If you are thinking about hiring an Atlanta closing attorney, there are several things to keep in mind. The following article will explain the functions of a closing attorney, their fees, and their requirements. Hopefully, you will be able to use this information to make an informed decision. In addition, this article will help you choose the right attorney for your needs.
Functions of a closing attorney
When a buyer buys a house in Georgia, it’s essential to hire a licensed Georgia closing attorney. The attorney will be responsible for overseeing the transaction and handling any encumbrances that may be on the property. The attorney will contact all parties involved and handle the details, including drafting a power of attorney and negotiating on your behalf. The attorney should be included in your purchase agreement.
The closing attorney will also explain the contents of all of the relevant documents to both parties. Typically, closing attorneys represent lenders in lender-funded real estate transactions and buyers in cash purchases. Although each party may have their own attorney, it’s customary for the attorney to serve as the liaison between the buyer and seller. The closing attorney is required to act fairly and impartially for both parties.
The closing attorney will also oversee the conveyance of the property based on the terms of the contract. This will include making sure the buyer’s lender has first lien position when recording a security deed. In other states, this document is known as a mortgage. The attorney will also have to do a title search to make sure that no encumbrances are on the property. Additionally, the closing attorney will prepare and arrange for the closing ceremony.
Fees of a closing attorney
Atlanta closing attorneys charge fees for a number of services, including drawing up closing documents and representing the buyer in the closing process. They are responsible for ensuring that all documents are properly prepared and that the title to the home is clear. Typical closing costs are around 6% of the sales price of the home, but they can be negotiated if necessary.
A licensed Georgia attorney must be hired to close a real estate transaction in Georgia. These attorneys are required by law to represent the buyer in a lender-financed transaction, and the seller in a cash-purchase transaction. In other states, title companies handle the escrow and closing process.
Georgia law requires closing attorneys to review and verify the seller’s ownership of the property. They also order a thorough title history search of the property. A title search can reveal unpaid taxes, lawsuits, and other issues.
Requirements of a closing attorney
In Georgia, real estate transactions must be closed by a licensed Real Estate Attorney in Atlanta. While many states delegate these functions to title companies, in Georgia, the attorney must represent the buyer’s lender or seller in cash transactions. During a transaction, the closing attorney will review and explain all documents to the buyer and seller. Additionally, the attorney will arrange the closing ceremony and oversee the recording of documents.
A Georgia closing attorney will be required to prepare a statement that outlines the details of all receipts and disbursements made by the buyer and seller. This statement will be provided to both the buyer and seller, as well as the broker, if applicable. A Georgia closing attorney should also have the experience necessary to handle such a complicated legal process.
In addition to making sure that all legal requirements are met, an attorney can negotiate on behalf of the buyer and seller. He can also prepare the necessary documents for the closing process, such as power of attorney documents. Lastly, he can help the buyer and seller get the best price possible on the property. A good closing attorney can also save the buyer time, energy, and money.
Choosing a closing attorney
If you are planning to purchase a home in Atlanta, choosing the right closing attorney is important. This is because mistakes can delay the process, and a delay can mean the process must start all over again. This can be devastating to a family moving into their new home. Choosing an Atlanta closing attorney that specializes in business law can help ensure the process goes smoothly.
While other states may allow a title company to handle closing issues, Georgia requires an attorney to be present at the closing of real estate transactions. A qualified Atlanta closing attorney will coordinate with all parties involved in the transaction, including real estate brokers, buyers, sellers, parties holding judgments against the property, the tax department, home inspectors, and buyer’s insurance company.
Real estate attorneys usually charge around $150 to $300 per hour. However, some may charge per service. In Atlanta, Stan Faulkner, a real estate attorney, has 18 years of experience.