Georgia Property Disclosure Statement

What Is the Form of Georgia Property Disclosure Statement?

A Georgia property disclosure statement is a crucial document when selling or purchasing real estate in the state of Georgia. This form discloses the property's condition and any potential defects or issues the buyer should be aware of before moving forward with the purchase process.

Importance of the Georgia real estate property disclosure statement

Selling a home in Georgia involves providing essential information to the prospective buyer. The property disclosure statement plays a crucial role in keeping both parties informed and aiding in a smooth transaction. Here's why:

• Legal requirement: Georgia law requires sellers to disclose material facts about a property's condition, including any known defects, issues, or hazards to the buyer.
• Transparency: A well-prepared disclosure statement increases trust between the buyer and the seller by transparently presenting all known property-related information.
• Avoid legal disputes: By providing accurate information, the seller can avoid potential legal issues, such as claims of non-disclosure or misrepresentation.

How to Fill Out the Georgia Real Estate Property Disclosure Statement

Filling out the form requires accuracy and thoroughness. Here are some steps to guide you:

1. Start by entering the required information in the 'Property Address' section at the top of the form.
2. In the 'Seller's Disclosure' section, choose either 'Yes' or 'No' for each statement, depending on your knowledge of any given defects or issues related to the property.
3. In the 'Environmental' section, fill in the appropriate boxes regarding any known environmental issues, such as hazardous materials, flooding, or drainage problems.
4. Continue on to the 'Roof' section, stating the age and type of the roof, as well as any known leaks or repairs.
5. Next, complete the 'Water Supply' section by specifying the water source and providing information about any known issues or defects, such as water quality or pressure.
6. Fill out the 'Heating and Cooling' section, providing details about the heating and cooling systems of the property, including the age and type of systems and any known issues.
7. In the 'Electrical' section, provide information about the electrical system, specifying any known issues or defects.
8. Proceed to the 'Plumbing and Sewage Disposal' section, detailing the sewage disposal system and stating any known issues with the plumbing system.
9. Complete the 'Structural Components' section, describing any structural issues or defects related to the foundation, walls, floors, ceilings, or roof.
10. Fill out the 'Termite and Wood-Destroying Organisms' section, specifying any known infestations or damage caused by termites or other wood-destroying organisms.
11. In the 'Appliances and Fixtures' section, list all the appliances and fixtures included in the sale, and state any known issues or defects.
12. Complete the 'Other Information' section, providing any additional information relevant to the property disclosure that hasn't been addressed in other sections of the form.
13. Lastly, provide the date and electronic signature of both buyer and seller, confirming that the information provided is accurate to the best of your knowledge.
14. Once you've finished filling out the form, you may now download, print, or share the completed Georgia statement.

When should I request a property disclosure statement Georgia form?

Buyers are encouraged to inquire about the property disclosure statement during one of the following stages:

• Property Viewing: When visiting the property for a showing or open house, buyers can ask the seller or their real estate agent if they have a property disclosure available for review.
• Pre-Offer: Before making a formal offer, buyers can request this statement from the seller or their agent. The form can be reviewed and factored into the decision-making process.
• Offer Negotiation: Upon making an offer, the buyer can include a contingency clause in their purchase agreement, which would require the seller to provide this statement within a specified timeframe, typically 3-5 business days.
• Sellers may provide this Georgia statement during these phases:
• Pre-Listing: Prior to listing the property for sale, the seller can complete the form to have it ready for potential buyers.
• Listing: Once a property is listed, the seller or their real estate agent can have the statement available for potential buyers to review during showings or open houses.
• Offer Acceptance: If a buyer presents an offer with a contingency clause requiring a property disclosure form, the seller should be prepared to provide the form within the specified timeframe.