Posts from April 8th, 2021
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8
Natural Disasters and Real Estate
What happens if a property that you are buying or selling is destroyed? With the recent tornado that destroyed parts of Newnan, some of you may be wondering this. Hopefully, this is not your current situation.
Most Realtors here use the Georgia Association of Realtor (GAR) Forms for contracts. The purchase and sale agreement specifically has language dedicated to this situation. Section 3C of this form states:
Risk of Damage to Property. Seller warrants that at the time of closing the Property and all items remaining with the Property, if any, will be in substantially the same condition (including conditions disclosed in the Seller's Property Disclosure Statement or Seller's Disclosure of Latent Defects and Fixtures Checklist) as of the Offer Date, except for changes made to the condition of Property pursuant to the written agreement of Buyer and Seller. At time of possession, Seller shall deliver Property clean and free of trash, debris, and personal property of Sel...