The Georgia purchase agreement is a legal document that defines the relationship between the seller and the buyer in connection with the sale and purchase of a certain property.
The document usually includes information about the seller and the buyer, details about the property, the purchase price, details about the financing, and other terms and conditions of the property transaction.
The purchase agreement doesn’t transfer any legal rights. However, it provides the conditions under which the property transfer is going to be conducted.
Georgia Purchase and Sale Agreement Form
The purchase agreement provides the terms and conditions of the property sale. This prevents any misunderstandings and potential disputes about the transfer of the property.
The parties should use this kind of document to define the terms of transferring any property that has a purchase price over $500. This can be real estate, a motor vehicle, a firearm, shares in the company, and more.
The Georgia purchase agreement is also known as:
Other Names for Georgia Purchase Agreement
Georgia sale and purchase agreement
Georgia purchase and sale agreement
Georgia sale and purchase contract
Georgia purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Georgia.
Purchase Agreement Georgia Laws & Requirements
Georgia's laws and regulations don’t provide any requirements regarding the form of the purchase agreement. However, there are a few disclosures that must be included in the document.
Purchase Agreement Required Disclosures in Georgia
Here, you can find the list of disclosures you must include in the Georgia purchase agreement template:
Lead-Based Paint Disclosure: Federal law requires the seller of the property to inform the potential buyer about the lead-based paint hazard at the property. This disclosure is mandatory for every property built before 1978 or if there is a known presence of lead-based paint at the property.
Seller’s Property Disclosure Statement: The seller doesn’t have to fill out the form but is required to provide information about the property’s condition to the buyer. (§ 44-1-16)
Common Types of Purchase Agreements in Georgia
This section provides all the types of purchase agreements used in Georgia:
Types of Purchase Agreement
Residential real estate purchase agreement. This type of document is often used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. This type of purchase agreement can be used to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Known as the motor vehicle bill of sale. You can use it to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles.
Business purchase agreement. Used to provide terms for transferring the company from the seller to the buyer.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Georgia.
Stock purchase agreement. This type of purchase agreement is used for selling stocks and shares in companies.
Purchase Agreement in Georgia FAQ
Yes, the Georgia purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and buyer sign it.
Yes, a Georgia sales agreement needs to state the purchase price. The reason for this is that the purchase price is one of the essential elements of the Georgia purchase agreement.
No, purchase and sales agreements in Georgia don’t need to be notarized. Notarization is required only in cases where the parties are transferring certain legal rights or obligations to each other. Since the Georgia purchase agreement only provides the terms of the property transfer and doesn’t transfer any particular legal rights, you don’t have to notarize it.
Yes, the seller can back out of the Georgia purchase agreement if the buyer fails to meet the contingencies set in the Georgia purchase agreement.