Who Chooses Closing Attorney in GA Real Estate Transactions?
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Who Chooses the Closing Attorney in GA?
Who chooses closing attorney in GA when you’re buying or selling a home? Learn more about the role of the closing attorney in GA real estate transactions.
The closing attorney is in charge of organizing and preparing a number of documents in a real estate transaction. These include surveys, title insurance policies, deed forms, and various other documents regardless of residential or commercial property type.
The issue of who chooses closing attorney in Georgia when you’re buying or selling a home is one that needs to be addressed, however. It’s important to know who makes this decision so you can determine how much time and money the closing process will cost.
Does Georgia Require a Closing Attorney?
Who Does the Closing Attorney Represent?
Who Pays Closing Costs Georgia
Neither the seller nor the buyer is usually responsible for all closing costs. Sellers will usually pay between 5% and 10% of the final sale price to close the transaction.
As a general guide, buyers may be responsible for anywhere between 2% to 5% of the transaction costs. As such, a home in Atlanta with a median value of $261,200 will have you paying between $5,000 and $13,000 when the transaction is concluded.
If you are conducting a real estate transaction, it is critical to have a real estate attorney by your side. A lawyer will be critical in such a process as they will help to check the disclosure documents and all other processes to ensure that everything is legal and that your interests are taken care of.
Georgia Real Estate Closing Costs
Unlike other states, a real estate attorney must sign off on all property transactions. Attorney fees usually cover the review of documents, and for a home valued at $200,000, you should expect to pay something in the region of $700.
You will have to pay lenders to process your loan application. This typically includes credit checks, and hence you will have to discuss such fees with the mortgage company.
You will have to conduct a title search before doing any transaction to ensure that the home does not have issues with legal ownership and that the seller has a proper title. Title fees may also include a title policy to protect you should ownership issues and legal title arise in the future.
Real Estate Transfer Taxes
When properties change hands, transfer taxes will be paid. Even though the seller is usually responsible for paying these, some buyers may agree to pay these taxes. The usual fee in the state is usually $1 for every $1,000 in property value. The state also imposes a $1.50 for every $500 for a loan.
The lawyers at the Faulkner Law firm have the knowledge, experience, and skill on closing costs involved in home purchasing or selling transactions. Contact us today, and we may help you minimize your transaction costs while adhering to the legal requirements.
What Happens After Signing Closing Documents
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