GA Real Estate Sales Contract—All You Need To Know
Buying or selling real estate is a long and complicated process. There are many factors involved, like finding the right buyer, agreeing on the fair price, and drafting and signing the contract.
A real estate sales contract in the U.S. is nearly the same for every state, but you need to pay attention to details. DoNotPay is here to help you with numerous legal documents, so read on and learn what the GA real estate sales contract is all about.
Real Estate Sales Contract Explained
A real estate sales contract, commonly known as a purchase agreement, is a legal document that binds two parties—a buyer and a seller—intending to transfer residential property. The contract contains all the details related to the real estate transaction in writing. It serves as a mediation tool and ensures the fairness of the transaction.
What Is Included in a GA Real Estate Sales Contract?
Every real estate sales contract has to contain at least the basic elements to be valid in the state of Georgia. Check out how to draft a comprehensive property sales contract:
|Buyer and seller info||Name each party, whether they are a person or a corporation.|
|Property details||Describe the property by presenting:
|Purchase price||If you are the seller in this contract, request a fixed amount. The criteria for the final price can also be in the contract, e.g., the appraised price per acre|
|Closing date||Determine the end date of the transaction. Adding a date works the best, but a reference to the time frame of accepting the deal is fine too|
|Contingencies||Include the following contingencies:
You can add additional clauses to modify your document according to your needs.
Required Disclosures for Real Estate Contracts in Georgia
Georgia state law doesn’t require sellers to fill out a disclosure form, but that doesn’t mean the sellers are completely off the hook. The courts in Georgia state that the seller must:
- Inform the buyer of any known or latent material defects in the housing
- Honestly answer all the buyer’s questions
- Tell the buyer if there are any lead-based paint hazards in the home (if it is built before 1978) according to the 42 U.S. Code, Sections 4851
If the seller fails to make these disclosures, the buyer may sue them for fraud, breach, or misrepresentation of the contract. In case the buyer wins, the seller must provide the required financial compensation.
Note that the seller is not required to answer the questions that include racial, discriminatory, religious, sexual, political, familial, national, or disability biases.
What Happens if Someone Breaks a Real Estate Sales Contract?
If one of the parties breaks a term within the contract, the other party has a right to remedies. There are two types of breaches—a material and a non-material breach of contract. A non-material breach is a minor breach, while a material breach is substantial with severe consequences.
The damaged party can either sue the breaching party or seek specific performance. A specific performance is a court order to the breaching party that forces them to a certain action. This is not necessary if the damage can be financially compensated.
Specific performance can even include an ownership transaction in favor of the non-breaching party.
DoNotPay Is at Your Service—Draft Legal Documents Quickly
Drawing up legal documents without the help of a lawyer sounds like a nightmare, but it doesn’t have to be. If you sign up for DoNotPay, we can help you save loads of money you would spend on a lawyer or contract templates. Once you log in to your DoNotPay account, it only takes three steps to draft documents:
- Type in the name of the legal document
- Follow the on-screen instructions from our chatbot
- Print out the document
If you want to write a contract, DoNotPay is here. Here are contracts we can generate for you:
- Bill of sale
- Child care authorization form
- Custody agreement
- Estoppel certificate
- General affidavit
- General business contract
- Independent contractor agreement
- Intent to purchase real estate
- Lease agreement
- Non-compete agreement
- Non-disclosure agreement
- Operating agreement
- Prenuptial agreement
- Promissory note
- Quitclaim deed
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