2015 GAR Contracts Update: What s In, What s Out and Why #65358

Transcription

1 Georgia Association of REALTORS partners with the Local Boards and REALTOR Firms to provide quality, affordable continuing education courses GAR Contracts Update: What s In, What s Out and Why #65358 Sponsored by: Georgia Association of REALTORS, GREC School #271 Partners in Education Program Visit the Georgia REALTORS website to learn about membership benefits, continuing education opportunities, networking events, and more! ( NOTICE: The following material is copyrighted and is provided to you for one-time use only in this GAR-sponsored course. You may not reproduce or redistribute any portion of this packet without the express written permission from the GAR Association Services Department. 2015

2 STUDENT NOTICE The Georgia Association of REALTORS, Inc. is approved by the Georgia Real Estate Commission (GREC) to offer continuing education, sales postlicense, and broker prelicense courses. The GREC school code number is 271 with a renewal date of December 31, The Georgia Real Estate Commission has approved this course for three (3) hours of continuing education credit. GAR school policy defines an instructional hour as 50 minutes. To receive continuing education (CE) credit for this in-classroom course, the student must: be on time sign in with the course facilitator before the course begins remain in the course until the end of the session return a completed evaluation to facilitator at the end of course not have taken this course for continuing education credit within the past 366 days. There is no make-up session for this course. CELL PHONES and PAGERS are distracting. As a courtesy to others, it is required that students keep them turned off during courses. To foster a spirit of camaraderie and to avoid the appearance of recruitment, no nametags or clothing with company logos will be allowed in courses offered for education credit through the GAR school, the Georgia REALTOR Institute. Entrance qualifications and standards of completion will not be based on race, color, sex, religion, national origin, familial status, or disability. No recruiting for employment opportunities for any real estate brokerage firm is allowed during this course or on the premises while this course is in session. Any effort to recruit by anyone should be promptly reported to the Education Manager; Georgia Association of REALTORS ; ; 3200 Presidential Drive; Atlanta, GA 30340, or to the Georgia Real Estate Commission; ; International Tower; 229 Peachtree Street, NW; Suite 1000; Atlanta, GA /2012

3 2015 GAR CONTRACTS UPDATE What s In, What s Out, and Why A course approved by the Georgia Real Estate Commission for 3 hours of real estate licensing continuing education COPYRIGHT 2015 THE TOM GILLETTE COMPANY, INC MONROE, GA (404) thomasgillett@bellsouth.net

4 Objectives Upon completion of this course, through the use of lecture, quizzes, and town hall meeting, the student will be able to: 1. Identify the differences between the 2014 and 2015 GAR contracts package; 2. Demonstrate proper use of the 2015 GAR F20; and 3. Explain to clients and customers the obligations created when using the F20 form and accompanying addendums and exhibits.

5 Tentative 2015 GAR Forms Changes Georgia REALTORS The following pages will list the changes to the forms in the entire GAR Form Library. Paragraph numbers on the left, are the original numbers of the s in the previous years (2014) form NEW BROCHURE SECTION ADDED TO THE GAR FORMS NEW FORM B4 What to Consider when Buying a Home in a Condominium NEW FORM B5 What to Consider when Buying a Home in a Community with a Homeowners Association ( HOA ) F1 Exclusive Seller Listing Agreement *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. All Blanks have been moved to the front of the form to A. KEY TERMS AND CONDITIONS. *** All sections within form have been renumbered and paragraphs have been reordered. *** New Language added to form: Special Circumstances Section A.12 Hazardous Conditions on Property Section C.3 *** Minor language revisions throughout entire form. *** Signature Page revised. F2 Non-Exclusive Seller Listing Agreement *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. All Blanks have been moved to the front of the form to A. KEY TERMS AND CONDITIONS. *** All sections within form have been renumbered and paragraphs have been reordered. *** New Language added to form: Special Circumstances Section A.12 Hazardous Conditions on Property Section C.3 *** Minor language revisions throughout entire form. *** Signature Page revised. F3 Authorization to Show Unlisted Property *** All references to Seller in the form, changed to Owner 5 Fair Housing Disclosure Added gender identity 6 Commission Section B Added subtitle Protected Period. Language revised. 8 Arbitration Language revised. *** New 10 Hazardous Conditions on Property. *** All following s renumbered subsequently. *** Signature Page Broker s and Owner s Phone and Fax # separated. F4 Exclusive Buyer Brokerage Agreement 5 Fair Housing Disclosure Added gender identity 26 Notices Section C. Deleted. *** Signature Page revised. F5 Non-Exclusive Buyer Brokerage Agreement 5 Fair Housing Disclosure Added gender identity 25 Receipt by Buyer of Consumer Protection Brochures Flood Hazard Brochure language added to section. Section separated into A. and B. 26 Notices Section C. Deleted. *** Signature Page revised. Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 1 of 7, 01/01/15

