The services of a real estate attorney are valuable to a buyer throughout the process of a residential real estate transaction. However, it is not uncommon for an individual to not utilize an attorney. The real estate contract is usually prepared by the buyer’s agent as it is a basic contract approved by the “Georgia Real Estate Board”. Once the seller signs the contract, the real estate attorney examines the title for the bank and prepares the closing documents.

Although it is not required for the buyer or seller to have an attorney in Georgia, it is recommended that they consult one in order to protect their interests in the closing. The following are part of that transaction:

1. Preparing the Contract
For those that choose to have an attorney represent them during the transaction or closing, it is recommended that they include him/her prior to signing the contract or finalizing the agreement. It is important for the parties involved to remember that all of the terms of the contract become binding upon the execution of the contract. A signed contract cannot be amended except by agreement in writing of all parties. The deal cannot be negotiated at the closing. Therefore, it is important to have an attorney review the contact prior to signing.

The basic contract approved by the “Georgia Real Estate Board” has been reviewed various times and it provides basic information in order to avoid any confusion or problems. Usually the realtor is the one who prepares the contract and then our attorneys review it and make any necessary changes in representation of the client. This process is relatively inexpensive and it can save you money as well as unnecessary stress later on. If a realtor is not available or part of the process, one of our attorneys will prepare the contract.

2. Title Examination
The attorney who represents the lender will normally examine the title and if requested, issue an owner’s title policy for the borrower. Nonetheless, there are instances when the buyer should have the title examined on their own. Any transaction such as a loan assumption or owner financed transaction being closed by the sellers attorney should have an independent exam performed by the buyer’s attorney. Any property purchase repossessed by the bank or acquired in an auction due to a foreclosure always requires a title exam to be done by the buyer. If the buyer has questions about any aspect of the purchase, it is recommended that the questions be answered prior to the date of the closing.

3. Closing Representation
Prior to the closing, an attorney will review all documents needed for the closing. The attorney will then advise on whether to order a survey. Lenders don’t normally require a survey.