Mid-Year Contract Changes
![Image](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLJG40NTwgdAQ6GCGHAuSCGodjEnDaQ5SmRSF5vNq5D1cNDNOA6jQjqF4JmDX4K1HS1ETv3lcpD-4japLBj0zuH4FhTCAgKFBR0iA_ZuyQyrb4nxvN6uDiHjME42ON6TJBZizc6lFWrgo/s640/agreement-3476369_1920.jpg)
Beginning August 1, new changes to the GAR Purchase and Sale Agreement will go into effect. Changes are as follows: On the Purchase and Sale Agreement (F20), changes were made to modify language on section B7 regarding the disbursement of earnest money reflecting changes stating that the disbursement of an earnest money check constitutes liquidated damages in the even that the transaction fails to close due to default by the Buyer. This means the Seller waives any right to assert a claim for a specific performance. Language referencing the Seller's rejection of the disbursement of the earnest money check has also been removed, and the Rights of Buyer or Seller have been broken into two sections titled "Remedies of Seller" and "Remedies of Buyer". These same changes were made to the Purchase and Sale Agreement forms for purchases on New Construction (F23), Lots (F27), Land (F34), and Leased Properties (F36). In the event that a transaction falls thr