Closing is the term used for the legal transfer of title on a piece of property from the Seller to the Buyer. Most closings typically last an hour or less, as long as unforeseen issues do not arise.
In the State of Georgia, an Attorney is required to close the loan as the Lender representative. The Attorney will be responsible for ensuring that you buy a home with clear title in your name with no liens or taxes owed from the past, and be able to issue Title Insurance on the property.
It usually takes most county recording clerks approximately 4-6 weeks to record the deed and send it to the attorney. The attorney will then send the original to you. But you legally own your new property on the day of closing.
A survey is the result of the process of measuring land to determine its size, location and physical description and the resulting drawing or map. Most Lenders do not require a survey, but they are generally recommended. A title insurance company may provide exceptions to your policy if you do not have a survey.
Pursuant to O.C.G.A. Section 44-14-13, Georgia law requires all funds for closing over $5,000.00 MUST be in the form of a bank wire, NO EXCEPTIONS (including any gift funds or other funds from any other source that may be used by the borrower including closing proceeds from another law firm); funds under $5,000.00 may be a cashier’s check or wire
Title insurance companies require that the title be examined by a certified title examiner on their approved list. The title examiner checks for defects in any prior deeds, determines all mortgages that need to be paid off, verifies that all taxes have been paid (and if not, they’re collected at closing from Seller), and verifies if other liens exist against the title.
Insurance against loss or damage resulting from defects or failure of title to a particular parcel of real property.
An instrument authorizing another to act on one’s behalf as his or her agent and allows the appointee the right to sign closing documents for the specific transaction only.
- Tenancy in Common – An estate or interest in land held by two or more persons, each having equal rights of possession and enjoyment, but without any right of succession by survivorship between the owners
- Joint Tenancy – An estate where two or more persons hold real estate jointly for life, where each owns an undivided interest in the property, and commonly includes a right of survivorship whereby following the death of one or more joint title owners, title vests in any surviving joint tenants. (This is most common for married couples)