Closing Costs in Georgia: Everything You Need to Know
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How Much Does Closing Cost in Georgia?
Georgia closing costs vary based on numerous factors, including appraisal fees, inspection fees, and attorneys’ fees. Learn more in this overview.
Closing is the final step in the process of buying or selling a home. At this point, the buyer is expected to pay a down payment and any other charges that have been agreed upon, while the seller signs and transfers ownership of the property to the buyer.
The entire real estate closing procedure, which includes the transfer of ownership of the property, must be handled by an attorney who is licensed to practice in the state of Georgia.
Most of the time, only one attorney is involved in the transaction, and he or she represents the buyer (in the case of a cash purchase) or the buyer’s lender (in the case of a lender-financed acquisition).
If your home is set to be purchased or put on the market for sale, you may have to pay closing expenses and sales commissions. This page contains thorough information from a Georgia closing expenses attorney who will help you understand all the costs.
Real Estate Closing Costs in Georgia
The closing process is one of the most important times when you’ll need an experienced attorney. Going through the entire experience of selling a house is frustrating enough without thinking it can all fall through during the closing process.
If you want to prevent that, reach out to Stan Faulkner at Faulkner Law. Drawing on more than 16 years of legal experience, he is a responsive and effective closing attorney who can assist you with real estate law and help you succeed with your goals.
Closing Costs Estimator in Georgia
In addition to all the fees mentioned, other fees will probably be included in closing fees.
Closing costs may also include loan origination fees which are charged by a mortgage lender for processing a loan request, attorney’s fees, homeowners’ insurance, property taxes, and other expenses that are due in addition to their monthly payment.
Average Closing Cost in Georgia
All the closing costs are negotiable and can vary. But, if you are a seller, some average closing costs include, for example, 6% of the sales price for a real estate agent’s commission. That is the case, assuming both you and the buyer want to engage an agent for this real estate transaction.
Also, as a seller, you’ll owe property taxes for the portion of the year you owned the house. The title search fee will usually be between $100 and $200, while the settlement fee can be between $350 and $600. You’ll also have to pay a transfer tax to your county when the deed is recorded, as well as any outstanding utility bills and homeowner’s insurance fees.
The buyer pays from $300 to $500 for appraisal and between $250 and $600 for a home inspection. They can also purchase a homeowner’s title insurance policy to protect their interest in the property. Title insurance can, for example, protects lenders or buyers in Georgia from financial liabilities that may arise because of a hidden lien or a claim, as well as from defects on the title of a Georgia property. Also, title insurance can protect the owner or lender from public records mistakes, property line disagreements and other similar events that may occur.
Other costs may include additional windstorm and flood insurance due to the risk of hurricanes and because standard homeowners policies don’t cover flood or wind damage in high-risk states.
Recording fees that cover the cost of registering the sale should also be considered, as well as unexpected costs.
The buyer usually pays document stamps on the mortgage just as the seller pays for the documentary stamps on the deed. The amount to be paid is not based on the property’s purchase price but the mortgage loan amount.
How to Calculate Georgia Closing Costs
How Much Money Do You Need for Closing Costs?
Who Pays Closing Costs and Attorneys’ Fees in Georgia?
What Determines Closing Cost on a Home?
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