by BarryWire Fraud in Real Estate: How to Protect Your Money Before Closing
Real estate wire fraud is one of the fastest-growing crimes in the country, targeting homebuyers at their most vulnerable moment…right before closing.
How the Scam Works
Criminals monitor transactions by hacking into email accounts. They watch the deal develop and send an email that looks like it’s from your closing attorney with “updated” wiring instructions directing your funds to a fraudulent account.
The emails are alarmingly convincing, because they will often include correct names, correct property addresses, and arrive at exactly the right moment. By the time anyone realizes the funds went to the wrong account, the money is usually gone.
How to Protect Yourself
The single most important rule is to never wire money based solely on emailed instructions. Always verify by calling your closing attorney’s office using a phone number you already have on file. At Edwards Law, we provide wiring instructions through secure channels and encourage every client to call and confirm.
Other precautions to consider are the use of strong passwords, enabling two-factor authentication, and to be suspicious of any last-minute changes to wiring details. Legitimate closing attorneys almost never change wiring instructions at the eleventh hour.
What to Do If You Suspect Fraud
Act immediately. Contact your bank and request a wire recall. File a complaint with the FBI’s Internet Crime Complaint Center (IC3) and notify your closing attorney and real estate agent. Every hour that passes reduces the likelihood of recovery.
Wire fraud isn’t a reason to be afraid of the closing process. However, it’s a reason to be informed and vigilant.
How Edwards Law Can Help
At Edwards Law, we take wire fraud prevention seriously. We use secure protocols for all wiring instructions.
Ready to close safely? Call us at 404-341-9377 or email info@edwardslawatl.com.
by BarryWho Pays Closing Costs in Georgia? A Buyer’s and Seller’s Guide
One of the most common questions we hear from both buyers and sellers is: “What am I actually paying at closing?” The answer in Georgia follows a general pattern, but it’s also negotiable.
What Buyers Typically Pay
As a buyer, your closing costs generally include lender fees, the appraisal, prepaid interest, escrow deposits for taxes and insurance, title search and examination fees, owner’s title insurance, the Georgia intangible recording tax, and your share of the attorney’s fee.
In total, Georgia buyers should expect 2% to 4% of the purchase price in closing costs, in addition to the down payment. On a $400,000 home, that’s approximately $8,000 to $16,000.
What Sellers Typically Pay
Sellers generally cover the real estate commission (typically 5% to 6%), the Georgia transfer tax ($1.00 per $1,000 of the sale price), their share of the attorney’s fee, mortgage payoffs, and prorated property taxes.
Seller closing costs typically run 7% to 9% of the sale price when the commission is included. On a $400,000 sale, that’s roughly $28,000 to $36,000.
What’s Negotiable
Almost everything is negotiable. In a buyer’s market, sellers often agree to a “seller concession,” which is a contributing toward the buyer’s closing costs. Buyers can shop for certain services like title insurance and home inspections.
What isn’t negotiable: the Georgia intangible recording tax and the state transfer tax. These are statutory and apply regardless of what the parties agree to. However, the parties can certainly agree on who will be responsible for paying these taxes.
How Edwards Law Can Help
At Edwards Law, we review your closing costs line by line. No surprises at the closing table.
Ready to close with confidence? Call us at 404-341-9377 or email info@edwardslawatl.com.
by BarryWhat to Expect at Your Georgia Real Estate Closing
You’ve found the house, negotiated the price, and survived the inspection. Now comes closing day. If this is your first home purchase, the closing itself can feel like a mystery. Here’s what actually happens so you can walk in prepared.
Before Closing Day
Most of the work happens before you sit down at the table. Your lender finalizes the loan, the closing attorney reviews the title commitment and closing documents, and the title search confirms there are no outstanding liens. You’ll receive your Closing Disclosure at least three business days before closing. Review it carefully and compare it to the Loan Estimate you received when you applied.
You’ll also need to arrange your funds. In Georgia, you wire your closing funds to the closing attorney’s escrow account. The closing attorney or lender will provide wiring instructions and be sure to verify those instructions by phone before sending any money.
At the Closing Table
In Georgia, a licensed attorney must supervise real estate closings. Closings typically take 45-90 minutes. You’ll sign the loan documents, the settlement statement, and some additional forms. The closing attorney will walk you through each one. If something doesn’t look right, speak up before you sign.
