Georgia Option and Contract of Sale Agreement (To Purchase Land)
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How to fill out Option And Contract Of Sale Agreement (To Purchase Land)?
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FAQ
A real estate purchase option can be great for buyers. For example, if you want to buy a lot of land to build a new home, a purchase option can be used to keep the lot available for a certain amount of time, until you have funding. The landowner cannot sell the plot to anybody else during the term of the option.
However, there are also disadvantages to using land contracts. Buyers may face higher interest rates, the risk of losing the property, and limited legal recourse. Sellers, on the other hand, may encounter the risk of default, a lack of control over the property, and an inability to sell the property.
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?.
Land contracts are seller-financed alternatives to traditional mortgage financing. They're typically used when buyers are unwilling to get a mortgage through a bank or other mortgage originator. They may also be unable to get a mortgage due to their credit situation or other qualification reasons.
In short, a Georgia real estate purchase agreement is a document that is signed by the buyer and the seller listing all the important details regarding the sale of a property in the state of Georgia, such as: Names, addresses, and phone numbers of both parties. The purchase price. A property disclosure statement.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
If the property inspection reveals any necessary repairs or other undesirable finds, the buyer normally has three options: terminate the contract and obtain their earnest money back, negotiate for repairs or a price change, or accept the property as-is.
Under Georgia law, all these agreements are treated synonymously. When a seller of real estate agrees to finance some or all of the purchase price to the buyer, he may use a contract for deed.