Georgia Residential Purchase and Sale Agreement
A Georgia purchase agreement form is a legally binding document form between both the seller and a buyer for the transfer of residential property. This agreement includes all critical information about the transaction, such as the price, financing terms, the rights of both the buyer and the seller, and a closing clause. The agreement serves as a mediator in case any issues arise during the sale and ensures a fair transaction for both the buyer and seller. Once the agreement is signed, it cannot be terminated unless both parties agree.
Purchase Agreement Timeline
- Day 1 – The Seller accepts the buyer’s offer.
- Day 2-14 – The agreement is drafted then both parties sign the purchase agreement.
- Day 15-25 – The buyer usually schedules the home inspection and the Title Search begins.
- Day 26-70 – Financing is secured. The seller starts to move out (vacate) the property.
- Closing Day – The home sale is complete once both parties sign the purchase agreement.
Lead-Based Paint Disclosure – Any housing structure built before 1978 requires lead paint disclosure under federal law.
Flood Disclosure Form
Source: § 44-7-33