After Closing
Once everything is signed and funds are disbursed, the deed is recorded with the county clerk’s office. You’ll receive a copy in the mail or via email a few days later. Your closing attorney handles paying off the seller’s existing mortgage, distributing funds to agents, and remitting taxes or fees.
Your job: change the locks, set up utilities, and store your deed and closing documents somewhere safe. You’ll need them for tax purposes and if you ever refinance or sell.
How Edwards Law Can Help
At Edwards Law, we make the closing process clear and stress-free. Whether you’re buying your first home or your fifth, we walk you through every document.
Ready to schedule your closing? Call us at 404-341-9377 or email info@edwardslawatl.com.
by BarryNavigating Title Defects: How to Resolve Issues Before Closing
Imagine this: You’re just weeks away from closing on your dream home when the title search uncovers an old unpaid lien. Suddenly, your closing is on hold, and you’re left scrambling to find a solution. Title defects are a common but often unexpected hurdle in real estate transactions, delaying closings and leading to costly legal issues. The good news? Many title defects can be resolved before they derail your deal.
Common Title Defects That Can Disrupt Your Closing
- Liens & Judgments – Unpaid debts attached to the property, such as past-due contractor bills or unpaid taxes.
- Errors in Public Records – Incorrect legal descriptions, misspelled names, or missing signatures.
- Boundary Disputes – Unclear property lines leading to potential ownership conflicts.
- Unknown Heirs or Claims – A previous owner’s long-lost heir could suddenly assert a claim to the property.
How to Resolve Title Defects Before Closing
- Obtain a Title Search Early – A comprehensive title examination can uncover potential issues before you’re deep into the transaction.
- Purchase Title Insurance – This protects both buyers and lenders from future claims against the property.
- Work with a Real Estate Attorney – A legal expert can negotiate releases, correct errors, and clear encumbrances.
Common Mistakes to Avoid
- Skipping a title search to “save time”—this often results in last-minute surprises.
- Not verifying lien releases—just because a past owner paid off a debt doesn’t mean it was properly removed from the records.
How Edwards Law Can Help
At Edwards Law, we know how stressful title defects can be. Our real estate attorneys work quickly to resolve issues, protect your investment, and ensure your closing stays on track. Don’t let a title issue derail your home purchase—schedule a consultation with us today. before your next home purchase.
by Barry5 Common Mistakes to Avoid During the Home Closing Process
Buying a home is one of the most significant financial decisions you’ll ever make. However, the closing process can be complex and fraught with potential pitfalls. By knowing what to expect and planning ahead, you can sidestep common mistakes that could delay or derail your closing. Here are five key mistakes to avoid.
1. Failing to Review Closing Documents in Advance
One of the most common missteps is not reviewing your closing documents before the big day. These documents include the Closing Disclosure, loan agreement, and title paperwork. Failing to understand these documents can lead to surprises, such as unexpected fees or terms.
Tip: Ask your closing attorney or lender for the documents at least three (3) days in advance. Then, take the time to review them and ask questions about anything unclear.
2. Not Budgeting for Closing Costs
Closing costs can range from 2% to 5% of the purchase price, but many buyers overlook these expenses until the last minute. This can lead to financial stress or even jeopardize the closing if funds are insufficient.
Tip: Work with your lender to get an estimate of closing costs early in the process. Then, ensure you have these funds readily available before closing day.
3. Overlooking Title Issues
A clear title is essential for a smooth transaction. Undisclosed liens, boundary disputes, or ownership claims can all cause delays or legal issues after the purchase.
Tip: Hire an experienced real estate attorney to conduct a thorough title search and purchase title insurance for added protection against future claims.
4. Skipping the Final Walkthrough
The final walkthrough is your last chance to ensure the property is in the agreed-upon condition. Skipping it could mean missing out on unresolved repairs or new issues.
Tip: Schedule the walkthrough as close to closing day as possible and bring a checklist to confirm that any agreed-upon repairs have been completed.
5. Ignoring Communication Deadlines
Real estate closings involve multiple parties—buyers, sellers, agents, lenders, and attorneys. Delayed responses to emails, calls, or document requests can cause unnecessary delays.
Tip: Stay proactive and responsive throughout the process. In addition, set reminders for key deadlines and keep all communication channels open.
