Once the deed is prepared and delivered to the buyer by the seller, the contract is said to be “consummated” and it ceases to exist. In other words, “covenants” are enforceable only so long as the contract remains in effect. In other words, after the closing, if there are any outstanding promises (or “covenants”) that existed in the contract that were not completed or complied with, they’re not going to happen now. The second thing you should know about Georgia real estate law is that the closing finalizes the deal. ![]() However, the buyer and seller can always hire their own counsel (and should) to review all the documents beforehand and to represent them at the closing. There is generally only one attorney involved in the transaction and he represents either the buyer’s lender (if the purchase if lender-funded) or the buyer (if it is a cash purchase). In other states, the title company handles the closing and matters pertaining to escrow. Georgia law requires a licensed attorney to close all real estate transactions. The purchase contract gives all the material terms of the agreement: the price, the amount of earnest money, closing date, any seller-paid closing costs, and any contingencies (such as financing or appraisal contingencies) etc. In a home purchase situation, the real estate closing begins when the buyer and seller sign the final purchase and sale contract. Georgia Law Requires That All Real Estate Closings Be Overseen by an Attorney Here are just 3 things you should know about Georgia’s rules when it comes to real estate closings. ![]() So before you jump in, you should know a little bit about how real estate transactions are conducted in Georgia. Buying a home is one of the biggest purchases you will ever make in your life.
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