The Georgia residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the terms of a residential property deal between a buyer and a seller. It may only be used for residential properties where construction has been completed.
Do Sellers in Georgia Have to Disclose Property Defects?
Georgia does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
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. In Georgia, a disclosure statement is not required by law, however, an owner, real estate broker, or affiliated licensee of the broker shall answer truthfully to the best of that person’s individual knowledge any questions concerning known problems with the property.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.