Lake Sinclair Blog

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Exactly how does the "due diligence" period work in Georgia?

Let me explain this to you.... the due diligence period in Georgia is a NEGOTIATED number of days in which a buyer can back out of a contract for ANY reason or NO reason at all.  On midnight of the last day of due diligence... it's OVER, it's gone, you can't send over an amendment to address concerns at 11:59 p.m. and have three more days to negotiate.  It's still over. Period.  The. End.

See there under item (3) Notice of Decision Not to Proceed: if you don't terminate by the end of the last day of due diligence and instead send over an amendment to address concerns at the 11th hour it still doesn't stop the due diligence period from ending at the same time.  It does NOT give you more time.  If YOUR agent told you otherwise, they would be wrong.  It's NOT subjective or up for re-negotiation.  You agree to any amendments OR terminate prior to the end of due diligence.

Pretty simple right?  Except time and time again we have buyers and buyers agents wanting to pretend that just because they faxed something to our office right before Cinderella's carriage turned into a pumpkin that gives them more time to terminate and be refunded their earnest money. 

It's important to hire a buyer's agent who understands the contract and how it works.  Otherwise you've just been represented poorly and lost your earnest money if you try to terminate the morning after your due diligence ended. You can't simply change the rules or change the date.  Those dates are vital and cannot be missed. When we represent clients the "dates" of end of due diligence, finance contigency end dates, must apply for mortgage by dates, closing dates, walk through dates are all entered into our calendar... google, outlook and even that paper calendar on the my (the broker's desk) to remind agents to remind clients of when those days are ending.

Is your agent actually looking out for your interests? If they are not, it might be time to consider a new agent.

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Tammy Lankford, Broker/Owner

 

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20 commentsTammy Lankford • October 29 2014 11:00AM
Exactly how does the "due diligence" period work in Georgia?
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Let me explain this to you… the due diligence period in Georgia is a NEGOTIATED number of days in which a buyer can back out of a contract for ANY reason or NO reason at all. On midnight of the last day of due diligence… it's OVER, it's gone,… more
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