6 F6 Agreement to Work with Buyer as a Customer 5 Receipt by Buyer of Consumer Protection Brochures Flood Hazard Brochure language added to section. Section separated into A. and B. *** New 6 Fair Housing Disclosure. *** Signature Page Broker s Phone and Fax # separated. F7 Exclusive Leasing Listing Agreement 15 Miscellaneous Section J. Fair Housing Disclosure Added gender identity 17 Notices Section C. Deleted. *** Signature Page revised. F8 Exclusive Leasing/Management Agreement 28 Nondiscrimination Added gender identity 34 Notices Section C. Deleted. *** Signature Page revised. F9 Exclusive Tenant Brokerage Agreement 5 Fair Housing Disclosure Added gender identity 24 Notices Section C. Deleted. *** Signature Page revised. F10 Non-Exclusive Tenant Brokerage Agreement 5 Fair Housing Disclosure Added gender identity 24 Notices Section C. Deleted. *** Signature Page revised. F13 Protect Yourself When Buying a Home FORM RENUMBERED TO B2 F15 Protect Yourself When Buying a Home to be Constructed FORM RENUMBERED TO B3 F16 Protect Yourself When Selling a House FORM RENUMBERED TO B1 F17 Non-Exclusive Leasing Listing Agreement 15 Miscellaneous Section J. Fair Housing Disclosure Added gender identity *** Signature Page Broker s Phone and Fax # separated. F19 What Buyers Should Know About Flood Hazard Area and Flood Insurance FORM RENUMBERED TO B7 F20 Purchase and Sale Agreement A4 Title changed to Closing Costs and Proprations. Seller s Contribution at Closing made into section a. A9 Inspection titled changed to Inspection and Due Diligence. Language revised into two new sections; Due Diligence Period and Option Payment for Due Diligence Period. Deleted Brochure language and added to C5 Exhibits and Addenda. B4 Closing Costs and Prorations Section a. Items Paid By Buyer - Deleted except as they relate to the clearance of title encumbrances and/or defects necessary for Seller to be able to convey good and marketable title to the Property from (3). Section b. Items Paid by Seller added any title curative documents to the last sentence. B9 Inspection titled changed to Inspection and Due Diligence. C1 Notices Language revised. C4 Other Provisions new section i. Extension of Deadlines. All following sections renumbered subsequently. New section k. No Authority to Bind. C5 Exhibits and Addenda Added Lease Purchase and Sale Exhibit F21 Special Stipulations *** Initial lines revised. F22 Counteroffer or Modification of the Unaccepted Original Offer *** Time Limit of Offer language revised to add which incorporates and controls over the Original Offer. Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 2 of 7, 01/01/15

7 F23 New Construction Purchase and Sale Agreement *** All sections within form has been renumbered and paragraphs have been reordered. *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. All items in sections A and B have the same corresponding numbers for each paragraph subject. *** Language revised and new language added: B3 Community Association new language. B5 Closing Costs and Prorations Section a. Items Paid By Buyer - Deleted except as they relate to the clearance of title encumbrances and/or defects necessary for Seller to be able to convey good and marketable title to the Property from (3). Section b. Items Paid by Seller - added any title curative documents to the last sentence. B6 Closing and Possession Section a. Closing new language. B10 Construction Deposit Added The total amount of the Construction Deposit shall be credited against the purchase price at closing C4 Notices Language revised. C8 Other Provisions new sections k. Extension of Deadlines and n. No Authority to Bind. F27 Lot Purchase and Sale Agreement *** All sections within form has been renumbered and paragraphs have been reordered. *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. All items in sections A and B have the same corresponding numbers for each paragraph subject. *** Language revised and new language added: A9 - Inspection and Due Diligence Language revised into two new sections; Due Diligence Period and Option Payment for Due Diligence Period. Deleted Brochure language and added to C5 Exhibits and Addenda. B4 Closing Costs and Prorations - Section a. Items Paid By Buyer - Deleted except as they relate to the clearance of title encumbrances and/or defects necessary for Seller to be able to convey good and marketable title to the Property from (3). Section b. Items Paid by Seller added any title curative documents to the last sentence. C1 Notices Language revised. C4 Other Provisions new sections i. Extension of Deadlines and k. No Authority to Bind. F29 Lease Purchase and Sale Agreement DELETED FROM FORMS LIBRARY NEW FORM F29 Lease Purchase and Sale Exhibit F30 Lease for Lease/Purchase and Sale Agreement *** All sections within form has been renumbered and paragraphs have been reordered. *** Form has been divided into three sections: A. PRIMARY TERMS, B. CORRESPONDING PARAGRAPHS and OTHER TERMS AND CONDITIONS. *** Minor language revisions throughout entire form. *** Language Deleted: A1 Name of Tenant s - Deleted A2 Name of Landlord - Deleted A8 Date Dispossessory Action Can Be Commenced - Deleted A18 Community Association Deleted B4 Late Payment; Service Charge for Returned Checks Deleted B13 Sublet and Assignment Deleted; some language moved to new B14 Fee to Prepare Lease Amendment section. B22 Miscellaneous Section I. Notices language deleted and replaced with new Notice language ( B5) *** New language added: A12 Fee to Prepare Lease Amendment new language A18 Lead-Based Paint new language A19 c. Unauthorized Pet Charge and d. Unauthorized Smoking within Premises charge new language B13 Fee to Prepare Lease Amendment new language B18 Propensity of Flooding new language B20 c. Unauthorized Pet Charge, d. Unauthorized Smoking within Premises and e. Utility Connection Charge new language B22 Material Relationship Disclosure new language B23 Disclosure of Ownership and Agents new language *** Signature page added language If adjacent box is checked, Listing Broker is also the Manager herein and shall have the authority to act as the agent of Landlord hereunder next to Listing Broker. F31 Option Agreement *** Signature Page Broker s Phone and Fax # separated. Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 3 of 7, 01/01/15

