When you sell real estate in Georgia, it is important that you first read up a little bit on the law in the state. Real estate law in Georgia contains subjects such as: disclosing defects, purchase agreements, closing costs, and specific performance.
State law requires you to divulge numerous defects of your real estate in Georgia when you sell. These include the following: roof defects, electrical system defects, plumbing defects, heating and air conditioning defects, septic system defects, basement or foundation defects, any structure defects, any defects of the mechanical equipment included in the sale, and any defects located in the stove. Other issues that must be reported include the following: if the property is a flood plain, fuel storage tanks located above or underground, any current boundary line disputes, any pollutants in the water system such as radon, radium, or lead; any materials that contain asbestos on the property, and finally, any pest infestations that are worth mentioning.
A selling agreement, or purchase agreement, is another important part of real estate in Georgia. This agreement lays out the finalized terms and agreements between both parties that are involved with the contract. This agreement will be sent to you by the buyer if he or she is ready to purchase your home. If you are not interested in their offer, but still want to work with them, you may send them a counter proposal.
Real estate in George includes some other issues, closing costs for example. Once you close the deal there will be plenty of closing costs. Whether you or the buyer is responsible for paying these charges is up to you to work out. These closing costs include: broker's commission, survey, title insurance, recorded release of mortgage, transfer taxes, attorney's fees, and home inspections.
Real estate in Georgia also includes the specific performance clause. This states that a seller who has put his or her home on the market, and has agreed to sell it to a certain buyer, must do so unless this buyer has failed to fulfill any of their part of the bargain. If this occurs, then the court will intervene and require both parties to fulfill their terms laid out in the contract. If you are selling your property and are having second thoughts, it is important that you contact your lawyer immediately.
Need a lawyer? Start here.