If you’re planning to buy a home in Atlanta, you’ll want to hire a real estate closing attorney. In most other states, a title company handles this task, but in Georgia, the closing must be handled by a licensed attorney. If you’re buying the home with a loan, one attorney will represent the lender, while another will represent the buyer if you’re paying cash. You can also hire your own counsel to handle the transaction, but you should thoroughly review the documents before closing.
Buying a home in Atlanta
When buying a home, a buyer must secure a mortgage. This requires a buyer to provide information on their financial history and prove their income. They must also find a carrier for homeowner’s insurance and meet other requirements. A qualified home inspector can perform a visual inspection of a home. The inspector will prepare a report identifying any immediate and potential issues. The buyer will receive a copy of this report before closing.
The buyer should request a title search in a jurisdiction in Georgia to ensure that the property is free of liens. They may also need to purchase title insurance. They should also complete a final walkthrough to make sure the property is in the condition they agreed upon. Once the buyer is satisfied with the home, the buyer transfers the required funds to the seller.
The buyer must pay a real estate transfer tax of around $1.00 per $1,000 of value. Georgia Residential Mortgage Act requires a homebuyer to pay a minimum of $10 per loan subject to it. Buyers should also pay a professional appraiser before closing the sale to make sure they’re paying the correct market value. Closing documents should also summarize any fees and credits for the real estate transaction. This document is vital when a buyer needs to provide documentation for their lender.
Getting a real estate attorney
If you are buying or selling a home in Atlanta, Georgia, you should get a real estate attorney to represent you during the closing process. While this process is generally similar across the US, closing law in Georgia is unique in that a licensed Georgia real estate attorney must be physically present at the closing to act as your representative. In fact, the state’s Supreme Court recently ordered that an attorney must attend the closing in person, rather than participate in it via phone.
Real estate attorneys are required to be licensed to practice in Georgia, and they handle all closing matters. In other states, title companies handle closing and escrow matters. In Georgia, a licensed Georgia real estate attorney will represent both the buyer and the lender. In a cash-only transaction, Choosing an Atlanta Closing Attorney will represent the buyer and the seller, although the seller may hire their own attorney to help them understand the documents. While the closing attorney will be present at the closing, it is important to know that they are ethically bound to treat both parties equally and fairly.
A real estate attorney can help you understand the closing process and make sure that everything goes smoothly. They will explain to you all the documents that need to be signed during the closing, and they will also collect all the closing funds. Your attorney will also record the deed conveying the property, as well as the lender’s security deed.
Functions of a closing attorney
One of the functions of a closing attorney is to investigate the title of a property. This means finding out if there are any liens or easements on the property and helping to resolve them. They will also work with the mortgage lender to determine what payments will be due at closing. Finally, they will present an opinion of title to the title insurance company.
A closing attorney drafts and reviews the necessary documents during the closing process. They also help with preparing the deed or bill of sale, as well as other documents, such as the closing statement. During the closing process, they will coordinate with the parties involved to ensure that all parties are satisfied with the terms of the transaction.
Closing attorneys will also conduct a title search, verify that the title of the property is clear, and oversee the conveyance of the property to the buyer. In some states, the closing attorney will also arrange the closing ceremony.
Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” he is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.