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Agency Disclosure (§ 520-1-. 06(4)(b)) \u2013 No standardized form. Georgia law demands that licensees describe to both buyers and sellers the relationship established upon accepting representation by an agent.
What does it mean when a property is sold as is where is?
No Need for Repairs: If you sell your house "as is," it means that the buyers will have to deal with any problems in the home. They will deal with the repairs and hire contractors if needed.
Is contract for deed legal in Georgia?
The company's contracts for deed practice in Georgia is completely legal.
What should be included in a purchase agreement?
As discussed above, a purchase agreement should contain buyer and seller information, a legal description of the property, closing dates, earnest money deposit amounts, contingencies and other important information for the sale.
What is dual agency Georgia?
(d) Dual Agency: Georgia law allows both parties to agree to have one agent or broker represent them in a real estate transaction at the same time. In other words, the agent or broker has a client relationship with all parties to the transaction without acting in a designated agency capacity.
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What do I need to know before signing a purchase agreement?
Here are some of the main points outlined in a purchase agreement: Seller and buyer names. Property description. Offer price. Financing terms. Earnest money deposit. Contingencies (inspection, appraisal, your own home sale, etc.). Closing costs and terms. Deadline for acceptance.
What are 2 disadvantages of a contract for deed?
If you fall behind on payments, the contract can be terminated and you will lose whatever equity was previously built. Furthermore, if the seller has a mortgage and defaults on their payments, you may lose the property even though your own payments to the seller are current.
What is the difference between an offer to purchase and a purchase and sale agreement?
The Purchase & Sale Agreement (P&S) is a legally binding contract that dictates how the sale of a home will proceed. It comes after the Offer to Purchase, and supersedes that earlier document once it's signed.
What is an AS IS sale in Georgia?
\u201cAs is\u201d language, according to the Georgia Real Estate Commission, is language that basically says the seller plans to sell the property as-is. Many times, sellers use as-is language to get out of having to perform basic cosmetic repairs, such as repainting a structure or installing new kitchen cabinets.
What does it mean to sell as is?
What Does 'Sold As-Is' Mean? Sellers list their homes for sale as-is when they don't want to do any repairs before closing. It means there are no guarantees from the seller that everything's in working condition, and they're not required to provide a Seller's Disclosure.
Related links
Option to Purchase - University System of Georgia
Upon the exercise of the Option by Purchaser, this Agreement will automatically constitute a contract between Seller and Purchaser for the sale and purchase of ...
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