One way to learn about all of these things is to visit my friend, Hal Coleman's video blog called
Yucky Nasty Bug Facts.

In 2008 the Purchase and Sale Agreement changed. It now states that it is the buyer's responsibility to get the termite and pest inspection. You should do this during your due diligence period. If you find damage you can ask for repairs or money during the period to address concerns.

The author of the Purchase and Sale Agreement states the reason for this change as: Termites are now treated like any other condition in the property for which the buyer has a right to inspect.

Buyers should therefore immediately determine if their mortgage lender will be requiring an Official Georgia Wood Infestation Report at closing, confirming that the property is free of evidence of active infestation from termites and other wood-destroying organisms. Similarly, just as the buyer normally arranges for a home inspection as soon as the property is put under contract, the buyer should also arrange for a termite inspection of the property. If the inspection reveals termite infestation or damage, the buyer can, depending on the terms of the contract period, and termites are discovered during the due diligence period, the buyer can seek to have the seller treat the same by timely submitting to the seller the Amendment to Address Concern with Property form.