8 F32 Commission Confirmation Agreement/Instructions to Closing Attorney *** Title of the form changed to Instructions to closing Attorney *** Signature Page Broker s Phone and Fax # separated. F33 Condominium Resale Purchase and Sale Exhibit 1 Legal Description Language revised. F34 Land Purchase and Sale Agreement *** All sections within form has been renumbered and paragraphs have been reordered. *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. All items in sections A and B have the same corresponding numbers for each paragraph subject. *** Language revised and new language added: A10 Inspection and Due Diligence Language revised into two new sections; Due Diligence Period and Option Payment for Due Diligence Period. Deleted Brochure language and added to C5 Exhibits and Addenda. B5 Closing Costs and Prorations - Section a. Items Paid By Buyer - Deleted except as they relate to the clearance of title encumbrances and/or defects necessary for Seller to be able to convey good and marketable title to the Property from (3). Section b. Items Paid by Seller added any title curative documents to the last sentence. C1 Notices Language revised. C4 Other Provisions new sections i. Extension of Deadlines and k. No Authority to Bind. F36 Option Agreement to Purchased Leased Property *** Title of the form revised: To Lease Agreement Giving Tenant Option Agreement to Purchase Leased Property Exhibit *** Form contained old language that should have been updated in previous releases (to match F20 s language). Sections of the form updated: B Issues Pertaining to Purchase and Sale of Property Upon the Exercise of the Option: 4 Closing Costs and Other Settlement Expenses language updated in sections: a. Items Paid By Buyer at Closing b. Items Paid by Seller at Closing c. Prorated Amounts Title changed to Prorations 5 Closing Date Language updated in section b. Right to Extend Unilaterally the Closing Date 6 Closing Attorney Title changed to Closing Law Firm. Language updated. 7 Title Language updated in sections: a. Warranty b. Examination c. Survey 10 Return and Disbursement of Earnest Money language updated in sections: a. Return of Earnest Money to Buyer b. Disbursement of Earnest Money c. Interpleader d. Hold Harmless 11 Agency and Brokerage language updated in sections: a. Agency Disclosure b. Brokerage 12 Disclaimer language updated. 13 Lead-Based Paint language updated. 14 Notices language updated. 15 Default language updated. 16 Other Provisions language updated in sections: a. Warranties Transfer c. Entire Agreement, Modification and Assignment d. Survival of Agreement e. Governing Law and Interpretation i. Duty to Cooperate *** New sections added: j. Electronic Signatures, k. Extension of Deadlines and m. No Authority to Bind. F37 Leasing Commission Confirmation Agreement *** Signature Page Broker s Phone and Fax # separated. NEW FORM F38 Co-Op Commission Agreement Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 4 of 7, 01/01/15

9 F40 Lease for Residential Property *** All sections within form has been renumbered and paragraphs have been reordered. *** Form has been divided into three sections: A. PRIMARY TERMS, B. CORRESPONDING PARAGRAPHS and OTHER TERMS AND CONDITIONS. *** Minor language revisions throughout entire form. *** Language Deleted: A1 Name of Tenant s - Deleted A2 Name of Landlord - Deleted A8 Date Dispossessory Action Can Be Commenced - Deleted A17 Community Association Deleted B4 Late Payment; Service Charge for Returned Checks Deleted B13 Sublet and Assignment Deleted; some language moved to new B14 Fee to Prepare Lease Amendment section. B18 Early Termination by Tenant Section B. No Right of Early Termination Deleted B22 Miscellaneous Section I. Notices language deleted and replaced with new Notice language ( B5) *** New language added: A5 Notice Not to Renew Lease new language. A14 Fee to Prepare Lease Amendment new language A20 Lead-Based Paint new language A21 c. Unauthorized Pet Charge and d. Unauthorized Smoking within Premises charge new language A22 b. Automatic Renewal new language B14 Fee to Prepare Lease Amendment new language B19 Propensity of Flooding new language B21 c. Unauthorized Pet Charge, d. Unauthorized Smoking within Premises and e. Utility Connection Charge new language B24 Material Relationship Disclosure new language B25 Disclosure of Ownership and Agents new language *** Signature page added language If adjacent box is checked, Listing Broker is also the Manager herein and shall have the authority to act as the agent of Landlord hereunder next to Listing Broker. F49 Owner s Property Disclosure Statement (Lease) C1 COVENANTS, FEES AND ASSESSMENTS Section (a) separated into 2 different sections (a) and (b). Following section renumbered subsequently. C4 SEWER/PLUMBING RELATED ITEMS Added (d) If the Property is served by a septic system, how many bedrooms was the septic system approved for by local governmental authorities?. All following sections renumbered subsequently. F50 Seller s Property Disclosure Statement C2 COVENANTS, FEES AND ASSESSMENTS Language grouped into 2 different sections (a) and (b). C5 SYSTEMS AND COMPONENTS Location(s) Served changed to Area(s) Served C7 SEWER/PLUMBING RELATED ITEMS Added (d) If the Property is served by a septic system, how many bedrooms was the septic system approved for by local governmental authorities?. All following sections renumbered subsequently. D Items to Remain with Property added section for Ovens under Appliances. Wall Oven moved under the Oven section. F51 Seller s Property Disclosure Statement (New Construction) C2 COVENANTS, FEES AND ASSESSMENTS Language grouped into 2 different sections (a) and (b). F52 Seller s Property Disclosure Statement (Condominium) C7 PLUMBING RELATED ITEMS Added (e) If the Property is served by a septic system, how many bedrooms was the septic system approved for by local governmental authorities?. All following sections renumbered subsequently. D Items to Remain with Property added section for Ovens under Appliances. Wall Oven moved under the Oven section. F53 Seller s Property Disclosure Statement (Lot/Land) C2 COVENANTS, FEES AND ASSESSMENTS Language grouped into 2 different sections (a) and (b). 6 OTHER MATTERS added new section (h) Has the Property been enrolled in a Conservation Use Program? If yes, when was the Property enrolled? All following sections renumbered subsequently. F65 VA Loan Exhibit 10 Section A added termite letter 12 Added language and the local authority requires it Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 5 of 7, 01/01/15

