Redact Legal Georgia Offer To Purchase Forms For Free

In real estate, a purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction. The buyer will propose the conditions of the contract, including their offer price, which the seller will then agree to, reject or negotiate.

Signing a PSA does not complete the sale of the home. Signing a purchase agreement, however, does complete the home sale. Where the PSA lays out the details of the transaction leading up to the closing date, the purchase agreement is what you sign to finalize the transaction.

This contract covers all the pertinent information regarding the transaction including price, financing terms, rights and obligations of both parties, and a closing clause. Should any issues arise during the sale, the agreement exists to mediate the situation and ensure the transaction is fair to both parties.

In Georgia, like all other states, a contract is needed to enter into a contractual agreement to buy or sell a property. The Georgia statute of Frauds requires that certain key details of a real estate sale be in writing to be considered ?definite and complete?.

A purchase and sale agreement is used to document the parties' intentions and the terms they have agreed will govern the transaction. You can include specific terms like the product or property, the price of the product or property, conditions for the delivery of the product, and the date of product delivery.

To constitute a valid contract, there must be parties able to contract, a consideration moving to the contract, the assent of the parties to the terms of the contract, and a subject matter upon which the contract can operate.