The Georgia purchase and sale agreement has a clause in bold stating "Time is of the Essence". There are many instances when representing a buyer that timing can make the difference of a successful purchase, or in a worst case scenario, cause the buyer to lose their earnest money. The earnest money at stake is generally in the range of $3000 - $10,000. 

The vast majority of buyers have a due diligence contingency clause that allows the buyer to conduct any and all inspections on the property within a specified time frame. Within the due diligence period the buyer retains the right negotiate "seller paid" repairs, or unilaterally terminate the contract. If a buyer does neither during the DD period, the contract states that the buyer is accepting the property in its "As Is" condition. Problems occur when a buyer terminates the contract after the DD period. By doing so, the buyer is in default and will forfeit their earnest money to the seller. 

Even though a home purchase is usually the largest transaction a buyer will make, I have found that the vast majority do not read their contracts. I educate my clients on these matters and also make it a priority to track all of the key contingency dates. I am happy to say that in 29 years I have never had a buyer lose their earnest money.