Georgia Real Estate Purchase Agreement

The Georgia residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.

Do Sellers in Georgia Have To Disclose Property Defects?

Georgia does require real estate sellers to disclose any material defects with a property, but only those which are not reasonably discoverable by a diligent inspection of the property. The basic duty to disclose cannot be waived under any circumstances. [1]

The seller still must be honest in answering the buyer’s questions. Georgia’s disclosure rules do not allow a seller to fraudulently conceal issues with a property.

Required Seller Disclosures in Georgia

• Property Disclosure Statement: While Georgia does not require a particular form of disclosure an owner, real estate broker, or affiliated licensee of the broker must answer truthfully to the best of their individual knowledge any questions concerning known problems with the property. A form like the one linked may streamline this process.
• Lead-Based Paint Disclosure : Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
  

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If there is a concealed defect, known to the seller, in property being sold, the seller is bound to reveal it to the purchaser; and although the purchaser signs a contract of sale which provides that it contains the entire agreement between the parties and that no representation, statement, or inducement except as therein noted shall be binding upon either party, this provision does not relieve the seller from performing his duty to disclose the concealed defect to the purchaser, either by a statement in the contract or otherwise.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Georgia? To write a real estate contract in Georgia, you will need to identify and document the terms of the sale. Information that should be listed within the form includes general information on both parties, the purchase price, buyer or seller contingencies, and financing information. Read more » How Can You Get out of a Real Estate Contract in Georgia? In Georgia, if your real estate contract contains one or more contingencies you may be able to break the contract without recourse from the other party. Unmet financing, inspection and appraisal contingencies, allows buyers to get out of a real estate contract in Georgia. Read more » What Is the Effective Date of a Real Estate Contract in Georgia? In Georgia, the effective date of a real estate contract is the date that each party has received a copy of the signed real estate contract. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Georgia? In Georgia, if the seller has accepted an offer on their home, they are obligated to perform if the buyer fulfills their obligations. However, if the buyer can’t meet contingencies, the seller may get out of the contract without recourse. Read more » How Do I Fill out a Real Estate Contract in Georgia? To fill out a real estate contract in Georgia, first, download our customizable Georgia real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Property. Address of the property Purchase price. The amount the buyer will pay to own the property Payment. How and when the transaction between the buyer and seller will take place Read more »