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Buyers and Sellers
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Specific to GA Real Estate
AGENCY When buying or selling real estate in the state of Georgia the relationship between brokers, buyers, and sellers must be disclosed to all parties. Sun Realty Group LLC offers agency relationships for both buyers and sellers.
EARNEST MONEY The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of good-faith intention to complete the transaction; called bargain money, caution money, band money, or a binder in some states. The amount of earnest money is negotiable between the parties, and its primary purpose is to serve as a source of payment of damages should the buyer default. In GA the amount of earnest money varies, 2%-5% of the purchase price can be expected. The earnest money (most cases a personal check) is given by the buyer at the time an offer is made, when the offer is accepted by the seller the earnest money is deposited in the Broker's escrow account and held in the escrow account until closing and then applied toward the buyers down payment.
CLOSING The consummation of a real estate transaction when the seller delivers title to the buyer in exchange for payment by the buyer of the purchase price. In the state of GA closings typically take place in an attorney's office with all parties of the transaction present. If you are unable to attend your closing arrangements can be made for you to sign your documents at a location convenient for you. |
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