OnlyWay Mortgage · Georgia closing costs
Closing Costs in Georgia, Explained
Georgia does closings a little differently. A licensed Georgia attorney must close the sale, and the state charges two taxes at recording. Here is what to expect, so nothing on your closing statement is a surprise.
However you like to decide, start here.
- 01Bottom line firstSkip ahead: book a complimentary consultation and get a written plan.Book your consultation
- 02Show me what's possibleSee if georgia closing costs is the right fit for what you want next.Is it a fit?
- 03Walk me through itWhat we look at, step by step, so nothing catches you off guard.See the approach
- 04Give me the detailsCommon questions, answered plainly.Read the answers
Who it fits
A good fit when…
- Home buyers
- Home sellers
- Homeowners refinancing
How we work
The approach.
- 01Lender fees and any points
- 02Attorney closing and title insurance
- 03Georgia transfer tax (usually paid by the seller)
- 04Georgia intangible recording tax on the loan
- 05Prepaid taxes, insurance and escrow
Financing availability depends on the borrower, property, purpose, lender, program, and jurisdiction. All financing is subject to eligibility, underwriting, program guidelines, property review, and lender requirements. No approval, rate, term, savings, timeline, or closing result is guaranteed.
Questions
Plainly answered.
Do I need an attorney to close in Georgia?
Yes. The Supreme Court of Georgia has held that only a licensed Georgia attorney may close a real estate transaction. Your contract names the closing attorney.
What is the Georgia transfer tax?
The Georgia Department of Revenue sets it at $1 for the first $1,000 of the sale price and 10 cents for each additional $100, which works out to about $1 per $1,000. The seller is responsible by law unless the contract says otherwise.
What is the intangible recording tax?
It is a state tax on long-term loans secured by Georgia real estate: $1.50 for each $500 of the loan amount, up to a maximum of $25,000 per note, according to the Georgia Department of Revenue. On a purchase loan it is typically paid by the buyer.
How much should I budget in total?
It varies with the price, loan and program. We give you an itemized estimate early, and your lender provides an official Loan Estimate after you apply.
Residential mortgage services are offered in Georgia only.
Residential mortgage
Verify licensing at NMLS Consumer Access. Equal Housing Lender.
Equal Housing Lender. Clients are never required to use an affiliated or suggested service provider. You are free to choose your own lender, closing attorney, inspector, insurer, and other providers.
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