Escrow & Title
Georgia is known as an attorney closing state, which means:
ABuyers must hire an attorney to represent them in any purchase
BA licensed Georgia attorney must supervise the closing and disburse funds✓ Correct
CAll contract negotiations must be conducted through attorneys
DTitle insurance is not used in Georgia because attorneys provide title opinions
Explanation
Georgia requires that a licensed Georgia attorney supervise real estate closings and disburse settlement funds. Attorneys are responsible for the legal aspects of the transfer of title.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
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