GA Operations Summary

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 at $1.50 for every five hundred dollars of consideration on face amount of the note. The tax is paid to the Clerk of Superior Court at the time of recording the security instrument. All security deeds are required to show their maturity date.
• 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 -- Attorney Agent/ Approved Attorney Agent, The attorney does not need to reside in the State of Georgia but must be a member of the State Bar of Georgia and in good standing
• Other

Payment Customs

• Who pays for Owner’s Policy is Negotiable
• Transfer Tax & Recording Fee: Negotiable
• Survey Charges generally paid by Buyer
• Closing/Settlement Fees: Negotiable

Post Closing Requirements

• Recon follow up required

Withholding

• O.C.G.A. section 48-7-128 requires a withholding of 3 percent on sales or transfers of real property by non-residents of Georgia.