The "Due Diligence" period when buying lake and golf property

A couple of years ago, Georgia began using a Due Diligence period as an option for buying real estate. Its effect has been to simplify the process for both buyers and sellers between acceptance of an offer and closing.
The Due Diligence period is part of the initial Purchase and Sale agreement by which the buyer makes an offer on the sellers' property. It is a period mutually agreed by both parties during which the buyer conducts all investigation of the property...home inspections, surveys, soil tests, neighborhood eveluations...whatever the buyers choose to do to assure themselves that they wish to proceed to closing.
The typical Due Diligence period ranges from 7 days to a month, and during that period the buyer may terminate his agreement and have the earnest money refunded, no questions asked. Obviously, the seller wants this period to be as short as possible, while the buyers want as much time to evaluate the property as they can get.
If the buyer finds deficiencies in the property, there is a proceedure for revealing the deficiency to the seller and negotiating a solution...either the seller fixes the problem, or a price is agreed to reduce the purchase price and enable the buyer to fix it after purchase.
Advantage to the buyer?..the contract can be unilaterally terminated and the earnest money refunded for any reason during the Due Diligence period.
Advantage to the seller?..the property is "off the market" for a limited period of time; once the buyer passes the Due Diligence period without terminating the agreement, and any other special stipulations are met (there may be a financing contingency that extends beyond the Due Diligence period), the earnest money is non-refundable.
My observation is that, properly handled, the entire process is less prone to dragging out over weeks or months, and both parties know exactly what is expected of them.

Survey recommended for Lake Oconee lakefront and golf property

A survey is recommended prior to buying any real estate. I will focus on the reasons relevant to buying property on the lake and in gated communities.

Lakes Oconee and Sinclair are managed by Georgia Power Company, and the actual lakefront is actually leased from Georgia Power (there are some exceptions on Sinclair). All buildings and permanent structures must be no closer to the water's edge than either the Georgia Power property line, or 65' to 100', depending on the county, whichever is greater.

An "as built" survey will show whether there is any incursion over this line. In one case, the lakeside deck was about 6" over; the seller was unaware of this and it required the sellers' obtaining a waiver from Georgia Power. No problem, as long as the new owner knew about it before completing the sale. The buyer had paid for the survey and it gave him the information he needed during his due diligence period.
This survey will also show the location of seawalls and docks, which will be needed should the owner decide to renovate or alter the dock in the future.

In two other instances, golf properties were found to have an incursion (by the developer) onto the owners' property...in one instance, the cart path and part of the ladies' tee were actually on his lot. In another, a small section of a cul-de-sac was the incursion. In each case, the owner had the option of pursuing the issue legally, but it was critical information that could have derailed a future sale had it not been know and disclosed to future buyers.

A survey for a typical lot around an acre or so costs around $400, and can benefit both the buyer and the seller.