Each state is unique in its approach to Real Estate law. unlike many areas of our history and the law, Real Estate is not governed, or usurped, by Federal laws. Each state’s Real Estate laws rule supreme within its borders.
In Georgia, Attorneys handle Real Estate closings. Although title companies have offices in Georgia, they generally work with Attorneys and do NOT handle closings. What would be “Escrow Agents” in other states, are Attorneys in Georgia. The Attorney is an agent of the title company. The Attorney also represents the Lender at closing.
At closing, the Attorney executes the terms of the contract between the Buyer and the Seller, and handles the legal aspects of transferring title. The Attorney, based on instructions the Attorney receives from the Lender, handles all loan documents. The Attorney orders and reviews the title, pays the Sellers loan off, collects the Lenders closing costs, and sends the proper documentation to the courthouse for recording. After closing, the Attorney sends the Warranty Deed to the purchaser (with the Owners Title Insurance Policy) and the Mortgage/Security Deed is sent to the Lender.
The Buyer and the Seller have the option and right to choose (and pay) for their own Attorney. This is rarely done in Georgia. Unless there is a MAJOR dispute between the Buyer and the Seller which does not affect the Lender, the Attorney will usually be able to solve the problems and answer questions which each party to an agreement may have.
Attorneys work with many Lenders and Real Estate agents. No one “wins” if the loan doesn’t close.
Then Thank Goodness For Attorneys is what I say! If you have any questions or concerns that you would like to know the answer to or discuss, please email me at ChadL@KW.com, or you can give me a call at 706.633.8186, I would be grateful for your call. If you have a legal question about something you have just read, you may contact the author of this post JBWyndham@tds.net with Wyndham and Associates.
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