When purchasing most homes/properties in Georgia, you have the right to make your offer subject to a due diligence period per the Georgia Association of Realtors contract.
The purpose of a due diligence period is to allow the buyer a certain time period to do any or all of the following at the buyer’s expense, unless negotiated otherwise in your contract by your real estate agent.
Arrange any loans that a buyer needs to complete the purchase of a property/home.
Conduct at buyer’s sole expense whatever evaluations, inspections, appraisals, examinations, surveys, etc. that a buyer deems necessary
The seller must ensure that all utility services, any pool, spa and similar items are operational, per the Georgia Association of Realtor’s contract. A few examples of evaluations/inspections could include: testing of lead base paint if the home was built prior to 1978; home inspections by a professional home inspector; septic tank inspections; soil testing; inspecting the home’s neighborhood; inspecting for active infestation of and/or damage from termites and other wood-destroying organisms and determining if the property is in a flood plain.
During a due diligence period, a buyer may also propose an amendment to the original agreement to address any concerns the buyer may have regarding the property. If these concerns cannot be resolved, the buyer may terminate this agreement. However, the buyer and buyer’s real estate agent must give the seller written notice of the termination before the end of the due diligence period. If written notice is not given to the seller before the end of the due diligence period, the due diligence period shall terminate and the buyer shall be deemed to accept the property “as-is” and continue with the purchase.
Please note that government-owned properties may have different guidelines in their addendums. A licensed real estate agent can assist you and negotiate on your behalf.
Article prepared and submitted by Joanna Jackson, sales manager/associate broker with Jackson Realty.