Builder Requires Deposit for
"Extras"
DISCUSSION: Bob and Sally are moving
to Georgia from New Jersey and plan to buy a home in an
"upscale" subdivision. They begin negotiating with their builder
to be certain that he includes all of their ideas for the "home
of their dreams." The negotiations are nearly concluded when the
builder states that he requires $35,000.00 as a deposit for the
extras. more...
Buying a home in Georgia
Each state is unique in its approach to real estate law. Unlike
many areas of our history and the law, real estate is not
governed, or usurped, by Federal laws. Each state’s real estate
laws rule supreme within its borders. Several ideas will be
discussed that govern the law and real-estate practice in
Georgia. more...
Contract Negotiations
DISCUSSION: Ted has his home listed for sale with Linda Realtor.
Mary, an agent in Linda’s office, presents a contract offer from
Joe Canada, who is moving to Atlanta from Toronto. Ted thinks
the offer price is too low at $175,000 and asks Linda to modify
the contract to a sales price of $198,000. Following Mary’s
instructions, Linda express mails the contract to Joe in Toronto
on Thursday afternoon. more...
Divorce: Title to House
DISCUSSION: Mary and Ted were divorced in 1993. In the agreement dividing the assets of the marriage, the statement read "...the marital property of the home is to be the property of the wife. She shall be responsible for all payments of the mortgage, utilities, and other home related expenses. The husband is to execute all necessary documents, including a Quit Claim Deed, to effectuate this agreement."
more...
Flood Zone Certification
Discrepancies
DISCUSSION: Joe and Mary are
buying a new home. As the closing approaches, they are contacted
by the mortgage company and told that they need flood insurance.
They notify their agent, Helen Realtor, who calls the mortgage
company and informs the lender that the survey shows the house
is NOT in a flood zone. The mortgage company requests that a
certification be obtained from a second flood certification
company. more...
Hints for Buyers
The
ideas and suggestions expressed here are based on the
traditional method of handling real estate transactions in the
State of Georgia. more...
Hints for Sellers
All suggestions and ideas in this web page are based on the
experience of J. Byron Wyndham & Associates in the practice of
Georgia Law. Please note that real estate is unique to each
state and country. Many ideas herein may be based on common
ideas within the English concept of Common Law.
more...
Preparing for your closing
There are several areas that need to be checked when preparing
for a closing. Each party has a role to play; the agents, the
buyer, the seller, the lender, loan officer, and the closing
attorney. Each party adds a piece of the puzzle until at closing
it all comes together. There are many pieces and if one is
missing, it can adversely affect the closing. more...
Real Estate Terms
Real
Estate terms can often be difficult to understand. Click
on the link to view some of the more common terms and their
definitions more...
State to State Real Estate Law
We all
know that real estate practice and procedures, laws, and loan
policies vary from state to state. What is correct and proper
for transactions for real estate in Georgia may be totally
incorrect for these another state. Sometimes, differences are
due to the history, state. culture, or even climate.
more...
Title Insurance - Forgery
SCENARIO: Bill and Betty Buyer were going to
their closing, when the question of title insurance came up.
Betty turned to Randy Realtor, their agent, and asked, “Do you
think we need to purchase Owners’ Title Insurance?” Without
hesitation, Randy stated that owners’ title insurance was a
waste of money and that “nobody had ever collected” on title
insurance. more...
Who gets
the Earnest Money?
DISCUSSION: Matt’s realtor is negotiating a contract for the
sale of Matt’s property to Diane. The contract has the right
price and lists no contingencies. Matt questions his agent
specifically about whether Diane needs to sell her home in order
to buy Matt’s home, and the agent points to the first page of
the contract where the buyer has indicated that there is NOT
real estate to be sold. more...
Library of Legal Notes 