What forms of currency can be used at closing in Georgia?
All amounts over $100 should be in the form of a certified check or cashier’s check which should be brought to closing unless the closing will be performed entirely through the use of bank wires.
How can subordination affect you in Georgia?
If you as a Buyer agree to Seller financing, the Seller may request that you agree to subordinate the lien to be created by your closing to a prior loan (for example, an earlier construction loan). Your loan then becomes a junior loan on the property. If the Seller falls to pay the construction loan, then that Lender can foreclose on the property, which would be superior to your loan. So ask questions and remember to have any Subordination Agreement fully explained to you.
What should you have in writing?
In Georgia, there are no oral contracts for land. The Statute of Frauds prohibits an oral contract. All contracts should be written and should expressly cover all terms that are agreed upon.
Why should I be concerned about restrictive covenants and restrictions on the use of the land?
If you want to purchase a land sale package in order to place a mobile home on the property. You would want to carefully review the title search for the property and make sure that there are no restrictions that do not allow the placement of mobile homes on the land. Additionally, some covenants restrict the right to place fences, pools or livestock on property and prohibit the use for certain types of home-based businesses. Most subdivisions, townhouse and condominium projects have restrictive covenants, which apply to each and every lot within the subdivision. A careful review of the title search can assist you in finding out if the property is suitable for your needs.