10 F67 Seller Financing (First Mortgage) Exhibit *** Appraisal Contingency section added as 10. F68 Seller Financing (Second Mortgage) Exhibit *** Appraisal Contingency section added as 11. F69 Seller Financing (Third Mortgage) Exhibit *** Appraisal Contingency section added as 11. F70 Seller Financing (Wrap Around Mortgage) Exhibit *** Appraisal Contingency section added as 13 F84 Security Deposit Held by Broker *** Changed reference of purchase and sale to lease. Changed Buyer s and Seller s initials to Tenant s and Landlord s. F100 Amendment to Remove Inspection Contingency *** Added (Not to be used with a contract with a Due Diligence Period) under the title. F106 Amendment to Brokerage Engagement Agreement *** Signature Page Broker s Phone and Fax # separated. F107 Amendment to Address Concerns with Property *** Revised language under the title. F120 Additional Page *** Initial lines revised. F123 Community Association Disclosure A TYPE OF ASSOCIATION Language revised. B SIZE OF COMMUNITY, IF CONDOMINIUM Language revised. C IS THE COMMUNITY IN WHICH THE PROPERTY IS LOCATED AGE RESTRICTED Language revised. D EXISTENCE OF MASTER ASSOCIATION Deleted Seller also discloses to Buyer that. F ANNUAL ASSOCIATION ASSESSMENTS Section 1. Mandatory Membership Association deleted Buyer acknowledges that G INITIATION AND/OR OTHER REQUIRED FEES. Title changed to FEES CHARGED TO BUYER UPON THE SALE OF THE PROPERTY. Language revised. H ACCOUNT STATEMENT LETTER title changed to ACCOUNT STATEMENT OR CLEARANCE LETTER I LITIGATION Language revised. M ADDITIONAL FEES FOR SERVICES AND FACILITIES Language revised. *** New O. SELLER COOPERATION. O SELLER WARRANTY Now P. F148 What Buyers and Sellers Need to Know About Short Sales and Distressed Properties FORM RENUMBERED TO B6 CF1 Commercial Exclusive Seller Listing Agreement *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. All Blanks have been moved to the front of the form to A. KEY TERMS AND CONDITIONS. *** All sections within form have been renumbered and paragraphs have been reordered. *** New Language added to form: Special Circumstances Section A.12 Hazardous Conditions on Property Section C.3 *** Minor language revisions throughout entire form. *** Signature Page revised. Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 6 of 7, 01/01/15

11 CF2 Commercial Purchase and Sale Agreement *** All sections within form has been renumbered and paragraphs have been reordered. *** Form has been divided into three sections: A. KEY TERMS AND CONDITIONS, B. CORRESPONDING PARAGRAPHS FOR SECTION A and OTHER TERMS AND CONDITIONS. *** Language revised and new language added: C1 Notices Language revised. C3 Other Provisions new sections j. Extension of Deadlines and i. No Authority to Bind. CF7 Commercial Open Listing Agreement (For Leases) 22 Notices Section C. Deleted. *** Signature Page revised. CF8 Commercial Exclusive Leasing/Management Agreement 26 Notices Section C. Deleted. *** Signature Page revised. CF9 Commercial Lease Agreement (Single Tenant Facilities) 26 Other Provisions Section I. Notices Language revised. CF10 Commercial Lease Agreement (Multi-Tenant Facilities) 27 Other Provisions Section I. Notices Language revised. CF12 Commercial Sublease Agreement 18 Other Provisions Section I. Notices Language revised. CO1 Independent Contractor Agreement 7 Notices Language revised. Special Stipulations *** SS 302 AMENDMENT TO ADDRESS CONCERNS AS NOTICE TO TERMINATE language revised *** SS 326 TERMITES, GUARANTY PROVIDED BY SELLER Entire stip rewritten. *** New Special Stipulation SS 414 ADDITIONAL OPTION MONEY. *** Brought back 4 special stipulations that were deleted in 2013: [listed below] SS 314 REPAIRS BY SELLER AFTER LOAN APPROVAL (EXTEND CLOSING DATE) All parties acknowledge that Seller shall not be obligated to initiate any repairs to the Property prior to receipt by Seller of written loan approval from Buyer's lender. In the event said repairs cannot be completed before the closing date, Buyer or Seller, may, at its option, by notice to the other party, unilaterally extend this Agreement's closing date up to calendar days from the closing date to allow for the completion of the repairs. SS 504 ESCROW ACCOUNT TRANSFER (LOAN ASSUMPTION, CASH TO CONTROL) The escrow account for the existing loan and all sums therein shall be transferred from Seller to Buyer at closing at no additional cost to the Buyer, in lieu of proration of any applicable escrowed items. Should there be an escrow account deficit, Seller shall be responsible for the deficit at closing. SS 638 SELECTION OF CLOSING ATTORNEY In this transaction, the closing attorney shall be selected by the. SS 732 SELLER S PROPERTY DISCLOSURE NOT PROVIDED Notwithstanding any provisions contained herein to the contrary, the Seller shall have no obligation to provide, nor will the Buyer receive from the Seller, a Seller s Property Disclosure. Copyright 2015 by Georgia Association of REALTORS, Inc GAR Form Changes, Page 7 of 7, 01/01/15

