Q: How long does a real estate closing take in Georgia?
A: In Georgia, most real estate closings at Wilson Pruitt take between 30 minutes and an hour. We complete the legal research and document preparation prior to your appointment to ensure a fast, stress-free settlement.
Q: Why do I need a closing attorney in Georgia?
A: Georgia law requires a licensed attorney to oversee all real estate transactions. A closing attorney like Wilson Pruitt acts as a neutral fiduciary, ensuring the title is clear, all liens are satisfied, and the deed is properly recorded with the Fannin, Gilmer, Union or Pickens County clerk of court.
Q: What should I bring to my North Georgia property closing?
A: You should bring a valid government-issued photo ID and any funds required for closing, which must be sent via wire transfer per the Georgia Good Funds Law.
Q: What can I expect at my closing?
A: At Wilson Pruitt, we aim for a “celebratory and seamless” experience. Because we handle the title search and paperwork ahead of time, the actual “closing ceremony” typically lasts 30 minutes to an hour.
- The Process: You will meet with a closing attorney to review and sign your closing and loan documents.
- The Explanation: Every document will be clearly explained, so you feel fully informed before signing.
- The Result: Once all documents are signed and funds are verified, you’ll receive your keys and be ready to move in!
Q. What does title insurance cover?
A: Title insurance is a one-time purchase that protects your ownership rights as long as you or your heirs own the property. It covers financial losses and legal fees resulting from:
- Hidden Liens: Unpaid taxes, contractor liens, or child support judgments from previous owners.
- Fraud & Forgery: Forged deeds or documents signed by persons supposedly single but actually married.
- Encroachments: Boundary disputes or structures built on the property without proper easements.
- Undisclosed Heirs: Long-lost relatives of a previous owner claiming a right to the property.
Q: How much will my closing cost?
A: Closing costs vary based on your purchase price and loan amount, but they generally fall into three categories:
- Attorney Fees: We offer a transparent, competitive flat fee for our services (e.g., approximately $775 for a standard cash purchase).
- Taxes & Recording Fees: Mandatory government fees like Georgia Intangible Tax ($1.50 per $500 of the loan) and Transfer Tax ($1.00 per $1,000 of the sale price).
- Third-Party Costs: This includes title insurance premiums, survey fees, and lender-required charges.
Q: What do I need to bring to my closing?
A: To ensure a smooth transaction without delays, please bring the following:
- Government-Issued Photo ID: A valid Driver’s License or Passport (we recommend bringing two forms of ID just in case).
- Proof of Wire Transfer: Per the Georgia Good Funds Law, funds must be sent via wire transfer. To combat fraud, please confirm wire instructions with our office directly via phone to prevent fraud.
- Lender Requirements: Any original documents requested by your bank (e.g., proof of homeowners insurance).
- Keys & Access Codes: If you are the seller, remember to bring all keys, garage openers, and gate codes for the new owner.
Q: Is it safe to wire money for a house closing?
A: Yes, but only when using a secure verification platform. Wilson Pruitt uses CertifID to validate the identity of all parties and confirm bank details before any money moves. We never send or accept wiring instructions through standard email.
Q: What is CertifID and how does it protect me?
A: CertifID is a fraud-prevention platform that verifies identities and bank accounts in real-time. By using this technology, Wilson Pruitt ensures that your closing funds are protected by biometric security and a $1 million insurance policy against wire fraud.
Q: How are the Seller’s Proceeds to be disbursed after the closing?
A: Proceeds MUST be payable to the person(s) &/or entities showing of record on title. As a seller, you will be given the opportunity to select a check or wire transfer as your form of payment at closing. It is the seller’s responsibility to obtain and verify their financial institution’s wire instructions before providing them to the settlement agent’s office.
Q: Why do we need to pay an out of state sellers gain tax?
A: Residents outside of Georgia are required by Georgia law to pay a withholding tax on all purchases that have a gain of $20,000. Residents that are not Georgia residents are required to fill out an affidavit of seller’s gain sheet, that we will provide for you to be filled out.
Q: Do I need a survey for my closing?
A: A survey is required to get Title Insurance. If there is no survey, you will not be able to get Title Insurance. A survey is the only surefire way to know exactly what it is you are purchasing.