Attorney Representation in Georgia Residential Real Estate Closings
The services of a real estate attorney are valuable to a buyer throughout the process of a residential real estate transaction. It is, however, not unusual for an individual to complete the buying or selling of a home in Georgia without retaining an attorney.
Even though it is not required that a buyer or seller retain their own lawyer in Georgia many do so because they feel more comfortable knowing that their interests are being protected. When you entrust Holmes & Lekan, LLC with your next real estate closing, you can expect your closing to go smoothly. We offer the following:
- Title work in the metropolitan Atlanta area completed in three business days.
- Easy ways to order title work and schedule your closing; by phone, by fax or online
- Written confirmation of the title order within 24 hours of placing the order
- You may request a preliminary HUD on all closings.
The real estate contract is usually prepared by the buyer's agent on a Georgia Real Estate Board-approved form. After the seller executes the contract, the lender's attorney will examine title for the lender and close the transaction. If requested, the lender's counsel will issue an owner's policy for the buyer.
Contract Preparation
For those who wish to be represented by an attorney during the transaction, it is the best practice to involve counsel prior to signing the real estate purchase and sale agreement. Parties to the contract must realize that all the terms of the agreement become binding upon the execution of the contract. A signed contract cannot be amended except by agreement in writing of all the parties. The deal cannot be renegotiated at the closing table. Once the contract is signed the buyer or seller are obligated to close upon its terms. Therefore, review by an attorney before signing is preferable to trying to change the terms later.
The Board contract form is an excellent starting point. It has been revised several times to address recurrent problems. It also provides a "standard" in that everyone knows what is in the fine print. Normally, the real estate agent will prepare the contract and our attorneys will make any necessary changes on behalf of our client. This is usually a relatively inexpensive process but can save a great deal of aggravation later. In the event that there is not an agent involved in the process, Holmes & Lekan, LLC can prepare the contract on your behalf.
Title Examination
The lender's counsel will normally examine title and if requested, issue an owner's title policy for the borrower. There are instances, however, where a buyer should have the title examined independently. Any transaction such as a loan assumption or owner financed transaction being closed by the seller's attorney should have an independent exam performed by the buyer's attorney. Property purchased at foreclosure or auction always requires title exam to be done by the buyer. If a buyer has questions about any title aspects of a proposed purchase, it is often cheaper and more expedient to have the question answered in advance of contract.
Closing Representation
Prior to the closing, an attorney will review the entire closing process. The attorney will advise the buyer on such issues as whether to order a survey (lenders normally do not require a survey). If lender's counsel is examining title the title work and proposed title insurance binder will be reviewed. Ideally, it should not be necessary for the attorney to attend the closing. If, however, there are unresolved matters or the buyer is simply more comfortable having a lawyer present we will be happy to attend the closing.
Buyer's Closing Checklist (please bring the following items to closing)
- Your driver's license or other photo identification
- A certified check, made payable to yourself, for the amount specified by your lender or closing attorney. You will endorse it at the time of the closing.
- Your original homeowner's / hazard insurance policy with proof of one year's payment (usually a receipt). Contact your lender for requirements on refinance transactions.
- Your personal checkbook (if other small charges come up, you can write a personal check to cover amounts under $100)
- Any original power of attorneys to be used at closing. Special note: the use of a power of attorney must be approved by the lender prior to closing.
- Any documents required by your lender (i.e. any conditions of loan approval not met prior to closing, such as closing statement from prior home, last paycheck, original gift letter)
- If applicable, original inspection reports for termite, septic and well
- If applicable, any repair invoices for items to be paid at the time of closing
Seller's Closing Checklist (please bring the following items to closing)
- Your driver's license or other photo identification
- Any original power of attorneys to be used at closing
- If applicable, original inspection reports for termite, septic, and well
- If applicable, any repair invoices for items to be paid at the time of closing
- House keys and garage door openers
- Forwarding Address
- Social Security Number
If you have any other questions regarding your closing, we are happy to offer our assistance. Please contact Holmes & Lekan, LLC.
