Let’s look at the following example to better understand


this change. Let’s say that a seller is selling an expensive home and receives multiple offers. The seller wants to en- sure that the ultimate buyer is serious about buying the property and is not merely putting the property under con- tract only to then leisurely decide whether or not to buy the property. One way to try to accomplish this is for the seller to negotiate for the buyer to pay $500.00 in addi- tional non-refundable option money to confirm the buyer’s commitment to following through with the purchase of the property. The theory of this provision is that if the amount of the non-refundableearnest money is large enough, most buyers are not likely going to pay it unless they are serious about purchasing the property.The additionaloption money becomes non-refundable at the time the Agreement be- comes binding and is not applied toward the purchase price at closing. It is unclear howfrequently additional op- tion money will be sought by sellers but the GAR Forms Committee wanted to give sellers the right to seek such additional option money if they so desire.


2 New Brochure—(GAR Form B4) “What to Consider when Buying a Home in a Condominium”


In an effort to continue to create brochures that are


helpful to consumers, the GAR Forms Committee has released a new brochure for 2015 entitled “What to Consider when Buying a Home in a Condominium”. Con - dominiums are different from other forms of property ownership in that buyers are required to be mandatory members of the condominiumassociation, they own prop- erty in common with the other owners, they pay assess- ments and they are often be subject to significant restric- tions on the use of their units and the common property. The new condominium brochure explains: 1) what is a


condominium and condominium association; 2) what a buyer owns; 3) how the boundaries of a condominium association are defined; 4) how property taxes and in- surance work in a condominium;5) what are common ele - ments and limitedcommon elements; 6) how condomin ium assessments are passed; 7) what buyers can do to avoid being responsible for unpaid assessments of the seller; 8) the difference between a condominium conversion and a new construction condominium; and 9) the rights of buy- ers to rescind their purchase contracts if it is the first time the unit is being sold. It is hoped that this brochure will make buyers much more informed when buying condominium units.


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www.wncwlaw.com GEORGIA REALTOR® I 15


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