Georgia Real Estate Contract: Different Types and Key Terms to Include
Quick Facts — Real Estate Contract Lawyers (Georgia)
- Avg cost to draft a Real Estate Purchase Agreement: $700.00
- Avg cost to review a Real Estate Purchase Agreement: $550.00
- Lawyers available: 25 Georgia real estate lawyers
- Clients helped: 25 recent real estate contract projects in Georgia
- Avg lawyer rating: 4.44 (3 reviews)
What is a Georgia Real Estate Contract?
A Georgia real estate contract, often called a residential purchase and sale agreement, is a legally binding contract that is entered into by two parties (a buyer and seller) when transferring the ownership of real property.
The contract is drafted when a buyer makes an offer on a property that is for sale by a seller. Once the seller accepts the offer, the contract becomes legally binding and enforceable as long as it adheres to all applicable real estate and contract law.
A real estate contract must include specific details about the transaction in addition to tasks and requirements that must be met to finalize the deal. It is common to see the following issues addressed in a real estate contract:
- Agreed upon purchase price
- Description of the property
- Contingencies
- Disclosures
- Deadlines and closing date
Common Georgia Real Estate Contracts
There are several types of Georgia real estate contracts that each serve a different purpose. These contracts include:
- Residential real estate contract. Used when buying or selling a piece of land or a building that will be used for housing.
- Commercial real estate contract . Used when buying or selling a piece of property or a building that is zoned for operating a business like a store or an office building.
- Real estate assignment contract. Used when purchasing investment properties because this agreement allows the buyer to assign the contract to a second buyer.
- Lease agreement. Also called a rental agreement, this contract is used when a property owner wants to rent their property to a tenant.
When purchasing residential real estate in Georgia, the most common contract used is the Georgia Association of Realtors purchase and sale agreement. This form is approved by the association and includes all necessary components of a valid real estate contract.
4 Essential Elements of a Georgia Real Estate Contract
In Georgia, there are 4 essential elements that make a real estate contract valid and enforceable. These elements are:
- Mutual agreement or assent between the parties to enter the contract
- A valid offer by the buyer and acceptance of the offer by the seller
- Adequate consideration which is the exchange of items of value
- A legal purpose and legally competent parties
If any of these elements are missing from the contract, the contract will be deemed invalid and unenforceable by law.
Is Georgia a Buyer Beware State?
Yes. Georgia follows the laws of caveat emptor, commonly called “buyer beware”. This means that buyers cannot win a fraud claim against a seller for failing to disclose a defect in the property if the defect could have been found by inspection. This principle puts the burden on the buyer to ensure that thorough inspections of the property are conducted prior to agreeing to purchase the house.
Can a Buyer Back Out of a Real Estate Contract in Georgia?
It is possible for a buyer to back out of a real estate contract in Georgia because buyers are protected by contingencies within the real estate contract. A contingency is a term that must be met to finalize the sale of the property. Common contingencies include the appraisal contingency and the financing contingency.
Many Georgia real estate contracts also include a due diligence period. During the due diligence period, a buyer can terminate the contract for any reason. This gives buyers the time to complete a home inspection, research the neighborhood, and ensure that they are committed to purchasing the home.
Due diligence periods are negotiable but the most common time frame for this period is between one and two weeks.
Frequently Asked Questions
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Meet some of our Georgia Real Estate Contract Lawyers
Casey B.
I have a Juris Doctorate degree from Mercer Law School, and I am an active member of the Georgia State Bar Association. I have spent the last eight years reviewing, drafting, editing, and negotiating hundreds of contracts on a monthly basis, working in-house for a Fortune 500 company. I am a results-driven, self-motivated, experienced contracts attorney with exceptional drafting, research and communication abilities.
"Working with Casey was a breeze. He was very responsive, professional, and thorough, and made the process easy for me. Super helpful, and would work with him again."
Ada A.
Over 19 years experience in the insurance industry. Experience in handling settlement and insurance management to obtain the best possible outcome for clients. Litigation and Discovery Management; Drafting and Filing of Pleadings, Motions and Briefs In Support.
"Ada A. was FANTASTIC and took her time in answering all of my questions. I highly recommend her and will be using her in the future."
Jerome L.
My experience includes 25 years of phone and customer facing customer service; 5 years managing a non profit with a focus in transportation; 10 years commercial/ residential asset management; 15 years project management in logistics and transportation, property management and law office management/civil litigation; 10 years working in the legal field, to include legal practice, marketing, managing office operations, human capital, etc, 5 years as a business and legal consultant, assisting entrepreneurs with business formation, evaluating business plans, partnering them with viable resources for success; and assisting businesses owners with improving business operations, development and customer experience
"Jerome was fantastic! He is very prompt, flexible, and easy to work with. Thank you!"
Elexius E.
My name is Elexius. I’ve been practicing since 2016. I began my career doing defense work for insurance companies. I handled worker’s compensation cases, insurance subrogation claims and a number of related employment issues including wage and hour disputes, resignation, termination and release of claims. I also handled employee contract matters and revised contracts as needed for my clients. In my current role I draft contracts and related agreements, including cease and desist, letters of understanding, and various notices. I also handle contractual interference issues.
"Great work! Elexius identified areas in the document that I hadn’t noticed and highlighted the risks involved if I proceed with executing the property management contract — it was absolutely worth the cost."
Jon F.
Hello! Interested in transactional and remote work. I primarily do real estate closings in northeast Georgia (I am ONLY LICENSED IN GEORGIA) but can also do other transactional matters from time to time. You have definitely heard of my litigation work -- now I'm happy on the transactional side!
"Jon was very patient and flexible when we decided to change directions. He was very helpful and accommodating."
September 29, 2023
Andreas M.
Throughout his career, Mr. Mettler gained significant experience negotiating and documenting large-scale international transactions, managing legal and regulatory compliance, and collaborating with legal teams to ensure business activities aligned with contract terms, commercial objectives, relevant laws, and government regulations. This experience exposed him to the intersection of business and law, and he became increasingly interested in the law and its workings. As a result, after spending over 20 years in the technology industry as a successful executive, Mr. Mettler decided to transition into the legal industry to expand his skill set and pursue his passion for law. Mr. Mettler believes that his strong business acumen, attention to detail, and ability to simplify complex projects and issues into manageable components and easy-to-read terminology, is a valuable assets in the legal industry. * 20+ years sales and account executive for technology companies, focusing on international enterprise transactions, with deep experience in sales, international expansion, negotiating SaaS agreements, and account management. * Extensive experience working closely with legal teams to negotiate and draft complex large-scale international enterprise contracts, including SaaS agreements, with a keen focus on commercial, legal, and regulatory compliance across multiple jurisdictions. * Proficient in identifying legal risks and opportunities in business transactions and developing strategies to mitigate risks (and work contract language around such risk) while maximizing value for the company and its customers.
May 7, 2024
Jalyn P.
The J. Parks Firm is a boutique law practice that primarily focuses on Business, Intellectual Property and Family Law Matters. We believe that each client's needs are unique and we work to tailor individualize solutions for you. Feel free to shoot us a message to see if we are a good fit for your legal needs.
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Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
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Real Estate Purchase Agreement Drafting
Location: California
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Service: Drafting
Doc Type: Real Estate Purchase Agreement
Number of Bids: 3
Bid Range: $700 - $950
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