for up to ______ days upon notice to Seller and by paying Seller additional consideration of $_______________________. The additional consideration [ ] shall OR [ ] shall not be applied towards the purchase price at closing, if Buyer closes upon the purchase of the Property.
Friday, 11/11 Veterans Day
Thursday, 11/24 Thanksgiving Day
Friday, 11/25 (Day after Thanksgiving--Georgia state holiday & many attorneys' offices are closed)
Monday, 12/26 Christmas Day observed
Video: Numbers of Contingent Contracts
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