In my last post, we started to review the Consumer Protection Brochure that all Georgia real estate agents must provide to their Buyers. Protect Yourself When Buying a Home offers some practical information that while most agents should review this with you when buying Midtown Atlanta real estate, it may not always be the case.
In our last segment, we touched on the following topics:
- Keeping copies of your signed documents
- Having your home or condo professionally inspected prior to purchase
- Inspect and Get to Know the neighborhood where you are going to live
- Termite Inspections (when necessary)
Now, let’s look at the other points of information you should consider.
Thoroughly Investigate the Property
Here, you want to consider anything and everything that could effect the purchase of your home or condo. From mold, to water to a septic system if buying a single family home. If the home or condominium was built before 1978, you might want to test for lead-based paint. Eating paint chips can be a problem for children. It also can be a problem for adults should you do renovations at a later time that involve sanding or wood surfaces that were painted.
Other real estate terms and things to consider include school districts, flooding, property insurance costs, and any covenants that might restrict the use of the property. For example, in purchasing a condominium, most all of the Midtown Atlanta condominiums have limits on the number of homes that can be rented at any given time.
Survey of the Property
This would apply if you are purchasing a single family home, or vacant lot. You want to know where your property lines are. I sold a home a couple years ago, and the lot line for my Buyers’ house was right alongside the neighbors house, not in the middle of the space between the two houses. A good thing to know.
Undeveloped Property CAN be developed
Pretty plain and simple…but you want to know WHAT you can do with the property and what kind of services may or may not be available. If there are no city water and sewer lines, you will be drilling for a well and putting in a septic system, both which will have rules.
Buy an Owner’s Title Insurance Policy
If there IS a real estate term in Georgia you need to know, and HAVE, it’s owner’s title insurance. This protects you against any pre-exisiting title problems, if they come up after closing. Imagine a condo building that has been built on several lots that were purchased, and assembled to create the space to build. Some long lost relative surfaces and lays claim to one of the lots. In steps your title insurance policy.
Remember, when you work with me as your buyer’s agent, I’ll be here to answer any questions you might have. There are lots of real estate terms to know in Georgia and I’ll be sure to help you understand them.
OK, so Protect Yourself When Buying a Home is a pretty long Real Estate Term to Know in Georgia. Actually, it’s a Consumer Protection Brochure that has been produced by the Georgia Association of REALTORS. In the past, it was optional for REALTORS or real estate agents to provide this to their Buyers. As of the 2011 printing of the Purchase and Sale Agreement, it is now part of the actual real estate contract.
It would seem pretty common sense, right, that you would keep such things? Well, when you sign the Purchase and Sale Agreement, you have created a legally binding contract with time lines and dates that must be followed. Plan to have a file or notebook where you can keep ALL the documents related to your sale. In case you might lose them, you could also consider scanning them and having them on a computer, backed up to a service like 
You should take time, both with your agent and by yourself to get to know the neighborhood where you are going to purchase your home. There are many factors to consider. In an urban environment like Midtown Atlanta, you might want to visit the area both during the day, and at night to determine if there are any noise issues from surrounding businesses or highways. What is the proximity to a major highway or transit station if you commute to work? Being a long distance from a major highway can add travel time to your commute. Where is shopping, dining, gas stations and other services you might need? If there is vacant land near the building you are looking to purchase in, are there any known plans for that land? A knowledgeable agent like me that works the Midtown market can help you determine these things. Also, you can contact local government planning officials that might have new information about potential plans for development.
This is an important piece of information we want to have when we are looking to make an offer on the home or condominium you are looking at. There are two different disclosure statements, one for single family homes and one for condominiums. They are relatively the same, but there certainly ARE differences between buying a home and a condo. For this series, we’ll focus on the Sellers’s Condominium Disclosure Statement.
While most Midtown Atlanta Condominium communities were built with “one parking space per bedroom” that is not always the case. One building was built in Midtown Atlanta and the developer mis-calculated the number of parking spaces, and there are two bedroom homes that only have ONE PARKING SPACE! (Tough re-sale issue!) You always want to know how many spaces you have, and where they are located in the garage. Also, this is a good time to ask about guest parking. (The arrow shows the garage portion of 
In Georgia, real estate agents and brokers are licensed professionals who have been trained to help you buy, sell or lease real property. The relationship we (or I) form with you is called a brokerage relationship.
