Real Estate Transaction Points to Note
Title Companies and Title Insurance:
Prior to a title company issuing title insurance, they will prepare an Abstract of Title. This is a summary of what was found throughout the title search such as deeds, mortgages, litigations, tax sales associated with the property. After that, the title company will issue a Title Opinion Letter, which is an instrument that speaks to the validity of the title and ability to insure at normal rates through a National Title Company.
This is a (5) five-page form that lays out, in detail, the most important parts of your mortgage loan, including purchase price, loan fees, interest rate, real estate taxes, closing costs, and other expenses. It’s vital that buyers review this document thoroughly.
Georgia “Good Funds” law states that, for a closing attorney to manage the funds of a transaction, any funds over $1,000 but less than $5,000 must be sent by a certified bank check. Additionally, any funds more than $5,000 received from a buyer in a real estate closing can only be sent by wire transfer. Notwithstanding, National Title Companies and other insurers require a wire transfer for all funds received and do not differentiate between over or under $5,000.00.