How Edwards Law Can Help
Navigating the home closing process doesn’t have to be overwhelming. At Edwards Law, we specialize in making real estate closings seamless and stress-free. Our experienced team can guide you through every step, ensuring all documents are accurate and deadlines are met.
Ready to make your closing process as smooth as possible? Contact us today for a consultation and let’s get you one step closer to your dream home!
by BarryHow to Keep Your Business in Compliance with Annual Filings and Updates
For entrepreneurs and business owners, maintaining compliance with state and federal regulations is essential to protect your business from penalties and legal complications. Annual filings and updates are a crucial part of this process. Here’s how to stay compliant and keep your business running smoothly.
What Are Annual Filings?
Annual filings are reports or updates that businesses are required to submit to state and federal agencies. These documents ensure that your business’s information remains accurate and up to date in government records.
Common examples include:
- Annual Reports: Provide updated contact information and details about your business.
- Tax Filings: Federal, state, and local tax returns for your business.
- Renewal of Licenses and Permits: Ensures your business remains legally operational.
Consequences of Non-Compliance
Failing to comply with annual filing requirements can result in:
- Fines and Penalties: Late filings may incur significant financial penalties.
- Loss of Good Standing: Non-compliance can result in the loss of your business’s good standing with the state.
- Dissolution of Business: In extreme cases, your business could be administratively dissolved.
Steps to Stay in Compliance
- Understand Your Requirements Filing requirements vary by state and business type. Common requirements include submitting annual reports, maintaining a registered agent, and renewing licenses.
- Mark Key Deadlines Missing a deadline can lead to fines or penalties. Create a compliance calendar to track important dates, such as:
- Annual report due dates.
- License and permit renewal deadlines.
- Tax filing deadlines.
- Keep Accurate Records Maintain organized and up-to-date records of all filings and submissions. This includes:
- Copies of annual reports and tax filings.
- Proof of payments for license renewals.
- Business meeting minutes, if applicable.
- Use Compliance Tools Technology can simplify compliance management. Consider using:
- Online platforms for filing reminders and updates.
- Registered agent services to manage state correspondence.
- Accounting software for tax tracking and reporting.
- Seek Professional Help Compliance can be complex, especially for growing businesses. A legal advisor can:
- Review your filings for accuracy.
- Provide guidance on changing regulations.
- Handle filings on your behalf.
Proactive Compliance Tips
- Plan for Growth: As your business expands, your compliance requirements may change. Stay informed and adapt your processes.
- Review Annually: Conduct an annual review of your compliance status to identify and address gaps.
- Communicate with Stakeholders: Ensure all key team members understand their roles in maintaining compliance.
How Edwards Law Can Help
At Edwards Law, we specialize in helping businesses navigate compliance requirements. Whether you need assistance with annual filings, license renewals, or tax planning, our experienced team is here to guide you. Contact us today to schedule a consultation and ensure your business stays in good standing.
by BarryExploring Homestead Exemptions in Georgia: How Homeowners Can Save on Taxes
Property taxes are a significant expense for homeowners, but Georgia’s homestead exemption can provide some much-needed relief. Here’s how it works and how you can benefit.
What Is a Homestead Exemption?
A homestead exemption reduces the taxable value of your primary residence, lowering your property tax bill. For example, if your home is valued at $200,000 and you qualify for a $10,000 exemption, you’ll pay taxes on $190,000 instead.
Who Qualifies for a Homestead Exemption in Georgia?
To qualify, you must:
- Own and occupy the property as your primary residence.
- Apply by the county’s deadline, typically April 1.
Types of Homestead Exemptions
- Standard Exemption: Available to most homeowners.
- Senior Exemption: Offers additional savings for homeowners aged 62 and older.
- Disabled Veteran Exemption: Provides significant benefits for qualifying veterans.
How to Apply for a Homestead Exemption
- Gather required documents, including proof of residence and property ownership.
- Complete the application form available from your county tax assessor’s office.
- Submit the application by the deadline.
How Edwards Law Can Help
Understanding and applying for homestead exemptions can be complicated, but Edwards Law is here to help. Our experienced team can guide you through the process and ensure you receive all the benefits you’re entitled to. Contact us today for a consultation!
by BarryWhat Happens After the Closing? 3 Things Every Homeowner Should Know
Congratulations on closing on your new home! Closing day marks the culmination of hard work, planning, and a significant financial investment. While it’s a huge milestone, it’s not quite the end of the home-buying journey. There are a few crucial steps you should take to ensure everything is set up for a smooth transition into homeownership.
