|George Real Estate Contract takes place whenever a real estate property is sold anywhere in the state. It is a legal document that binds both the buyers and sellers legally for doing or not doing something while the transaction is in progress. Standard forms exist to cater to the requirements of buyers and sellers of real estate properties. Once an agreement is reached between parties, the process to draft a contract covering all big and small issues of the deal begins.
Georgia Real Estate Contract Law
According to the Georgia contract law, a real estate agreement must include three elements: an offer, an acceptance and consideration. For a contract to be legally valid, the subject matters revolving round these three elements must be in accord with the law of the State. Once signed by the parties, the contract becomes a legal instrument that remains effective until the date mentioned in the documents expires or a party chooses to end it by a breach, whichever is earlier. In case of a breach, the question about the damages done to a party arises.
Georgia Real Estate Contract Forms
Real estate contract forms are used by a buyer or a seller to define the terms and conditions under which a transaction is supposed to be carried out. There are standard real estate sales contract forms as well as real estate purchase contract forms available that help you achieve an agreement in a legal manner. It is also possible to get these forms for free, but it is advisable to go for a standard format being made available by an authorized vendor.
This is because free Georgia real estate contract forms might not be valid for legislative purposes. The standard Georgia real estate contact forms provide for the inclusion of terms like financing contingencies, title matters, surveys, pest and other inspections. A residential real estate sale contract form does not require a broker and is used when the buyer is paying cash or the financing is done through a promissory note secured by a first mortgage or a deed of trust.