12 2015 GAR FORMS TABLE OF CONTENTS Georgia REALTORS 2015 Printing LICENSE AGREEMENT L1 License for Use of 2015 GAR-Approved Real Estate Forms GAR CONSUMER BROCHURES B1 B2 B3 B4 B5 B6 B7 Protect Yourself When Selling a House Protect Yourself When Buying a Home Protect Yourself When Buying a Home to be Constructed What to Consider When Buying a Home in a Condominium What to Consider When Buying a Home in a Community with a Homeowners Association (HOA) What Buyers and Sellers Should Know About Short Sales and Distressed Properties What Buyers Should Know About Flood Hazard Areas and Flood Insurance BROKERAGE ENGAGEMENTS, AUTHORIZATION TO SHOW UNLISTED PROPERTY, AGENCY EXHIBITS, CUSTOMER ACKNOWLEDGEMENT F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 F11 F12 F14 F17 F18 Exclusive Seller Listing Agreement Non-Exclusive Seller Listing Agreement Authorization to Show Unlisted Property Exclusive Buyer Brokerage Agreement Non-Exclusive Buyer Brokerage Agreement Agreement to Work with Buyer as a Customer Exclusive Leasing Listing Agreement Exclusive Leasing/Management Agreement Exclusive Tenant Brokerage Agreement Non-Exclusive Tenant Brokerage Agreement Agency Exhibit (Owner/Landlord and Tenant) Agency Exhibit (Buyers and Sellers) The ABC s of Agency Non- Exclusive Leasing Listing Agreement Services to be Performed by a Manager Exhibit PURCHASE AND SALE AGREEMENTS, COUNTEROFFER, LEASE/PURCHASE AGREEMENT, OPTION AGREEMENT, COMMISSION CONFIRMATION AGREEMENT F20 F21 F22 F23 F25 F26 F27 F28 F29 F30 F31 F32 F33 F34 F35 F36 F37 F38 Purchase and Sale Agreement Special Stipulations Counteroffer to or Modification of the Unaccepted Original Offer New Construction Purchase and Sale Agreement Pre-Construction Specifications Exhibit Walk Through List Lot Purchase and Sale Agreement New Construction Plans and Specifications Exhibit Lease/Purchase and Sale Exhibit Lease for Lease/Purchase Agreement Exhibit Option Agreement Instructions to Closing Attorney Condominium Resale Purchase and Sale Exhibit Land Purchase and Sale Agreement Dwelling and Land Both Have Value Exhibit Option Agreement to Purchase Leased Property Exhibit Leasing Commission Confirmation Co-Op Commission Agreement LEASE AGREEMENT, INSPECTION FORM F40 F43 F44 F49 Lease for Residential Property (Not to Be Used for Lease/Purchase Transactions) Move In/Move Out Inspection Form Rental Application Owners Property Disclosure Statement (Lease) Copyright 2015 by Georgia Association of REALTORS, Inc. GAR Forms, 2015 Table of Contents, Page 1 of 4, 01/01/15

13 2015 GAR FORMS TABLE OF CONTENTS DISCLOSURE STATEMENTS F50 F51 F52 Seller s Property Disclosure Statement Exhibit Seller s Property Disclosure Statement (New Construction) Exhibit Seller s Property Disclosure Statement (Condominium) Exhibit DISCLOSURE STATEMENTS (CONTINUED) F53 F54 F55 F56 F57 F58 F59 F60 Seller s Property Disclosure Statement (Lot/Land) Exhibit Lead-Based Paint Exhibit Lead-Based Paint Pamphlet Mold Pamphlet Broker s Information Disclosure 42 U.S.C. 4852(d) Disclosure Information Concerning Lead Upon Transfer of Residential Property Dekalb County Plumbing Disclosure New Construction Seller Disclosures Exhibit FINANCING F61 F63 F64 F65 F66 F67 F68 F69 F70 F71 F72 F73 F74 F76 F77 F78 F79 Loan Assumption Exhibit FHA Loan Exhibit Conventional Loan Exhibit VA Loan Exhibit Institutional Second Mortgage Contingency Exhibit Seller Financing (First Mortgage) Exhibit Seller Financing (Second Mortgage) Exhibit Seller Financing (Third Mortgage) Exhibit Seller Financing (Wrap Around Mortgage) Exhibit Subordination Agreement Estimate of Net to Seller Estimate of Cost to Buyer Request for Loan Information Reminder of Important Dates in the Purchase and Sale Agreement Disclosure to Principal of Fees Paid or Received by Broker USDA-RD Loan Exhibit All Cash Sale Exhibit EARNEST MONEY, SECURITY DEPOSITS, ESCROW AGREEMENT, TERMINATION AGREEMENTS F80 F81 F82 F83 F84 F85 F86 F87 F88 F89 Earnest Money Held by Seller Exhibit Additional Earnest Money Held by Seller Exhibit Earnest Money Transfer to Seller Amendment Unilateral Notice to Terminate Purchase and Sale Agreement and Proposed Disbursement of Earnest Money Security Deposit Held by Broker Exhibit Escrow Agreement Agreement to Disburse Trust Funds Prior to Closing Notice to Terminate Brokerage Engagement Agreement Mutual Agreement to Terminate Purchase and Sale Agreement and Disbursement of Earnest Money Mutual Termination of Brokerage Engagement Agreement CONTINGENCY EXHIBITS F90 F91 F92 F94 Sale or Lease of Buyer s Property Contingency Exhibit Back-Up Agreement Contingency Exhibit General Contingency Exhibit Short Sale Contingency Exhibit Copyright 2015 by Georgia Association of REALTORS, Inc. GAR Forms, 2015 Table of Contents, Page 2 of 4, 01/01/15

