Georgia Offer To Purchase A Home: Common Terms

Here are some common negotiable terms that are typically included in a real estate offer to purchase and contract a home in Georgia:

1. Purchase price: This is the price that the buyer is offering to pay for the property.

2. Due diligence period: This is the time period during which the buyer has the right to inspect the property and perform due diligence to get any questions they have answered. They may usually get out of the contract without penalty during this period should a deal breaker arise they can not resolve with the home-seller.

3. Earnest money deposit: This is a deposit made by the buyer to demonstrate their commitment to purchasing the property. The amount of the deposit is negotiable, but it is typically around 1-3% of the purchase price. This is the Home-Seller's primary recourse and what they usually keep should the Home-Buyer not move forward with the purchase outside of contigencies.

4. Financing contingency: This contingency states that the purchase of the property is contingent on the buyer obtaining financing for the purchase. If the buyer is unable to secure financing, the offer can be terminated without penalty.

5. Appraisal contingency: This contingency states that the purchase of the property is contingent on the property being appraised at or above the purchase price. If the appraisal comes in lower than the purchase price, the buyer usually has the right to pay the difference, renegotiate, or terminate the contract without penalty.

6. Closing date: This is the date on which the sale is expected to be completed and the buyer usually takes possession of the property.

7. Loan terms: This section of the offer specifies the terms of the buyer's mortgage, including the interest rate, term, and any other relevant details.

It's important to note that these terms can be negotiable and may vary depending on the specific property, the buyer and seller circumstances, and other factors. It's always a good idea to work with a licensed real estate agent who can help you navigate the real estate contract process and ensure that your interests are protected.

Contact us today to discuss your unique situation and we will help you understand the entire process and achieve your real estate and lifestyle goals.