Georgia Receipt For Abstracts
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How to fill out Receipt For Abstracts?
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FAQ
An abstract of title summarizes and documents ownership events related to a specific piece of real estate. It will generally include records and information for at least the past 50 years of land ownership.
Georgia law requires a licensed attorney to close all real estate transactions. In other states, the title company handles the closing and matters pertaining to escrow. But in Georgia, an attorney does it.
Attorney Fees: In Georgia, real estate closings are conducted by attorneys, and the seller may have their own attorney. The fees can vary but are often between $500 and $1,500.
Prior to closing, the lender delivers a loan package to the closing attorney. The closing attorney reviews the loan package, typing in the legal description, property tax information, homeowner's insurance information, and various terms and details as needed to ensure the documents are fully complete and accurate.
There is usually just one attorney involved in the closing, and in Georgia, the buyer typically chooses their own attorneys. If it is a cash purchase, you will typically have the right to pick the closing attorneys. However, the buyer's lender will choose the attorney when you are funding a purchase using a mortgage.
The buyer pays the earnest money. The buyer usually provides earnest money, which can be held by one of the real estate agents or by the closing attorney. In Georgia, a licensed Georgia attorney must close all real estate transactions, unlike in many states in which title companies handle escrow and closing matters.