14 2015 GAR FORMS TABLE OF CONTENTS AMENDMENTS F100 Amendment to Remove Inspection Contingency F102 Amendment to Remove Contingency F103 Amendment to Remove Contingency of Sale or Lease of Buyer s Property F104 Amendment to Change Closing/Possession Date F105 Amendment to Agreement F106 Amendment to Brokerage Engagement F107 Amendment to Address Concerns with Property F108 Amendment to Reduce Purchase Price F109 Amendment to Change the Due Diligence Period F110 Amendment to Lease Agreement MISCELLANEOUS F120 Additional Page F121 Arbitration/Mediation Agreement F122 Assignment of Purchase and Sale Agreement Rights F123 Community Association Disclosure Exhibit F124 Binding Agreement Date Notification F125 Broker s Authorization to Hire Vendor F126 Buyer s Authorization to Make Repairs and/or Improvements Prior to Closing Amendment F127 Condominium Legal Description Exhibit F128 Exhibit to Agreement F129 Property Sold with the Right to Request Repairs Exhibit F130 New Construction Agreement (Cost Plus) F131 New Construction Agreement (Stipulated Sum) F132 Unilateral Notice to Withdraw Offer F133 Notice to Unilaterally Extend Closing Date for Seven Days F134 Notice to Unilaterally Extend Inspection Period F135 Notice F136 Personal Property Agreement (Bill of Sale) F137 Pet Exhibit F138 Survey Resolution Exhibit F139 Temporary Occupancy Agreement for Buyer Prior to Closing Exhibit F140 Temporary Occupancy Agreement for Seller After Closing Exhibit F141 Vendor List F142 Confidentiality Agreement F143 Notice of the Exercise of Tenant/Buyer s Option to Purchase Property F144 Notice to Reject Offer/Counteroffer F145 Notice to Tenant of Changes Affecting the Rental of Property F146 Adverse Action Letter Regarding Rental Application F147 Legal Description Exhibit COMMERCIAL FORMS CF1 Commercial Exclusive Seller Listing Agreement CF2 Commercial Purchase and Sale Agreement CF3 Commercial Purchase and Sale Agreement Exhibit A Legal Description CF4-B1 Commercial Purchase and Sale of Business Along with Real Property CF4-B2 Commercial Purchase and Sale of a Residential, Office, Retail or Industrial Building CF4-B3 Commercial Purchase and Sale of Equipment and/or Other Personal Property CF5 Commercial Purchase and Sale Agreement Exhibit C Additions to Seller s Closing Documents CF6 Commercial Purchase and Sale Agreement Exhibit D Seller s Warranties and Representations CF7 Commercial Open Listing Agreement (For Leases) CF8 Commercial Exclusive Leasing/Management Agreement CF9 Commercial Lease Agreement (Single-Tenant Facilities) CF10 Commercial Lease Agreement (Multi-Tenant Facilities) CF11 Commercial Lease Agreement Amendment # CF12 Commercial Sublease Agreement CF13 Commercial Sublease Consent Agreement CF14 Commercial Lease Guaranty CF15 Commercial Lease Termination and Release Agreement CF16 Commercial Lease Commission Assumption Agreement Copyright 2015 by Georgia Association of REALTORS, Inc. GAR Forms, 2015 Table of Contents, Page 3 of 4, 01/01/15

15 2015 GAR FORMS TABLE OF CONTENTS COMMERCIAL FORMS (CONTINUED) CF17 Commercial Lien Waiver CF18 Commercial Letter of Intent (For Purchase of Property) CF19 Commercial Letter of Intent (For Lease of Premises) COMPANY OPERATIONS CO1 Independent Contractor Agreement CO2 Amendment to the Independent Contractor Agreement to Provide for Payment of Commission to Corporation ( Amendment ) CO3 Agreement Between Licensee, Georgia Broker and Out-of-State Broker CO4 Agreement for Licensee Use of a Real Estate Assistant CO5 Broker Transaction Checklist and Contract Review CO8 Agreement Between Georgia Broker and Out-of-State Broker (For Listing of Georgia Property) CO9 Agreement Between Georgia Broker and Out-of-State Broker (For the Purchase or Lease of Georgia Property) CO10 Referral Agreement (Broker to Broker) CO11 Referral Authorization CO12 Agreement Between New Broker and Former Broker of a Transferring Licensee SPECIAL STIPULATIONS INDEX SPECIAL STIPULATIONS (See Special Stipulations Index) 2015 GAR FORMS INDEX Copyright 2015 by Georgia Association of REALTORS, Inc. GAR Forms, 2015 Table of Contents, Page 4 of 4, 01/01/15

16 A. KEY TERMS AND CONDITIONS PURCHASE AND SALE AGREEMENT Offer Date: 2015 Printing 1. Purchase and Sale. The undersigned buyer(s) ( Buyer ) agree to buy and the undersigned seller(s) ( Seller ) agree to sell the real property described below including all fixtures, improvements and landscaping therein ( Property ) on the terms and conditions set forth in this Agreement. a. Property Identification: Address: City, County, Georgia, Zip Code MLS Number: Tax I.D. Number: b. Legal Description: The legal description of the Property is [select one of the following below]: (1) attached as an exhibit hereto; (2) the same as described in Deed Book, Page of the land records of the above county; OR (3) Land Lot(s) of the District, Section/ GMD, Lot, Block, Unit, Phase/Section of Subdivision/Development, according to the plat recorded in Plat Book, Page, et. seq., of the land records of the above county. 2. Survey. A survey of Property is OR is not attached to this Agreement as an exhibit. 3. Purchase Price of Property to be Paid by Buyer. $ 4. Closing Costs and Prorations. a. Seller s Contribution at Closing: $ 5. Closing and Possession. a. Closing Date: b. Seller Retains Possession of Property Through: 6. Holder of Earnest Money ( Holder ). 7. Closing Law Firm. Georgia REALTORS 8. Earnest Money. Earnest Money shall be paid by check cash or wire transfer of immediately available funds as follows: a. $ as of the Offer Date. b. $ within days from the Binding Agreement Date. c. 9. Inspection and Due Diligence. a. Due Diligence Period: Property is being sold subject to a Due Diligence Period of days from the Binding Agreement Date. b. Option Payment for Due Diligence Period: In consideration of Seller granting Buyer the option to terminate this Agreement, Buyer: (1) has paid Seller $10.00 in nonrefundable option money, the receipt and sufficiency of which is hereby acknowledged; plus (2) shall pay Seller additional option money of $ by check or wire transfer of immediately available funds either as of the Offer Date; OR within days from the Binding Agreement Date. Any additional option money paid by Buyer to Seller shall become nonrefundable when the Agreement becomes binding and shall not be applied toward the purchase price at closing. 10. Lead-Based Paint. To the best of Seller s knowledge, the residential dwelling(s) on the Property (including any portion thereof or painted fixture therein) was OR was not built prior to Brokerage Relationships in this Transaction. a. Selling Broker is and is: (1) representing Buyer as a client. (2) not representing Buyer (Buyer is a customer). (3) acting as a dual agent representing Buyer and Seller. (4) acting as a designated agent where: has been assigned to exclusively represent Buyer. b. Listing Broker is and is: (1) representing Seller as a client. (2) not representing Seller (Seller is a customer). (3) acting as a dual agent representing Buyer and Seller. (4) acting as a designated agent where: has been assigned to exclusively represent Seller. c. Material Relationship Disclosure: Broker and/or their affiliated licensees disclose the following material relationships: 12. Time Limit of Offer. The Offer set forth herein expires at o clock.m. on the date. Buyer(s) Initials / Seller(s) Initials / THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS AT (770) Copyright 2015 by Georgia Association of REALTORS, Inc. F20, Purchase and Sale Agreement, Page 1 of 7, 01/01/15

