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The sheer magnitude of documents, required disclosures, and contract forms needed before both parties agree on the purchase price for a residential property in Georgia can be overwhelming.
It is very easy to miss a few important details, such as some material defects on the house or the presence of lead paint, and find yourself on the wrong side of the law. It is for this reason that you should seek the assistance of qualified personnel to help with your Georgia residential purchase and sale agreement.
If that is what you are looking for, you are in the right place because doorloop.com has all the necessary documents, forms, templates, and resources to make your property purchase and sale agreement smooth sailing.
Georgia Real Estate Purchase Agreement
In short, a Georgia real estate purchase agreement is a document that is signed by the buyer and the seller listing all the important details regarding the sale of a property in the state of Georgia, such as:
- Names, addresses, and phone numbers of both parties
- The purchase price
- A property disclosure statement
Five Considerations
When conducting such a large transaction to buy real estate, it is important to get everything right and make sure you fully understand the process.
The following are five key considerations every buyer and seller needs to understand before both parties agree on the purchase and sale agreement:
- Decide who will be handling the transaction; either a real estate agent or an attorney
- If a 1% to 3% earnest money deposit is required, the seller must specify this
- All contingencies, such as title, insurance, and financing conditions must be stated, understood, and agreed-upon
- The "Buyer Beware" policy must be explained to the purchaser to avoid any issues should some material defects be later discovered
- The document is not legally binding until both parties agree and sign off
Property Disclosure Statement
A property disclosure statement is meant to protect both the buyer and seller should there be any potentially harmful agents on the property, such as lead paint.
The following are the commonly required disclosures in a Georgia residential purchase and sale agreement:
- Residential property disclosure
- Lead-based paint disclosure
Doorloop
Doorloop is there to make the buying and selling of property a quick and easy transaction even if it is your first time. Download all the essential templates, forms, and documents required by either the seller or the buyer when conducting a property sale in Georgia.
FAQs
Do You Need an Escrow Agent for a Georgia Residential Purchase and Sale Agreement?
Yes, is advisable to hire an escrow agent for any Georgia residential purchase and sale agreement who will hold the property in trust while both parties negotiate and agree on the purchase price, terms, and conditions.
According to the Georgia Association of Realtors, Do I Need To Pay Transfer Taxes?
Any time there is a change in ownership of property, the responsible parties have to pay transfer taxes in Georgia.
What Is Title Insurance and Why Is It Required?
Title insurance is the surety required by the bank or financer of the purchase and sale agreement to cover them in case of any material defects on the property.
How Do I Find the Legal Description of a Georgia Piece of Real Estate?
All the information you require about the property being sold can be accessed at the County Recorder's Office in Georgia.
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