If both parties agree to the conditions set out in the form, they must sign the agreement to establish a legally binding contract. The Georgia Residential Purchase and Sale Agreement is a contract that legally binds two parties (sellers and buyers) to complete a transaction of a residential property. This agreement includes all relevant information relating to the transaction, including the price, financing conditions, rights and obligations of both parties and a closing clause. If problems arise during the sale, the agreement is reached to make the situation understood and to ensure that the transaction is fair to both parties. Once the agreement is signed, it cannot be terminated unless both parties agree. The Georgia Residential Real Estate Purchase Agreement (Residential Purchase and Sale Agreement) is a contract that defines the terms of residential real estate activity between a buyer and a seller. It can only be used for residential real estate for which construction is completed. Declaration of Disclosure of Real Property. In Georgia, a disclosure statement is not required by law, but an owner, real estate agent or licensed affiliate of the broker must conscientiously answer all questions regarding known property issues. (§ 44-1-16) Seller`s Ownership Disclosure Statement (§44-1-16) – A specific default disclosure form is not mandatory in the State of Georgia, but there is a general obligation for sellers to disclose material defects to a potential buyer; That is: Problems or conditions that would otherwise not be obvious to the buyer. The seller is also required to answer all questions of the buyer, with the exception of questions based on discrimination against race, colour, religion, sex, national origin, marital status or disability. Seller`s Property Information Statement – There is no law that requires the seller of a home to provide the buyer with a disclosure form that contains essential facts about the property. However, it is strongly recommended to execute this document in order to avoid any form of future litigation..
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