What the Purchase Agreement for Residential Property Means
Acquiring a home in Georgia takes the legal form of a sale contract defined by Articles 477, 478, 490 and 497 of the Civil Code. By a contract of sale the seller is obliged to transfer to the buyer the ownership right in the property, to hand over the documents connected with it, and to deliver the item. The buyer, for their part, must pay the agreed price and accept the purchased property. These interlocking obligations form the legal skeleton of the transaction, and each party's rights at every stage — signing, performance, dispute — flow from them.
Article 477 also provides that, where the price is not directly indicated in the contract, the parties may agree on the means of determining it. The value of a home therefore does not have to be fixed as a concrete sum at signature: the parties may record it by agreed criteria. This matters because the price of an apartment often commits household or investment resources, and ambiguity about the agreed sum becomes the seed of a later dispute.