17 B. CORRESPONDING PARAGRAPHS FOR SECTION A 1. Purchase and Sale/Title. a. Warranty: Seller warrants that at the time of closing Seller will convey good and marketable title to said Property by limited warranty deed subject only to: (1) zoning; (2) general utility, sewer, and drainage easements of record as of the Binding Agreement Date and upon which the improvements do not encroach; (3) declarations of condominium and declarations of covenants, conditions and restrictions of record on the Binding Agreement Date; and (4) leases and other encumbrances specified in this Agreement. Buyer agrees to assume Seller s responsibilities in any leases specified in this Agreement. b. Examination: Buyer may examine title and furnish Seller with a written statement of title objections at or prior to the closing. If Seller fails or is unable to satisfy valid title objections at or prior to the closing or any unilateral extension thereof, which would prevent the Seller from conveying good and marketable title to the Property, then Buyer, among its other remedies, may terminate the Agreement without penalty upon written notice to Seller. Good and marketable title as used herein shall mean title which a title insurance company licensed to do business in Georgia will insure at its regular rates, subject only to standard exceptions. 2. Survey. Notwithstanding any other provision to the contrary contained herein, Buyer shall have the right to terminate this Agreement upon notice to Seller if a new survey of the Property performed by a licensed Georgia surveyor is obtained that is materially different from any survey of the Property provided by Seller and attached hereto as an exhibit. The term materially different shall not apply to any improvements or repairs constructed by Seller in their agreed-upon locations subsequent to Binding Date Agreement. Matters revealed in any survey, including a survey attached hereto may be raised by Buyer as title objections. 3. Purchase Price and Method of Payment. The Purchase Price shall be paid in U.S. Dollars at closing in cash or its equivalent which shall only include the wire transfer of immediately available funds, or a cashier s check issued for the closing by a federally insured bank, savings bank, savings and loan association or credit union where the funds are immediately available. 4. Closing Costs and Prorations. a. Items Paid By Buyer: At closing, Buyer shall pay: (1) Georgia property transfer tax; (2) the cost to search title and tax records and prepare the warranty deed; and (3) all other costs, fees and charges to close this transaction. b. Items Paid By Seller: At closing, Seller shall make the referenced Seller s Monetary Contribution which Buyer may use to pay any cost or expense of Buyer related to this transaction. Buyer acknowledges that Buyer s mortgage lender(s) may not allow the Seller s Monetary Contribution, or the full amount thereof, to be used for some costs or expenses. In such event, any unused portion of the Seller s Monetary Contribution shall remain the property of the Seller. In addition, Seller shall pay all costs, fees and charges necessary to clear title encumbrances and/or defects necessary to allow Seller to be able to convey good and marketable title to the Property and any title curative documents, extra costs, fees and charges resulting from Seller not being able to attend the closing in person. c. Prorations: Ad valorem property taxes, community association fees, solid waste and governmental fees and utility bills for which service cannot be terminated as of the date of closing shall be prorated as of the date of closing. In the event ad valorem property taxes are based upon an estimated tax bill or tax bill under appeal, Buyer and Seller shall, upon the issuance of the actual tax bill or the appeal being resolved, promptly make such financial adjustments between themselves as are necessary to correctly prorate the tax bill. In the event there are tax savings resulting from a tax appeal, third party costs to handle the appeal may be deducted from the savings for that tax year before re-prorating. Any pending tax appeal shall be deemed assigned to Buyer at closing. 5. Closing and Possession. a. Right to Extend the Closing Date: Buyer or Seller may unilaterally extend the closing date for seven (7) 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); or (2) Buyer s mortgage lender, if any, (including in all cash transactions) or the closing attorney cannot fulfill their respective obligations by the date of closing, provided that the delay is not caused by Buyer. 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. b. Keys and Openers: At closing, Seller shall provide Buyer with all keys, door openers, codes and other similar equipment pertaining to the Property. 6. Holder of Earnest Money. The earnest money shall be deposited into Holder s escrow/trust account (with Holder being permitted to retain the interest if the account is interest bearing) not later than: (a) five (5) banking days after the Binding Agreement Date hereunder or (b) five (5) banking days after the date it is actually received if it is received after the Binding Agreement Date. If Buyer writes a check for earnest money and the same is deposited into Holder s escrow/trust account, Holder shall not return the earnest money until the check has cleared the account on which the check was written. In the event any earnest money check is dishonored by the bank upon which it is drawn, or earnest money is not timely paid, Holder shall promptly give notice of the same to Buyer and Seller. Buyer shall have three (3) banking days from the date of receiving the notice to cure the default and if Buyer does not do so, Seller may within seven (7) days thereafter terminate this Agreement upon notice to Buyer. If Seller fails to terminate the Agreement timely, Seller s right to terminate based on the default shall be waived. THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS AT (770) Copyright 2015 by Georgia Association of REALTORS, Inc. F20, Purchase and Sale Agreement, Page 2 of 7, 01/01/15