At Edwards Law, we guide homeowners through every stage of the process, including what to do after the closing. Here are three essential things every new homeowner should know.
1. Transfer Utilities and Update Contact Information
Once you’ve received the keys to your new home, one of the first tasks is to ensure all essential services are transferred to your name. These include:
- Electricity and Gas: Contact your utility providers to start service or transfer existing accounts.
- Water and Sewer: Update your account with the local water authority.
- Internet and Cable: Schedule installation or transfers well in advance to avoid delays.
- Trash Collection: Arrange for garbage and recycling pickup if it’s not included in your property taxes.
Additionally, update your address with the following:
- U.S. Postal Service
- Banks and credit card companies
- Employer payroll for W-2s
- Subscriptions and memberships
Taking these steps promptly ensures uninterrupted service and avoids unnecessary late fees or disruptions.
2. File for Homestead Exemption
As a new homeowner, you may be eligible for a homestead exemption, which can reduce your property taxes. This exemption is available in Georgia for primary residences, but you must file with your county tax office to claim it. Here’s what to know:
- Deadline: In Georgia, the deadline is usually April 1 of the year following your purchase.
- Requirements: You must occupy the property as your primary residence.
- Savings: The exemption can save you hundreds of dollars annually on property taxes.
Don’t miss out on this valuable benefit. Contact your local tax office or visit their website for specific filing instructions.
3. Secure Important Documents
After closing, you’ll have several critical documents that need to be safely stored. These include:
- Deed: This proves your ownership of the property.
- Title Insurance Policy: Protects you against any title-related issues that could arise in the future.
- Closing Disclosure: Outlines all costs and fees associated with the transaction.
- Mortgage Documents: Include your loan agreement and payment schedule.
Store these documents in a secure location, such as a fireproof safe or a secure digital storage service. You may need them for tax purposes, refinancing, or resolving future disputes.
Why Contact Edwards Law?
At Edwards Law, we don’t just help clients during the closing process—we’re here to support you throughout your homeownership journey. If you have questions about title insurance, deed recording, or property taxes, our experienced team can help. We’ll ensure you have the guidance and resources needed to protect your investment and enjoy your new home with confidence.
Ready to Simplify Your Post-Closing Process?
Take the stress out of homeownership with help from Edwards Law. Contact us today for expert advice and personalized support. Your home is our priority, and we’re here to make every step of the journey as seamless as possible.
by BarryWhy You Need an Attorney for Real Estate Closings in Georgia
Buying or selling a home is a major milestone, but it also comes with a lot of legal and financial complexities. In Georgia, it’s not just a good idea to have an attorney involved in your real estate closing—it’s the law. Georgia requires an attorney to oversee all real estate closings to ensure that the transaction is legally sound and protects the interests of all parties involved.
Here’s why having a skilled real estate attorney on your side is essential for a smooth and successful closing process.
What Does an Attorney Do During a Real Estate Closing?
A real estate closing is the final step in a property transaction, where ownership is officially transferred from the seller to the buyer. While this sounds straightforward, it involves numerous legal documents, financial transactions, and potential risks. An attorney plays a critical role in making sure everything is done correctly. Here’s how:
- Reviewing the Contract: The attorney ensures that the purchase agreement protects your interests and aligns with your goals. They’ll address any unclear or problematic terms and negotiate revisions if necessary.
- Conducting a Title Search: Before closing, the attorney reviews the property’s title to confirm the seller has the legal right to transfer ownership. They identify any liens, easements, or disputes that could affect your ownership rights.
- Addressing Title Issues: If title issues are discovered, the attorney works to resolve them before closing, ensuring you don’t inherit someone else’s problems.
- Preparing Legal Documents: From the deed to the settlement statement, the attorney drafts and reviews all necessary documents to comply with Georgia law.
- Overseeing the Closing: During the closing meeting, the attorney explains the documents, ensures all parties sign correctly, and facilitates the transfer of funds.
- Recording the Deed: After the closing, the attorney files the deed with the appropriate county office to officially record your ownership.
