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Before finalizing a real estate transaction, the buyer has the right to know certain things about the property. Since real estate law varies by state, determining a seller’s specific disclosure obligations can be challenging. That’s why it’s wise to seek counsel from a local attorney before purchasing property. In the meantime, here is what you should know about reviewing seller disclosure reports in Georgia. 

What to Look for in the Report

Under real estate law in the state of Georgia, sellers must disclose any known material defects to buyers. Although they don’t have to complete a formal disclosure statement, they must inform buyers of any defects that are not obvious and readily visible. They must also honestly answer all questions regarding the condition of the property. For example, this document should grant information about the property’s foundation, roof, utility systems, appliances, natural hazards, and environmental hazards. If any one of these elements is not addressed in the report, ask about it directly. 

What to Do if the Report Is Incomplete

real estate lawIf you purchase property and later realize the seller failed to disclose necessary information, you have the right to sue him or her. Depending on the circumstances, you may be able to file a claim on the grounds of breach of contract, fraud, or misrepresentation with the help of an attorney specializing in real estate law. If the suit is successful, you may be able to “undo” the sale by getting reimbursed for the price of the home plus relevant expenses and transferring the property back to the buyer. If you wish to retain ownership of the property, on the other hand, you can simply pursue compensation for the costs associated with repairing the issue. 

 

If you want to buy or sell property, turn to the knowledgeable real estate law team at McClure, Ramsay, Dickerson & Escoe LLP. Based in Toccoa, this firm has been representing clients throughout northeast Georgia for more than a century. In addition to real estate law, they practice criminal defense, personal injury law, insurance defense, general litigation, and estate planning. To learn more about the comprehensive legal guidance they provide, visit their website. To schedule an initial consultation, call (706) 886-3178.

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