Georgia Real Estate Purchase and Sale Agreement 2018

Georgia Real Estate Purchase and Sale Agreement 2018 – What You Need to Know

If you are planning to buy or sell a property in Georgia, you need to be familiar with the state`s real estate purchase and sale agreement. This legally binding document outlines the terms and conditions of the transaction and protects both parties throughout the process.

The Georgia Association of Realtors (GAR) updates the standardized purchase and sale agreement every year to reflect changes in state law and industry best practices. The most recent version, the Georgia Real Estate Purchase and Sale Agreement 2018, has several notable updates that buyers and sellers should be aware of.

1. Earnest Money

Earnest money is a deposit made by the buyer to demonstrate their commitment to the transaction. In the 2018 agreement, the amount of earnest money required is more clearly defined. The buyer must provide an earnest money deposit of at least 1% of the purchase price or $1,000, whichever is greater.

2. Inspections

The buyer has the right to inspect the property before the sale is finalized. In the 2018 agreement, the inspection period is 14 days unless otherwise negotiated. The seller must also provide an “as is” disclosure, which outlines any known defects or issues with the property.

3. Closing Date

The closing date is the day the buyer takes possession of the property and the seller receives payment. In the 2018 agreement, the closing date is more flexible. If either party needs to change the closing date, they can do so by giving written notice to the other party at least seven days in advance.

4. Financing

Most buyers require financing to purchase a property. In the 2018 agreement, there is a new section that addresses financing contingencies. If the buyer is unable to secure financing by a certain date, they can terminate the agreement without penalty.

5. Title

The title verifies ownership of the property. In the 2018 agreement, the seller must provide a clear title to the buyer. If there are any liens or encumbrances on the property, the seller must take steps to clear them before the sale can be completed.

Conclusion

The Georgia Real Estate Purchase and Sale Agreement 2018 provides a clear and comprehensive framework for buyers and sellers to complete a real estate transaction. By understanding the updates in this version, you can protect yourself and ensure a smooth and successful purchase or sale of your property. Be sure to consult with a licensed real estate agent or attorney if you have any questions or concerns.