The 2022 Georgia Association of REALTORS® (GAR) Purchase and Sale Agreement (F201) boasts more clarifications than actual changes, one of which provides a solution when there is a conflict between the base contract, exhibits, and special stipulations.
Derek Varnadoe is a licensed real estate broker in the state of Georgia and the Vice President of Broker Services at Solid Source Real Estate Companies. He discusses this change to the contract and discusses how it provides clarity on how the FHA and VA Amendatory Clause (appraisal contingency) cannot be overpowered by a special stipulation. This was an area of confusion in 2021, with trending appraisal gap clauses and other stipulations that contradicted the terms of the FHA and VA financing exhibits.
Exceptional care should be exercised when adding special stipulations to a contract. The GAR contract forms include an array of commonly used stipulations within their library of forms for real estate agents. A poorly drafted special stipulation could be deemed unenforceable or have unintended consequences. If drafting a unique stipulation, use complete sentences and be thorough, reference examples when possible.
Solid Source agents are invited to email broker@solidsource.com for review of stipulations and to discuss contract terms. We appreciate you!
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Copyright © Solid Source Real Estate Companies. All rights reserved. This material has been prepared for informational and educational purposes only, and is not intended to provide, and should not be relied on for, legal advice. You should consult your own legal counsel, or real estate broker if a real estate licensee, before engaging in any transaction.
