How To Purchase A Home In The State Of Georgia

By: Shane Smith

To purchase a home in the state of Georgia, the purchaser must engage a reliable realtor. The realtor should have a database with several properties for sale preferably through the MLS or Multiple Listing Service available as an arrangement between local Realtors.

Once a purchaser decides to purchase a home in the State of Georgia, a sales contract should be drawn up. This is the 'offer' document given by the purchaser to the seller detailing the price, the method of financing the deed , the disclosures required, the inspections the intended purchasers wishes to conduct on the property and the time deadlines for payment of earnest money, closure of the deed, taking possession of the property and spelling out the right to withdraw from the deed in case of non satisfaction of conditions required by law. This is accompanied by an escrow amount which is given to the Realtor to be given to the seller. The seller is given time to reply to the offer in which the seller. is expected under he laws of the State of Georgia to fully disclose all defects and potential problems that may arise out of user of the property. When terms are agreed upon and the parties apply their signatures to the agreement, the terms bind both parties.

The purchaser then conducts inspections for termite infection and other structural defects in the property so that the price can be renegotiated or the offer withdrawn. The purchaser will have to hire an attorney, a real estate title company or title trust company to make searches to unearth or cure any defect in the title of the property.

In most cases the purchaser will be taking a loan from a bank or mortgage company who require a non encumbrance certificate to disburse the loan. Encumbrances include implied easements of necessity which are recognized by the State of Georgia and liens encumbering the property such as non repayment on a mortgage or a foreclosed mortgage, unpaid service liens, liens due on unpaid taxes and municipal levies and liens arising out of unpaid child support amounts. An abstract of title giving a record of property's history by date and certifying that the title is marketable is given to the purchaser. The purchaser will be well served by taking out a title insurance to prevent possible unseen future claims on the title of the property which remain undetected by the search in local public records. The National Public records Association and the Georgia Associations of paralegals have a list of title search professionals to aid the purchaser.

When the title is cleared the purchaser pays and advance amount as earnest money to the seller. A general warranty deed is drawn up in which the seller warrants the title and agrees to pay for title defenses and the contract is closed at the office of the lenders attorney.

At the closing the purchaser will be expected to bring a home owners insurance with proof of payment of a premium of one year, a document of identification like a drivers license and any other documents required by the lender or the lender's attorney.. When the contract is closed the purchaser has purchased a home in the State of Georgia.

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