Content Overview
Form Breakdown
| Fact Name | Description |
|---|---|
| Governing Law | The Georgia Real Estate Purchase Agreement is governed by the laws of the State of Georgia. |
| Purpose | This form is used to outline the terms and conditions of a real estate transaction between a buyer and a seller. |
| Offer and Acceptance | The agreement serves as an offer by the buyer, which the seller can accept, reject, or counter. |
| Earnest Money | Typically, the buyer provides earnest money to demonstrate their commitment to the purchase. |
| Contingencies | Common contingencies include financing, inspections, and the sale of the buyer’s current home. |
| Closing Process | The agreement outlines the timeline and conditions for closing the transaction. |
| Disclosure Requirements | Sellers are required to disclose certain information about the property, including known defects. |
Sample - Georgia Real Estate Purchase Agreement Form
Georgia Real Estate Purchase Agreement
This Real Estate Purchase Agreement (the “Agreement”) is made and entered into as of by and between:
Buyer: , residing at .
Seller: , residing at .
Hereinafter referred to collectively as the “Parties.” This Agreement is governed by the laws of the State of Georgia.
1. Property Description
The property that is the subject of this Agreement is located at:
Legal description (if applicable):
2. Purchase Price
The total purchase price for the Property is dollars ($).
3. Earnest Money Deposit
Upon execution of this Agreement, Buyer shall provide an earnest money deposit of dollars ($) to be held in escrow by .
4. Financing Contingency
This Agreement is contingent upon Buyer obtaining financing under the following terms:
- Type of Loan:
- Loan Amount:
- Additional terms:
5. Closing
The closing of the sale will occur on or before at a location mutually agreed upon by the Parties.
6. Possession
Possession of the Property will be delivered to Buyer on the closing date, unless otherwise agreed in writing.
7. Condition of Property
Buyer accepts the Property in its current condition, “as-is,” subject to the right to conduct inspections prior to closing.
8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Georgia.
9. Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.
Buyer: ___________________________
Seller: ___________________________
Common mistakes
When filling out the Georgia Real Estate Purchase Agreement form, many individuals make common mistakes that can lead to complications later on. One frequent error is neglecting to include all necessary parties in the agreement. It is crucial to ensure that all buyers and sellers are listed correctly to avoid any legal disputes in the future.
Another common mistake involves failing to specify the purchase price clearly. The price should be stated in both numerical and written forms to prevent misunderstandings. If the price is unclear, it can lead to confusion and potential disagreements between the parties involved.
Additionally, some people overlook the importance of including all relevant contingencies. These contingencies protect buyers and sellers by outlining conditions that must be met for the sale to proceed. Without them, one party may find themselves at a disadvantage if unexpected issues arise.
People often forget to provide a clear description of the property being sold. It is essential to include the property address and any specific details that define the boundaries of the property. Incomplete descriptions can create uncertainty and lead to disputes over what is being sold.
Another mistake is not paying attention to the closing date. The closing date should be mutually agreed upon and clearly stated in the agreement. If this date is vague or missing, it can result in delays and frustration for both parties.
Some individuals also fail to review the agreement thoroughly before signing. It is important to read through the entire document to ensure that all terms are understood and agreed upon. Signing without a clear understanding can lead to regret and potential legal issues.
Lastly, many overlook the significance of including earnest money details. This deposit shows the buyer's commitment to the purchase. Clearly stating the amount and conditions for the earnest money can help prevent misunderstandings and protect both parties' interests.
Discover More Real Estate Purchase Agreement Templates for Specific States
Midland Title Toledo - Allows both parties to negotiate specific terms before finalizing the agreement.
Real Estate Purchase and Sale Agreement - This agreement is essential for recording the intent to purchase a property.
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