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brogre with maximum one Greater Atlanta Realtors and today's contract tip has to do with the financing contingency exhibits in the GAR contracts package so if you if your contract is subject to a financing contingency whether it be conventional financing contingency FHA or VA and you are binding under a gar contract with that exhibit then after you get past the financing contingency timeframe soul buyer does not terminate based on this contingency timeframe there is a paragraph that states the right of the seller to request evidence of the buyers ability to close so that paragraph reads and it is in all of those exhibits that if the financing contingency ends without the buyer terminating based on that agreement the seller shall have the right but not the obligation to request of the buyer a loan commitment from any of the lenders with whom the buyer is seeking a mortgage this low commitment letter should state the type of loan the amount and the terms of the loan and the conditions for funding the loan and that shall be deemed as evidence now it goes on to state that it is not a guarantee that the mortgage loan will be funded or that the buyer will have the ability to closed of course all things come up and happen prior to closing that might prevent a buyer from closing but the seller does have the right to request this evidence or loan commitment letter once the seller sends this notice to a buyer a buyer has seven days to provide that loan commitment letter a seller may not send this request within seven days from closing so that's in all of the financing contingency exhibits in gar the only problem is that's all it says gar has left us hanging there is nothing that states what happens if the buyer does not comply what happens at the Celer does not receive this loan commitment letter does the seller then have the right to terminate no that's not provided for so guards on the right step to help sellers get that loan commitment letter on these buyers but there's absolutely no teeth to that paragraph so unfortunately it's kind of put agents in an awkward position because the seller is gonna say hey I want that low commitment letter go get it so the sellers agent sends off the notice asking the buyer to provide the loan commitment letter don't get it and then the seller asks you the listing agent well what do I do now what do I do now what do I do now nothing you can do in terms of that specific paragraph or that specific provision because there are no additional consequences or teeth to that provision so just wanted to bring you bring to your attention the awareness of what is in there but that it is lacking a little bit so hopefully gar will add some teeth to that paragraph in future contract forms thank you so much again Dana sparks broker with maxilla one Greater Atlanta Realtors satisfying your needs with service innovation and education you