Real estate Georgia laws to consider before buying a home
Purchasing a home is a big step regardless of the city or state in which you choose to reside. However, before calling a real estate agent and seeking to purchase a home in your desired area, you may want to look into the local real estate laws. Many potential homeowners aren’t aware of the fact that there are a significant number of laws per city that should be considered before purchasing a property.
The state of Georgia has multiple real estate laws. These laws can make purchasing a home safer for the homebuyer as well as for home renters. Consider the following legislation in Georgia before buying a home.
The homestead law allows home and other property owners to claim a percentage of their homes as a “homestead.” This portion cannot be taken away by creditors. The act was created to prevent homelessness that may occur if the homeowner goes through tough economic times such as a foreclosure.
The law also allows homeowners to excuse up to $10,000 of the worth of their property under certain conditions. For example, if the property is worth $80,000, the homeowner is entitled to retain $10,000 of that home; and creditors or banks cannot take it. The homestead law only applies to real or personal property used as a residence, including condominiums and co-ops.
Leases and Rental Agreements Laws
To maintain control over the relationship between landlords and tenants, the lease and rental agreements laws were created. These involve a contractual accord between landlord and tenants. Georgia’s lease and rental agreement laws are objectively standard as compared to other states with a stricter guideline.
When it comes to leasing stipulations, they usually last a year; and any rent paid after the term is up must be added onto another lease. All requirements must be documented to be legally binding.
The law also requires security deposits to be held in an escrow account instead of being transferred to the landlord’s account. Any damages done will be subtracted directly from this account with the balance to be paid within thirty days of the lease termination.
Adverse Possession Laws
This law allows an individual who takes ownership of a neglected piece of real estate owned by another and improves it to be eligible to acquire title to the property. The new owner must obtain the property publicly and pay property taxes.
The adverse possession regulation requires twenty years of occupation before an individual may claim the property title. Being aware of these laws will help a potential homebuyer feel more knowledgeable when it comes to informing real estate agents of the area in which they would like to live.
|About The Author
While I am not a native Georgian, I have lived in Atlanta since 1991. I was born and raised in Brisbane, Queensland, Australia, then relocated halfway across the world when my family decided to open a business here in the United States. I have lived in the Atlanta metro area since coming to the States and know the area like the back of my hand. I have been licensed and selling Real Estate for over 15 years, and absolutely love my job! I truly enjoy working with people in the quest to sell their current home or purchase the perfect new home they´ve been dreaming of. When I first started my Real Estate career, I worked with one of the highest-producing teams at the largest real estate office in the state of Georgia. While I worked there, I was mentored by an incredible team of successful agents on the "P´s and Q´s" of real estate. It was a wonderful learning experience for me, and ultimately helped me become the dedicated, understanding, and knowledgeable agent that I am today.