In Georgia, if your real estate contract contains one or more contingencies you may be able to break the contract without recourse from the other party.
How Can You Get out of a Real Estate Contract in Georgia? Information that should be listed within the form includes general information on both parties, the purchase price, buyer or seller contingencies, and financing information. To write a real estate contract in Georgia, you will need to identify and document the terms of the sale. How Do You Write a Real Estate Contract in Georgia? In Georgia, a disclosure statement is not required by law, however, an owner, real estate broker, or affiliated licensee of the broker shall answer truthfully to the best of that person’s individual knowledge any questions concerning known problems with the property. In Georgia, you will need to complete the following paperwork in addition to the purchase agreement: While other states require the seller to disclose a specific type of issue on the property-such as a material defect. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. It may only be used for residential properties where construction has been completed. The Georgia residential real estate purchase agreement (“residential purchase and sale agreement”) is a contract that outlines the terms of a residential property deal between a buyer and a seller.