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GA HB869
Bill
Status
Passed
4/27/2016
Primary Sponsor
Alan Powell
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AI Summary
- Amends Georgia Code § 43-40-18 to expand the documents brokers and qualifying brokers must review for compliance, adding accepted offers to buy, sell, lease, or exchange real property to the existing list of listing contracts, leases, sales contracts, and management agreements, with review required within 30 days of the offer or contract date
- Replaces the prior requirement that brokers personally prepare and deliver detailed closing statements to buyers and sellers, instead requiring brokers to timely ensure their clients or customers receive a copy of the closing statement if one is provided to the licensee at closing
- Modifies the 3-year record retention requirement so that brokers must keep closing statements only if such statements were provided to the licensee, rather than in all cases
- Brokers must still retain true copies of closing statements in their files and produce all required documents upon reasonable request by the Georgia Real Estate Commission or its agents
Legislative Description
Professions and businesses; responsibilities of brokers and qualifying brokers to review certain documents; change certain provisions
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available