Buyers and sellers of residential real estate need to be aware of some major changes in the way real estate transactions will take place in Georgia!  Members of the Georgia Association of Realtors commonly use pre-printed real estate forms/contracts to facilitate the buying/selling of Georgia Residential Real Estate on behalf of our clients.  Well, the forms committee has overhauled the 2008 contract and these changes will have a financial impact on the consumer (careful planning by well-educated realtors can minimize any impact).

First and foremost, buyers and sellers will want to make sure they are working with well educated Realtors so than can be assured that their real estate transaction takes place smoothly and with the fewest amount of headaches possible.   While problems that need to be overcome are fairly common in any real estate transaction, issues caused by an agent’s lack of education and knowledge relating to the contract changes is something that no one should have to deal with.

These changes are too numerous to list is one post but I will highlight one important change that has significant financial implications. The transfer tax on real property has been traditionally paid by the seller as dictated by all previous versions of the contract.  In 2008, the forms committee has decided to shift this tax to the buyer along with other costs relating the sale of residential real estate!