5 Important Facts to Know About Your Georgia Real Estate Closing
1. An attorney MUST be physically present at your closing, and involved in the closing processes from the start to the finish. Georgia doesn’t allow banker-closings or "witness-only" closings.
2. Attorneys at real estate closings act as agents for the title insurer.
3. Sellers in Georgia are REQUIRED to disclose known or hidden defects that would essentially affect the value of the property.
4. Sellers in Georgia will be asked to provide the following documents: owner's affidavit, deed of conveyance, Georgia residence affidavit, 1099 reporting form, W-9 or affidavit of non-foreign seller, and closing statement acknowledgement. They can be additional documents needed for sale of a condominium or townhome.
5. In Georgia residential transactions involving a loan, the closing attorney will legally represent the lender. In spite of this, he or she has a responsibility to complete the closing efficiently and accurately in the interests of all parties involved.