Closing Agency Earnest Money Purchase and Sale Agreement Terminology
100
Unilaterally
In specific circumstances, the Buyer or Seller may give notice to __________ extend the closing date.
100
Written agreement
State law prohibits a Broker from representing a Buyer as a client without first entering into __________ .
100
Not Required (Zero)
The minimum amount which is legally required in a real estate transaction.
100
Material Relationship
A known personal, familial, social, or business relationship which could impair the ability of the broker or licensee to exercise fair and independent judgment.
100
Real Estate or Real Property
Land and the improvements to the land, and the right to use them.
200
8 Days
A unilateral extension of the closing date can be for this amount of time.
200
Dual Agency
The Buyer and Seller are both represented as clients by the same agent.
200
Binding Agreement Date
Can be paid to the Holder within a specified number of days from this date.
200
Calendar Days
Unless otherwise specified, the contract defaults to this type of “day”.
200
Fixture
An object that has been attached to the land so as to become real estate.
300
Terminate
GAR form F201 states "if the right to unilaterally extend the closing date is exercised once by either the Buyer or the Seller, the right shall hereafter __________ ."
300
Designated Agency
When the Buyer and Seller are both clients, and represented by different agents with the same brokerage.
300
F511 Agreement of Closing Attorney to Serve as Holder of Earnest Money
When the closing attorney is the holder, the attorney must sign this form, which is not an exhibit to the contract.
300
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 during this time.
300
Deed
A written document that when properly executed and delivered conveys title to land.
400
Buyer
The pre-printed verbiage on the Purchase and Sale Agreement says that this party shall have the right to select the closing attorney.
400
Dual Agency
Broker is representing two clients whose interests are or at times could be different or even adverse.
400
Liquidated Damages
When disbursed to the Seller because the Buyer defaults, earnest money constitutes this type of damages to the Seller.
400
Buyer’s Mortgage Lender
Allows, or does not allow the full amount of the seller’s contribution at closing.
400
Consideration
Anything of value given to induce another to enter into a contract.
500
Buyer
When there is no mortgage financing, the closing attorney represents this party to the contract.
500
Dual Agency
Buyer does not have to consent.
500
$600
If disbursed to the Seller, the Holder may require Seller to sign a W-9 before issuing a check to Seller for liquidated damages of __________ or more.
500
Date of Closing
Unless otherwise specified, no time deadline shall be extended by virtue of it falling on a Saturday, Sunday or federal holiday except for this date.
500
Metes and Bounds
A detailed method of land description that identifies a parcel by specifying its shapes and boundaries.






Real Estate in Georgia (001)

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