The Georgia property disclosure statement is given to prospective home buyers to inform them of defects in a property they’re interested in purchasing. The disclosure requires the seller to answer “yes” or “no” questions and provide detailed explanations regarding the property’s current condition. If there are any changes in the seller’s responses prior to closing, the disclosure must be revised and promptly delivered to the buyer for reassessment. It should be mentioned that Georgia is a “buyer beware” state, meaning that buyers assume the risk of possible defects found after the sale.
While there is no statutory requirement for the seller to complete this disclosure, a broker engaged by the seller is obligated to disclose material property defects to each party with whom they work (§ 10-6A-5(b)).
Purchase Agreement – A binding contract between a buyer and seller that lays out the terms of a purchase offer, including the selling price, contingencies, and closing date.