Difference between revisions of "GA Operations Summary"
From WFG Wiki
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*Special recording procedure | *Special recording procedure | ||
==Recording/Document Requirements== | ==Recording/Document Requirements== | ||
| − | *Marital Status Stated No | + | *Marital Status Stated -- No |
| − | *Transfer Tax Yes | + | *Transfer Tax -- Yes |
| − | *Mortgage Tax Yes | + | *Mortgage Tax --Yes |
*Address for grantor/grantee/property | *Address for grantor/grantee/property | ||
| − | *Witnesses 2 ( | + | *Witnesses -- 2 (notary may serve as 1 witness) |
| − | *Names typed/printed YES | + | *Names typed/printed -- YES |
| − | *Prepared by/return to Prepared by with top 3” of 1st page with name and signature of preparing attorney; Return to address on 1st page is required | + | *Prepared by/return to -- Prepared by with top 3” of 1st page with name and signature of preparing attorney; Return to address on 1st page is required |
| − | *Notary Stamp/requirements Stamp or seal with date commission expires | + | *Notary Stamp/requirements -- Stamp or seal with date commission expires |
*Parcel or tax index number | *Parcel or tax index number | ||
*Recitation of Consideration | *Recitation of Consideration | ||
| Line 53: | Line 53: | ||
*Legal Description | *Legal Description | ||
*Margins | *Margins | ||
| − | *Other Special Recording: Transfer Tax Declaration form required for recording deeds; | + | *Other Special Recording: -- Transfer Tax Declaration form required for recording deeds; |
| + | *Statewide recording fees $10.00 for the first page; $2 for each additional page and a $2 cross-reference fee per instrument. Cancellations are $10.00 and assignments are $5.00 for the first page. Superior Court Clerks do not generally rush record documents filed for record in this State. | ||
| + | |||
==Document Types== | ==Document Types== | ||
*Conveyance Warranty Deed, Special Warranty Deed, | *Conveyance Warranty Deed, Special Warranty Deed, | ||
Revision as of 17:20, 14 December 2014
Contents
Licensed Entity:
WFG NATIONAL TITLE INSURANCE COMPANY
- See Attached HUD Sample for Additional Information File:Georgia HUD-1.pdf
Banking Information
- Bank account NO – Fund through GA Attorney
- Good Funds Law N/A must fund through GA Attorney
- Disbursements Requirements Must disburse through GA Attorney
- Special Bank Requirements (IOLTA/IOTA/OTHER or account specific to that state’s funds) GA Attorney IOLTA Account Required. APPROVED LAW FIRM IS __________; USE OF ANY OTHER LAW FIRM REQUIRES WRITTEN CONSENT FROM THE COMPLIANCE DEPARTMENT
Escrow/Settlement
- Who can prepare the HUD GA Attorney
- Who can sign the HUD (EO/LTP/Attorney) GA Attorney
- Who orders hazard insurance Customary -
- When is transaction consummated for new HUDS
- Record before/after disburse After disbursement
- Filed/restricted escrow rates No
- Record retention requirements
- Is an attorney involved in the closing Yes, GA licensed attorney must handle closing/signing
- Who can handle loan document signing GA licensed attorney
- Doc Prep Restrictions Doc Prep at no charge is not UPL but dangerous - GA licensed attorney must prepare documents
- Use Escrow Instructions or not No
- Use Estimated HUD or Final Final
- Pass-thru charges Yes
- Rates Inclusive or not Not inclusive
- Up Charging Not prohibited
- Junk Charges Not prohibited
- Special HUD Requirements GA licensed attorney must be settlement agent
- Special Disclosures None
- CPL Yes – MAY ONLY be issued to the Georgia Agent disbursing funds
- UPL Issues Yes – Closing is the unauthorized practice of law
- Joinder of non-titled spouse No
- Survey Required No
Audits
- Required No
Recording Process
- E-recording County list of e-recording attached
- Record before disbursement Disburse then record
- Special recording procedure
Recording/Document Requirements
- Marital Status Stated -- No
- Transfer Tax -- Yes
- Mortgage Tax --Yes
- Address for grantor/grantee/property
- Witnesses -- 2 (notary may serve as 1 witness)
- Names typed/printed -- YES
- Prepared by/return to -- Prepared by with top 3” of 1st page with name and signature of preparing attorney; Return to address on 1st page is required
- Notary Stamp/requirements -- Stamp or seal with date commission expires
- Parcel or tax index number
- Recitation of Consideration
- Derivation Clause
- Corporate Signatures/Attestation
- Ink Color/Font
- Legal Description
- Margins
- Other Special Recording: -- Transfer Tax Declaration form required for recording deeds;
- Statewide recording fees $10.00 for the first page; $2 for each additional page and a $2 cross-reference fee per instrument. Cancellations are $10.00 and assignments are $5.00 for the first page. Superior Court Clerks do not generally rush record documents filed for record in this State.
Document Types
- Conveyance Warranty Deed, Special Warranty Deed,
- Security Instrument Security Deed
- Release Cancellation of Security Deed or Quit Claim Deed
Tenancies
- Tenants in Common YES - presumed
- Joint Tenants YES
- Tenancy by Entireties NO
- Community Property NO
- Homestead NO
- Joinder of Non-titled Spouse NO
Taxes
- Taxes Levied Varies by County
- Taxes due Varies by County
- Delinquent Varies by County
Commitment/Policy Special Requirements
- Who can sign Commitment/Policy
- Other
Post Closing Requirements
- Recon follow up required
