The Georgia residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Georgia Have To Disclose Property Defects?
Georgia does require real estate sellers to disclose any material defects with a property, but only those which are not reasonably discoverable by a diligent inspection of the property. The basic duty to disclose cannot be waived under any circumstances.
Required Seller Disclosures in Georgia
Although with any material defects with the property, sellers in Georgia will also need to provide the following:
- Property Disclosure Statement: While Georgia does not require a particular form of disclosure an owner, real estate broker, or affiliated licensee of the broker must answer truthfully to the best of their individual knowledge any questions concerning known problems with the property. A form like the one linked may streamline this process.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
Sources
- 1 Southern v. Floyd, 89 Ga. App. 602, (Ga. Ct. App. 1954)
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Source Link
If there is a concealed defect, known to the seller, in property being sold, the seller is bound to reveal it to the purchaser; and although the purchaser signs a contract of sale which provides that it contains the entire agreement between the parties and that no representation, statement, or inducement except as therein noted shall be binding upon either party, this provision does not relieve the seller from performing his duty to disclose the concealed defect to the purchaser, either by a statement in the contract or otherwise.
