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Georgia Real Estate Law |
Georgia real estate law acknowledges the rights of ownership and possession of land and/or the buildings attached to it. It provides a framework under which every aspect of a real estate activity is governed with equal justice to all parties involved in it. Thus it becomes necessary for everyone in the state to have some idea about the real estate law, especially its part that has direct concern with them. For example, a home buyer must be aware of the real estate rules that recognize their rights of homeownership and protect him or her from fraud and injustice. Moreover you need to keep yourself updated regarding changes in various laws pertaining to real estate, foreclosures, finance, mortgage and license, as these change too often.
Georgia Real Estate Law Earnest Money
According to Georgia real estate law, earnest money is not required while making a purchase of residential unit in the State. Earnest money is that sum of money that you pay to the owner of a property in order to prove that you are genuinely interested in buying the property. Despite the fact that it is not legally required in the state, you may be asked by a real estate agent to provide the same, which usually amounts to $5000 per contract. A buyer with no knowledge of Georgia real estate law is more likely to pay this amount unnecessarily and might run the risk of losing a significant sum of money forever.
Georgia Real Estate Disclosure Laws
It is mandatory for a real estate seller to disclose facts regarding the property on sale to the buyer in explicit terms. Georgia Real Estate Disclosure Laws have identified the minimum level of information that must be furnished to the prospective buyer through a predefined form known as Seller's Property Disclosure Statement. This form is one among the three documents which a seller is required to complete during a real estate transaction. The other two documents are the Purchase and Sale Agreement and the Lead Based Paint Addendum.
Real Estate Lawyers in Georgia
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Georgia real estate lawyers assist you in all legal formalities that are required in the state during a real estate buy, sale or rent. They have updated knowledge of all laws, rules and regulations regarding the rights of sellers, buyers and tenants. Moreover, they offer a wide range of services that help a home buyer get hold of his/her new possession quickly and without a hitch. Apart from individual lawyers and attorneys, you can seek the services of real estate firms also, which employ several experienced law professionals having expertise in different aspects of real estate laws, such as foreclosure laws, license laws and mortgage laws.
For more information on Georgia Real Estate Law, visit www.grec.state.ga.us.
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