FACTS AND INFORMATION

As with any transaction, if you have questions or concerns about your real estate transaction, please feel free to contact our office, we are always available to answer questions and assist you. The following provides a brief overview of the requirements, which may be necessary at closing and other general information.

Requirements for Buyer or Borrower at Closing

At the closing, you will asked for at least one form of photo identification, most commonly a drivers license or passport. All funds required for the closing should be in the form of a cashier’s check which can be made payable to yourself. It is always important to consult with your mortgage professional to verify if any other conditions are required for your closing or to provide an estimate on the amount of funds required.

Requirements for Seller at Closing

At the closing, you will also be required to produce at least one form of photo identification, most commonly a drivers license or passport. The proceeds from the closing may be wire-transferred to your account so if you elect this option, please provide the complete wiring instructions from your bank.

Homestead Exemption

Georgia law requires that you apply for homestead exemption on the property you own, occupy and claim as your legal residence. If you own more that one property, you may only claim homestead exemption on only one property. The application for homestead exemption may be done year-round with your county Tax Commissioner’s Office, however, you must apply before March first to receive the exemption for that calendar year. In most counties, you may file applications by mail and you may also be able to download the form on your county’s web site.

Title Insurance

Title insurance is an insured statement regarding the “title” or ownership rights to your real estate. At the closing, there are two title insurance policies. First, the lender will require a mortgagee or loan policy equal to the value of the mortgage and it only protects the lender against title defects. Secondly, as a buyer, you will have the opportunity to purchase owner’s title insurance. Owner’s title insurance will secure your legal claim to the property and protect your interests.