Purchasing a new home is one of the most exciting and potentially stressful events that a person can go through. Whether you are a new home buyer or have already gone through the process many times, every real estate transaction is unique. At the end of the process when you are finally ready to close on your new property, it is important to understand what to expect at closing. One thing that you might not realize if this is your first time purchasing a new home is that a real estate lawyer must be present at your closing.
Georgia law requires that all real estate closings be overseen by an attorney. Unlike other states, Georgia doesn’t allow banker-closings. Georgia doesn’t even allow so-called “witness-only” closings unless the referral is from one attorney to another. Aside from being a legal requirement, the closing attorney’s role is to help those involved in the transaction by overseeing and explaining the transaction so that all parties can make sure they’re getting what they bargained for.
Why do I need a Lawyer when I already have a Realtor helping me?
You might be asking why you need a real estate lawyer when you already have both a realtor and a mortgage broker helping you. The closing attorney can facilitate the transaction for the real estate agent or broker by making sure that title issues are resolved as quickly as possible (preferably well in advance of closing). Examples of title issues might include remaining liens, property owners who have passed away (but without proper handling of an estate), etc.
The closing attorney helps the lender or mortgage broker by making sure that the loan documents are executed properly, and that the property (which is the collateral for the loan) is free of title issues. This ensures that the lender stays in a priority position (unless they are issuing a second position loan). Having your own real estate lawyer with you at the closing will help put you at ease as you can be sure that they will be diligent in their review of all the legal documents. Catching errors before the closing is finalized is incredibly important.
Additionally, the closing attorney assists the purchaser by ensuring they understand their rights and obligations. A good closing attorney helps to make sure that well-intended buyers, sellers, lenders, and agents have their transaction go as smoothly and efficiently as possible.
Contact a Real Estate Attorney to Help with your Closing
At The Epps Law Group, our attorneys are well versed in the process of real estate closings in Georgia. We have extensive experience working with all types of properties and we welcome the opportunity to assist you with the last step in the real estate process. If you are buying or selling a house, a real estate lawyer can help make this transaction go as smoothly as possible. Contact us at
678-456-4627 or visit us online to set up an initial consultation and review of your property closing details.