REAL ESTATE

Georgia is a closing attorney state, which means the state considers a real estate closing as the practice of law which only an attorney can do. More importantly, while you may only consider the actual closing date as the closing attorney’s role, we handle a whole lot more for the transaction. Title search, clearance, closing and post-closing. The last thing you want when it comes to a real estate transaction is a surprise.

To understand our role in the transaction, it is easiest to think about what happens before, during and after closing. Before closing (pre-closing), our team works with all parties to gather the information required to be “clear to close”. Examples include buyer/seller/agent info sheets, title search and analysis (along with curative title work if necessary), order payoffs, HOA letter, termite letter, home warranty letter, etc. Rest assured that if it’s needed to close, we will get it. Then comes the actual closing part of the process, when all of the signing and transferring of funds happens. After closing, we prepare and send out deeds for recording, transfer title and provide all applicable title policies to the insurance underwriter. Throughout the entire process, we make sure everything is processed efficiently and accurately.

As it pertains to home ownership, "title" refers to the legal right to own, use, and control a property. It represents the ownership of the property, indicating who has the legal rights to it. Holding the title to a property means you have the lawful right to possess, sell, or transfer the property. When purchasing a home, a title search is conducted to ensure there are no issues—such as liens, claims, or disputes—that could affect the buyer's ownership rights.

Title insurance is a policy designed to safeguard your property ownership rights by providing coverage for future claims or future losses due to title defects which are created by a past event prior to the acquisition of the property. Title defects can include things like fraud, missing owners, liens or document errors. These risks are far less obvious than those protected against by automobile or homeowner’s insurance, but can be just as harmful. Purchasing title insurance involves a one-time payment made at closing and provides protection against potential financial losses from disputes or claims against your ownership. Additionally, the policy covers any legal costs needed to defend your title in court if such issues occur. Title insurance remains in effect for as long as you or your heirs own the property.

Two forms of ID. First, a valid driver’s license or state issued ID. Passports, military IDs, credit or debit cards and membership club cards are all acceptable secondary forms of identification.

Our preferred method of payment is a wire. Georgia law (O.C.G.A Section 44-14-13) requires anything over $5,000.00 to be wired. We also accept cashier’s checks for amounts under $5,000.00. Wires should be processed by your bank 24 to 48 hours prior to your closing date. Please ensure we receive funds at least four hours prior to closing (otherwise closing will likely be delayed). For morning closing appointments, please ensure the wire is processed by 1pm the previous day.

Wire Policy: Exercise extreme caution when wiring funds. Wire fraud is very real. Do not wire funds to any other set of wiring instructions. Our wiring instructions do not change. If you receive wiring instructions from any other source, contact us immediately. Prior to processing a wire, call our office using contact information found from an independent source, such as the sales contract or internet. We are not responsible for any wires sent by you to an incorrect bank account.

Please Note: Our closing escrow account, also known as an IOLTA account, cannot receive ACH transfers. Be careful when sending funds through your bank’s website as these are almost always an ACH. Most banks require you to be in person to initiate a wire transfer. If an ACH/online transfer is made, the funds will be rejected and sent back to you. This could delay your closing up to a week. Make sure your bank sets up and processes the transaction as a money wire.

Earnest Money: To learn how to pay earnest money, click here.

Earnnest, a secure digital payment platform for paying earnest money is our preferred method of payment. We also accept Wires and Personal Checks. Click here for more information regarding Earnest Money payments.

Please Note: This answer is specific to Earnest Money payments for Real Estate transactions only.

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A legal provision that helps to reduce the amount of property taxes on owner-occupied homes. File with the county tax commissioner or county board of tax assessors prior to April 1 in the year following the purchase.

The settlement statement document you received from us at closing serves as your 1099-S. Use this document to file your taxes. Separately, we remit to the IRS directly on your behalf.

We will mail your warranty deed as soon as we receive it back from the county clerk’s office. Typically, you will receive it within a month after closing. If your deed is electronically filed, you will receive the original within two weeks.

The tax bill will be in the name of whomever the owner was as of January 1 of that tax year. Therefore, it will remain in the previous owner’s name until January 1 of the following year. 

Overages received by your former lender will be returned to you typically within 30 days of closing.

Interest is paid in arrears, so the current principle balance does not reflect the interest accrued since last month.

In certain instances, the origination and interest carry may qualify. Consult your tax advisor to determine eligibility.

In accordance with federal law, escrow funds (hazard insurance and property taxes) are required to be held separately from your loan. These funds will be returned to you within 30 days of closing.

Remit directly to the lien holder for each payoff. Write your loan account number on the check and preferably, include your most recent statement to avoid any potential confusion when processing payment.