Keller Williams Realty Atlanta Real Estate Legal Tip:
BUYING PROPERTY FROM THE BANK
- TIPS FOR BUYERS -
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Watch closing deadlines and per diem late charges – an extension does not automatically waive the late charges.
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Make sure open taxes, water, and sanitation bills are paid on the HUD-1; if not shown, ask for proof from the closing attorney.
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Tax prorations – remember that any homestead exemption on last year’s taxes will drop off for 2009 if the bank owned on 1/1/09 (whether recorded or not).
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Check the deed records (GSCCCA.com) to see if the foreclosure has been recorded – if not, confirm that the closing attorney has received the foreclosure deed to record.
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Always try to close with the buyer’s choice of attorney if possible. This is the best way to get an independent review of the title and title clearance.
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Make sure that condo dues and HOA dues are paid at closing (although wiped out on previous owners by foreclosure, the bank owes any dues that have accrued since the foreclosure date).
Presented by Leigh Clack, Attorney
Neel & Robinson, Attorneys at Law, LLC
22 Lenox Pointe, Atlanta, GA 30324
404-705-3590 fax 404-705-3697
More Atlanta Legal Tips:
Waiting Periods Required Under New Truth in Lending Law
Fulton County Property Tax Bills – How Does This Affect Buyers and Sellers in Fulton County?
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