Georgia Law Requires Georgia law requires a licensed attorney to close all real estate transactions. In other states, the title company handles the closing and matters pertaining to escrow.
In the State of Georgia, it is required that an attorney perform the closing process. The attorney's role is to ensure that all documents are properly prepared and that title is clear. The average cost of closing is $500-$1,000 and is usually paid by the buyer. However, as with other fees, this can be negotiated.
the buyer ofIf you are buying or selling real estate... In Georgia, it is customary for the buyer of real estate to select the designated closing attorney. However, the seller may negotiate an arm's length choice, particularly when contributing to the buyer's closing costs.
Georgia real estate attorneyIn Georgia, each real estate closing must be conducted by a Georgia real estate attorney. Further, this attorney must be physically present at the closing, and he or she must maintain control of the closing process from start to finish.
How much are closing costs in Georgia? Though all of the taxes, fees, lender charges and insurance add up, generally neither the buyer or seller pays 100% of all the closing costs. Typically, the seller will pay between 5% to 10% of the sales price and the buyer will pay between 3% to 4% in closing costs.
In Georgia, the 2018 property tax bill covers the time from January 1, 2018 through December 31, 2018. If the property sale closes before the tax bill is mailed, the seller pays the buyer the seller's portion of the tax bill at closing.
about 30 to 45 daysFrom the time that all parties sign the contract, expect the closing to happen about 30 to 45 days later. During that time, the buyer, buyer's real estate agent, buyer's lender, and the closing attorney will all be working towards the closing.
The packages may include deed preparation, title examination, review of purchase and sale paperwork, working with the lender, and more. For more complex cases, real estate lawyers may work on an hourly rate and require a retainer. Hourly rates for real estate lawyers may range from $150 to $300 or more.
While the home closing process usually takes 30 – 45 days, you should be prepared to close as quickly as possible. Although some delays are unavoidable, you can do your part to ensure a seamless closing by fulfilling all unpaid debts, preparing all the required signing documents and depositing the down payment on time.
Georgia, unlike some states, DOES mandate that an attorney be used for the process of selling a home. Specifically, an attorney is required for all closing matters. However, having a lawyer in your corner is also never a bad idea for contract review or to assist in negotiations.
Anyone whose name appears on the loan or the title to the property must be present at closing or be represented by a power of attorney approved by us and your lender. Also, if a spouse or other person is to be on the deed (even if they are not on the loan) they must attend closing.
No. Virtual closings are not ethically permissible. Closings must be conducted, and all the documents signed, in a Georgia attorney's physical presence. Anything else is considered unethical by Georgia's Supreme Court and State Bar.