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GA Real Estate: Transfer of Title, Deeds, and Settlement

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Transfer of Title, Deeds, and Settlement

Deeds

A deed requires a competent grantor, an identifiable grantee, words of conveyance, a legal description, and delivery with acceptance; in Georgia it must be signed by the grantor and attested or notarized, then recorded in the clerk of superior court of the county where the land lies. Georgia's statutory general warranty deed contains five covenants: seisin, right to convey, against encumbrances, quiet enjoyment, and warranty forever. A limited or special warranty deed covers only the grantor's period of ownership; a quitclaim deed contains no covenants and conveys whatever interest the grantor may have, which may be nothing.

Title evidence and closing

Chain of title, constructive notice by recording, abstracts of title, and title insurance (owner's versus lender's policy, standard versus extended coverage, and the standard exceptions) are core topics. Georgia closings are conducted by a licensed attorney. Know prorations, the settlement statement, and Georgia's real estate transfer tax at one dollar per thousand dollars of consideration, rounded up to the next thousand. An intangible recording tax also applies to security deeds.

Other transfer methods

Will and descent, adverse possession (Georgia's twenty-year period, or seven years under color of title with tax payments), dedication, eminent domain, foreclosure, and partition. Intestate succession in Georgia gives a surviving spouse a share that varies with the number of children.

Traps

Delivery, not recording, transfers title; recording protects against later purchasers. A quitclaim deed from a stranger to title conveys nothing. Read the deed language carefully - general warranty covenants are statutory in Georgia and appear in a specific order.