The Georgia REALTORS® (GAR) Forms Committee approved a special stipulation that was drafted by Seth Weissman, GAR’s General Counsel, to address what happens when closings cannot take place as contracted due to COVID-19’s impact on the parties and businesses involved in the transaction.
The Forms Committee approved the following special stipulation that real estate licensees can provide to their clients and customers who are concerned about the possibility of not being able to close on their transaction due to COVID-19. Please seek guidance from your broker in determining if / when you should use this COVID-19 Special Stipulation in your real estate transactions.
COVID-19 SPECIAL STIPULATION
Notwithstanding any provision to the contrary contained herein, in the event the Closing cannot occur when scheduled due to a COVID-19 related event (“CRE”) resulting in the closing attorney, the mortgage lender and/or the Buyer and/or Seller being unable to perform their respective obligations, then the Closing shall be postponed until 7 days after the specific event delaying the Closing has been resolved. If the Buyer or Seller is unable to perform due to a CRE, the affected party shall promptly notify the other party both of the CRE and of its resolution.
Buyer or Seller having concerns about attending the Closing or self-quarantining (in the absence of a quarantine or government ordered lockdown that specifically applies to Buyer and/or Seller) shall not excuse Buyer or Seller from attending the Closing either in-person or through a power of attorney. Buyer or Seller presently having COVID-19 shall excuse Buyer and/or Seller from attending the Closing until the party is no longer at risk of infecting others. However, in all situations where Buyer and/or Seller cannot physically attend the Closing, Buyer and or Seller shall use their best efforts to fulfill their contractual obligations through a power of attorney.
If the CRE causing the delay results in the Closing being delayed by more than _____ days from the original Closing date, then either Buyer or Seller may terminate this Agreement without penalty upon notice to the other party.
The GAR released this special stipulation in response to the growing number of requests they have received. However, GAR noted that this special stipulation will not be a permanent part of the GAR Forms Package in any of the GAR Forms or the Special Stipulations packet.
“We appreciate the work of our Forms Committee volunteers who made this a priority for our Georgia real estate licensees,” the GAR stated in a release to members. “As we continue to navigate our way through the ever-changing circumstances, GAR will continue to provide you with updates and information as it becomes available to us.”Read More
One benefit of GABB membership is the ability to add your business for sale listings to the GABB website.
To do that, a GABB member has two options:
Option 1: Link an Existing BrokerWorks account, or
Option 2: Create a BrokerWorks Limited account just for viewing on GABB’s site. (Note! Option 2 will NOT display your listings or profile on the BizBuySell site. This option will, however, let you publish your listings to the GABB site.)
Step 1: The Broker should visit the following site to connect a profile to GABB:
Step 2: The broker should log in on the left (Existing) or right (New). (See graphic below)
- If you, the broker, have an existing BizBuySell BrokerWorks account, you should log into their BizBuySell account on the LEFT.
- If you do not have an existing BizBuySell BrokerWorks account, you should contact Diane Loupe at email@example.com to create a GABB profile for you. Please allow a few days, as she is a part-time employee.
- If you experience any problems, you may contact BizBuySell Client Services at (888) 777-9892.
Step 3-N NEW users without a BizBuySell BrokerWorks account: (Existing BrokerWorks Users skip to Step 3-E, below)
- The broker now completes a brief registration form.
- All fields are required unless otherwise noted.
- Once all fields have been completed, click ‘Complete Purchase’ button. Don’t worry, there is no charge for a BrokerWorks Limited account.
Step 4-N NEW users without a BizBuySell BrokerWorks account:
- You will now be given three choices
- If you have existing listings, click the first option
- To manage existing listings, click the second option
- To update your Broker profile, click the third option
Step 5-N NEW users without a BizBuySell BrokerWorks account:
- Once within BizBuySell’s BrokerWorks Dashboard, the broker can update their broker profile, add listings, update listings, etc.
- However, with this BrokerWorks Limited account, the listings and profile will only appear on the GABB web site.
- Additionally, to edit the broker profile or listings, you can simply log directly into the Biz BuySell web site, bizbuysell.com, to manage this information.
- If you experience any problems, you may contact BizBuySell Client Services at (888) 777-9892, or Diane Loupe at firstname.lastname@example.org or 404-374-3990.
PROCESS for EXISTING BrokerWorks Users, such as those who already have a BizBuySell account.
Step 3-E Existing BrokerWorks users:
- After login, the broker will be automatically connected to their BrokerWorks Dashboard.
- In the left navigation, choose Networking Tools then Listing Distribution.
Step 4-E Existing BrokerWorks users:
- Scroll down until you see GABB and select Manage.
Step 5-E Existing BrokerWorks users:
- Click on the “LOGIN NOW” button or the GABB Login link (in the Red Box in the upper right hand corner).
Step 6-E Existing BrokerWorks users: In the pop-up, log in with the GABB credentials provided by the GABB admin.
Note! If successfully connected after log in, the red box that had appeared in the upper right hand corner becomes green and says your account is now linked!
Step 7 : Updating your profile information!
- Go to Account Setting in the left navigation of BrokerWorks Dashboard and select “My Profile” to add a photo or other information for your Broker Profile.
- Go to My Listings in the left navigation of BrokerWorks Dashboard and select Add a Listing to begin adding listings to the directory.
By G. B. “Nick” Nicholson, CBI
Did you obtain a corporate resolution when your seller signed your listing agreement? Do you know your commission can be at risk without that resolution?
Most of us are so glad to get a signature on the listing agreement that we immediately start marketing the business. How do we know if the business owner is authorized to sell the business? He might not even own the business. This condition is especially true with LLCs and Limited Partnerships. Who can speak for the LLC members and the partners?
Most of the time, we may not need the resolution. However, have you ever been close to closing and found out that the secretary of the corporation, the one who has to sign and approve all documents, is the owner’s ex-wife and she now lives in South America? Or that the owner’s father is the actual owner? Having the appropriate person sign the resolution should begin to uncover discrepancies.
We know for C and S corporations that the secretary signs documents. The person designated to sign for LLCs and Partnerships can vary. We brokers need to make sure that to follow the provisions of the underlying organization documents.
Former GABB affiliate and attorney Gary Whitaker drafted Certificates of Resolution for the GABB Forms Committee and GABB members. The forms are on the BBMS site under Forms and appear as:
- G102A1 Cert of Resolution C or S Corp
- G102A2 Cert of Resolution LLC
- G102A3 Cert of Resolution Partnership Limited
- G102A4 INSTRUCTIONS for Certificates of Resolution
A Certificates of Resolution should be a part of our Listing Agreement package. Use the Resolution when listing to make the closings go smoother and to protect your fee.
G. B. “Nick” Nicholson, CBI of Nicholson & Associates, Inc., has chaired the GABB Forms Committee.Read More