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Race and Ethnic Data Reporting Form U.S. Department of Housing and Urban Development Office of Housing OMB Approval No. 2502-0204 (Exp. 03/31/2014) Name of Property Project No. Address of Property
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hi everybody Dana sparks Broker of maximum on Greater Atlanta Realtors and today's contract tip is a continuation of the video series on the changes to the 2019 GA our Georgia Association of Realtors contract forms for 2019 I just said that anyway today's tip has to do with the changes to the financing contingency exhibits there were a lot of changes relatively speaking to these exhibits so let's dive in so the first one as you know from watching the series is that all the form numbers are changed so the first one I'm going to talk about is they are the changes to the conventional loan contingency exhibit which is now number f404 and in this loan contingency exhibit and the other ones they made this change universally and the change they did is it has to do with the loan denial letter so if a buyer is terminating based on the financing contingency exhibit you know they have to send the notice of termination prior to the timeframe negotiated with the seller that's that 21 days 28 days 30 days whatever it is that the buyer and the seller negotiate, and they must send a loan 200 they have to terminate within the time frame, and they have to prove it and the way they prove it is with a loan denial letter now in the GAR contract they do have seven days after sending the notice of termination to provide this loan denial letter now the loan denial letter may not be based on certain things that has always been in there for example it had always been in there that the loan denial letter may not be based on the buyer lacking sufficient funds other than the amount of the loan to close in other words if the buyer doesn't have their down payment or closing costs that doesn't meet the terms of the financing contingency, and so they cannot use the financing contingency as a means to terminate or they their earnest money will not be protected they will default the other thing the loan denial letter may not be based on and again has been there is it may not be based on the buyer having leased or sold their current property if that contingency was not already negotiated between the buyer and the seller and then see the buyer not having provided the lender in a timely fashion with all information required by the lender the loan documentation information Georgia Wood infestation report whatever it is that the lender needs if the buyer drags his feet and doesn't provide it to the lender again he's not he or she is not going to get the loan, but it doesn't satisfy the terms of the financing contingency, so that had already been in there so what did they change they added the word solely, so it now says notwithstanding any provision of the contrary contained here in the loan denial letter may not be based solely or another word for that is only on any of one of those things so for example let's say buyer terminates within the time frame you get a loan denial letter and that loan denial letter states three reasons one of the reasons is buyer has inked in sufficient...