What You Need to Know About Real Estate Law Georgia
Speak with a trusted Real Estate lawyer in Cherokee County, Georgia.
Author: Stan Faulkner, Founder, Perigon Legal Services, LLC
Mr. Faulkner is an experienced counselor and litigator with 15 years of experience, having held bar licenses in four states (Mo, Il, Ct and Ga). Stan Faulkner uses this experience and focuses his skills in the pursuit of assisting individuals in probate (trust and estate) matters, guardianships and conservatorships, estate planning, business disputes and contract disputes. Published on March 29, 2022.
Property and real estate legislation govern renters, landlords, and house owners (or prospective homeowners).
Several states, including Georgia, have “homestead” safety laws allowing property owners to preserve a small plot of land from creditors and adverse possession statutes enabling “continuous trespassers” to claim title to otherwise abandoned real estate.
Furthermore, Georgia law requires that rental security deposits be maintained in escrow and refunded within 30 days of lease cancellation.
A Responsive and Powerful Real Estate Attorney advises clients and assists them with Georgia property concerns such as purchasing and selling. They usually personalize their services to each client’s needs, whether the buyer, seller, lender, or realtor.
If a real estate transaction seems off, and you need someone to help you with real estate closings, disputes, and analyzing contracts and agreements, contact the Perigon Legal Services Firm at (404) 666-8622 for a free consultation on your case.
Fundamentals of Georgia Real Estate Law
If you need to bring a lawsuit to protect your real property rights, your ability to do so is restricted by the statute of limitations in your state.
A “statute of limitation” is the legal time restriction for filing a lawsuit. The length of time you have to file your action is determined by your state’s rules and the sort of case you are pursuing.
In Georgia, for example, the time limit for launching a lawsuit relating to any of the following is four years:
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Trespass
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Real estate damage
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Personal injury (i.e., nearly any type of property that isn’t considered real property, such as autos, furniture, jewelry, and so on)
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Any action seeking monetary compensation for damaged or destroyed property (i.e., property damage claims stemming from an accident)
You must understand the statute of limitations and the deadline for your case since if you miss the time, you will forever lose your ability to sue.
A Trusted Georgia Real Estate Attorney has experience acting as executors and trustees and coaching, assisting executors and trustees with their responsibilities, and helping with business disputes and real estate transactions.
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Georgia Real Estate Laws and Rules
Georgia’s property and real estate rules influence not just homeowners but also landlords and renters. Most states in the United States have various protection laws that enable property owners to secure their property and assets against adverse seizure or creditors.
Everyone who owns a house or operates their own business may profit from asset protection. A professional estate planning and business law lawyer can assist you in designing solutions that will protect your hard-earned money by acting early on before a debt or a judgment develops.
Georgia Real Estate Law and Procedure
The real estate closing procedure in a house purchase begins when the buyer and seller sign the final purchase and sale contract. The real estate transaction contract contains all of the agreement’s key provisions, such as:
- Price
- Amount of earnest money
- Closing date
- Seller-paid closing expenses
- Contingencies (such as finance or appraisal contingencies)
All real estate transactions in Georgia must be closed by a qualified real estate lawyer. In other states, the title firm handles the closing and escrow concerns. In Georgia, however, it is done by real estate attorneys.
In most cases, only one attorney is involved in the transaction, representing either the buyer’s lender (if the purchase is lender-financed) or the buyer himself (if it is a cash purchase).
If you need a real estate attorney to close your real estate transaction, call (404) 666-8622 for a free consultation.
Georgia Real Estate Law Questions
Real estate transactions can be a hassle. Here are a couple of common Georgia real estate law questions and answers:
What Criteria Are Required by Georgia Law to Be on Every Real Estate License?
Georgia law requires that every licensee:
- To be at least 21 years old.
- To have a high school diploma or equivalent.
- To have been licensed for at least three years as a salesperson or community association manager in Georgia or a state with similar requirements.
- To have completed a 60-hour real estate broker pre-license training and to pass a knowledge test.
Is There a Time Restriction for the Duration of a Brokerage Relationship?
No. According to Georgia law, parties can, in principle, enter into a brokerage partnership for as long as they choose. As a result, a seller might enter into a seven-year listing agreement.
Who Enforces Real Estate License Law in Georgia?
The Georgia Real Estate Commission (GREC) is responsible for enforcing real estate license law in the state of Georgia through disciplinary actions against licensees.
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Georgia Real Estate License Law
Before purchasing or leasing real estate, federal law requires licensees to notify their real estate brokers in writing (G.R.E.C. Sub. Reg. 520-1-.11).
While the real estate brokers have no authority to accept or deny the licensee’s purchase or lease, the notice must be made in writing and before the licensee buys or leases property.
The core regulations of the Georgia Real Estate Commission stipulate that no Licensee may acquire or rent property in their name without first informing the broker for whom the licensee is engaged in writing.
Real Estate Transactions
After the closing, if any outstanding promises (or “covenants”) existed in the contract that was not completed or complied with, they’re not going to happen. The closing finalizes the real estate transaction.
In other words, “covenants” are enforceable only as long as the contract is in effect. Once the seller prepares and delivers the deed to the buyer, the contract is “consummated” and ceases to exist. It is said to “merge” with the terms of the warranty deed.
This implies that, unless your contract includes a “survival provision,” the seller is under no responsibility to perform everything promised in the contract that remains unfinished after the closing.
How a Real Estate Attorney Can Help You With a Real Estate Transaction
Georgia law prohibits a licensee from “accepting a commission or other valued payment, from anybody other than the broker holding that licensee’s license without the agreement of that broker.”
A Real Estate Dispute Attorney engaged in managing a deal will always accompany the buyer with valuable consideration to the closing. This is referred to as closing when the money is paid, and the title is transferred. The attorney’s role is to guarantee that the transfer is lawful, binding, and in the client’s best interests.
Georgia Real Estate Law Property Management
The majority of homebuyers must finance their purchase. As a result, most homeowners obtain a loan from a bank or a private lender to purchase a property. If you are buying a home with a loan, you should know that the attorney who handles the closing does not represent you or the seller.
The closing attorney, on the other hand, represents the lender. This implies that the closing attorney exclusively represents the lender’s interests. As a result, both purchasers and sellers should retain their counsel to evaluate all paperwork and represent them at the closing.
A qualified Georgia attorney must perform a Real Estate Closing (the entire procedure by which title to the property is transferred) in the state of Georgia. Although the Closing Attorney often represents the lender in the transaction, the purpose of all parties is to accomplish the closing in a timely and correct manner.
As a result, the Closing Attorney representing the lender is always the sole attorney engaged in the closing. The role of the Closing Attorney is to make sure that the closing is performed in a lawful, binding, and correct manner.
Contact an Experienced Real Estate Attorney
If you have any questions or concerns about commercial real estate, estate planning matters, or any other real estate law issue, our experienced attorneys at Perigon Legal Services can help. We have a long-standing history of success in representing our clients in a variety of real estate transactions and litigation matters.
To schedule a free consultation with one of our knowledgeable lawyers, contact us online or call us at (404) 666-8622.
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