18 7. Closing Law Firm. If Buyer is given the right to select a law firm from a mortgage lender s approved list of closing attorneys, Buyer agrees to select the law firm referenced in this Agreement. If the law firm named above is not on the mortgage lender s approved list, and cannot be added in time to close this transaction, Buyer may select another law firm from lender s approved list to close this transaction. The closing attorney shall represent the mortgage lender in any transaction in which the Buyer obtains mortgage financing (including transactions where the method of payment referenced herein is all cash ). In transactions where the Buyer does not obtain mortgage financing, the closing attorney shall represent the Buyer. If the closing attorney declines such representation, the Buyer may select a different closing attorney. 8. Return and Disbursement of Earnest Money. a. Entitlement to Earnest Money: Subject to the paragraph below, Buyer shall be entitled to the earnest money upon the: (1) failure of the parties to enter into a binding agreement; (2) failure of any contingency or condition to which this Agreement is subject; (3) termination of this Agreement due to the default of Seller; or (4) termination of this Agreement in accordance with a specific right to terminate set forth in the Agreement. Otherwise, the earnest money shall be applied towards the purchase price of the Property at closing or if other funds are used to pay the purchase price then the earnest money shall be returned to Buyer. b. Disbursement of Earnest Money: Holder shall disburse the earnest money upon: (1) the closing of Property; (2) a subsequent written agreement of Buyer and Seller; (3) an order of a court or arbitrator having jurisdiction over any dispute involving the earnest money; or (4) the failure of the parties to enter into a binding agreement (where there is no dispute over the formation or enforceability of the Agreement). In addition, Holder may disburse the earnest money upon a reasonable interpretation of the Agreement, provided that Holder first gives all parties at least ten (10) days notice stating to whom and why the disbursement will be made. Any party may object to the proposed disbursement by giving written notice of the same to Holder within the ten (10) day notice period. Objections not timely made in writing shall be deemed waived. If Holder receives an objection and, after considering it, decides to disburse the earnest money as originally proposed, Holder may do so and send notice to the parties of Holder s action. If Holder decides to modify its proposed disbursement, Holder shall first send a new ten (10) day notice to the parties stating the rationale for the modification and to whom the disbursement will now be made. Holder shall offer to disburse the earnest money to Seller by check in the event Holder: (1) makes a reasonable interpretation of the Agreement that the Agreement has been terminated due to Buyer s default; and (2) sends the required ten (10) day notice of the proposed disbursement to Buyer and Seller. If the check is accepted and deposited by Seller, it shall constitute liquidated damages in full settlement of all claims of Seller against Buyer and the Brokers in this transaction. Such liquidated damages are a reasonable pre-estimate of Seller s actual damages, which damages are difficult to ascertain and are not a penalty. Nothing herein shall prevent the Seller from declining the tender of the earnest money by the Holder. In such event, Holder, after giving Buyer and Seller the required ten (10) day notice of the proposed disbursement, shall disburse the earnest money to Buyer. c. Interpleader: If an earnest money dispute cannot be resolved after a reasonable time, Holder may interplead the earnest money into a court of competent jurisdiction if Holder is unsure who is entitled to the earnest money. Holder shall be reimbursed for and may deduct its costs, expenses and reasonable attorney s fees from any funds interpleaded. The prevailing defendant in the interpleader lawsuit shall be entitled to collect its attorney s fees, court costs and the amount deducted by Holder to cover Holder s costs and expenses from the non-prevailing defendant. d. Hold Harmless: All parties hereby covenant and agree to: (1) indemnify and hold Holder harmless from and against all claims, injuries, suits and damages arising out of the performance by Holder of its duties; (2) not to sue Holder for any decision of Holder to disburse earnest money in accordance with this Agreement. 9. Inspection and Due Diligence. a. Right to Inspect Property: Buyer and/or Buyer s representatives shall have the right to enter the Property at Buyer s expense and at reasonable times (including immediately prior to closing) to inspect, examine, test, appraise and survey Property. Seller shall cause all utilities, systems and equipment to be on so that Buyer may complete all inspections. Buyer agrees to hold Seller and all Brokers harmless from all claims, injuries and damages relating to the exercise of these rights. b. Duty to Inspect Neighborhood: In every neighborhood there are conditions which different buyers may find objectionable. Buyer shall have the sole duty to become familiar with neighborhood conditions that could affect the Property such as landfills, quarries, power lines, airports, cemeteries, prisons, stadiums, odor and noise producing activities, crime and school, land use, government and transportation maps and plans. It shall be Buyer s sole duty to become familiar with neighborhood conditions of concern to Buyer. If Buyer is concerned about the possibility of a registered sex offender residing in a neighborhood in which Buyer is interested, Buyer should review the Georgia Violent Sex Offender Registry available on the Georgia Bureau of Investigation Website at c. Warranties Transfer: Seller agrees to transfer to Buyer, at closing, subject to Buyer s acceptance thereof (and at Buyer s expense, if there is any cost associated with said transfer), Seller s interest in any existing manufacturer s warranties, service contracts, termite treatment and/or repair guarantee and/or other similar warranties which, by their terms, may be transferable to Buyer. d. Property Sold As-Is Unless this Agreement is Subject to Due Diligence Period: (1) General: Unless the Property is being sold subject to a Due Diligence Period referenced herein, the Property shall be sold "as-is" with all faults. The inclusion of a Due Diligence Period herein shall: (a) during its term make this Agreement an option contract in which Buyer may decide to proceed or not proceed with the purchase of the Property for any or no reason; and (b) be an acknowledgement by Seller that Buyer has paid separate valuable consideration of $10 for the granting of the option. (2) Purpose of Due Diligence Period: During the Due Diligence Period, Buyer shall determine whether or not to exercise Buyer's option to proceed or not proceed with the purchase of the Property. If Buyer has concerns with the Property, Buyer may during the Due Diligence Period seek to negotiate an amendment to this Agreement to address such concerns. THIS FORM IS COPYRIGHTED AND MAY ONLY BE USED IN REAL ESTATE TRANSACTIONS IN WHICH IS INVOLVED AS A REAL ESTATE LICENSEE. UNAUTHORIZED USE OF THE FORM MAY RESULT IN LEGAL SANCTIONS BEING BROUGHT AGAINST THE USER AND SHOULD BE REPORTED TO THE GEORGIA ASSOCIATION OF REALTORS AT (770) Copyright 2015 by Georgia Association of REALTORS, Inc. F20, Purchase and Sale Agreement, Page 3 of 7, 01/01/15