Why You Need an Attorney (Even If It Weren’t Required)
While Georgia law mandates attorney involvement, having a real estate attorney benefits you in many ways:
- Protect Your Investment: Buying a home is a significant financial decision. An attorney safeguards your investment by identifying and resolving potential legal risks.
- Avoid Costly Mistakes: Errors in contracts, misfiled paperwork, or unresolved title issues can lead to expensive problems down the road. An attorney ensures the process is accurate and thorough.
- Navigate Complexities: Every real estate transaction is unique, and unexpected challenges can arise. An attorney’s expertise helps you navigate complexities with confidence.
- Ensure Compliance: Real estate laws vary by state and can change over time. An attorney ensures your transaction complies with all Georgia laws and regulations.
Why Choose Edwards Law for Your Closing?
At Edwards Law, we understand the intricacies of Georgia’s real estate laws and are committed to providing top-notch legal support for your closing. Here’s why clients trust us:
- Experience: We have extensive experience in real estate transactions and understand how to handle even the most complex cases.
- Personalized Service: We take the time to understand your unique needs and guide you through every step of the process.
- Efficiency: We streamline the closing process to ensure everything is handled promptly and accurately.
- Peace of Mind: With Edwards Law, you can feel confident knowing your closing is in capable hands.
Contact Edwards Law Today
Whether you’re buying your first home, selling a property, or refinancing, having an experienced attorney by your side makes all the difference. At Edwards Law, we’re here to help you navigate the closing process with ease and ensure your investment is protected.
Contact us today to schedule a consultation. Let us make your real estate closing seamless, secure, and stress-free.
by BarryHow to Protect Your Personal Assets with the Right Business Entity
Starting a business is an exciting venture, but it also comes with risks. One of the most important steps you can take as a business owner is to protect your personal assets from potential liabilities. Choosing the right business entity can create a legal separation between your personal and business assets, safeguarding your financial future.
At Edwards Law, we help entrepreneurs and business owners select the right business structure for their unique needs. Let’s explore how the right business entity can protect your personal assets and set your business up for success.
The Importance of Asset Protection
When you operate a business, you take on various risks, including lawsuits, debts, and financial liabilities. Without the proper protections in place, your personal assets—such as your home, car, and savings—could be at risk if your business faces legal action.
This is where the right business entity comes in. By forming a legal structure that separates your personal and business assets, you create a protective barrier that shields your personal finances from business liabilities.
Business Entities That Protect Personal Assets
Several business structures can provide liability protection. Here are the most common options:
- Limited Liability Company (LLC)
- How It Works: An LLC is one of the most popular options for small business owners. It offers liability protection by separating personal and business assets.
- Key Benefits:
- Simple to set up and manage.
- Provides pass-through taxation, avoiding double taxation.
- Protects personal assets from lawsuits or debts related to the business.
- Best For: Entrepreneurs, freelancers, real estate investors, and small business owners seeking a balance between simplicity and liability protection.
- Corporation (C-Corp or S-Corp)
- How It Works: Corporations are separate legal entities that provide strong liability protection for owners and shareholders.
- Key Benefits:
- C-Corps can attract investors and issue stock.
- S-Corps offer pass-through taxation, avoiding corporate taxes.
- Best For: Larger businesses or those seeking to raise capital through investors.
- Limited Partnership (LP) or Limited Liability Partnership (LLP)
- How It Works: Partnerships provide liability protection for limited partners while allowing general partners to manage the business. LLPs extend liability protection to all partners.
- Key Benefits:
- Flexibility in management and profit-sharing.
- Liability protection for certain partners.
- Best For: Professionals like lawyers, accountants, or real estate investors.
Business Entities That Lack Personal Asset Protection
While some entities provide strong liability protection, others do not. If you’re currently operating under one of these structures, consider upgrading to a more protective option:
- Sole Proprietorship: The simplest business structure, but it offers no separation between personal and business assets. You are personally liable for all debts and legal issues.
- General Partnership: Similar to a sole proprietorship, a general partnership lacks liability protection for partners.
Additional Steps to Protect Personal Assets
Forming the right business entity is essential, but there are additional steps you can take to strengthen your asset protection:
- Separate Personal and Business Finances:
- Open a dedicated business bank account and credit card.
- Avoid mixing personal and business expenses.
- Maintain Compliance:
- File annual reports, pay taxes, and keep accurate records.
- Failure to follow state regulations can jeopardize your liability protection.
- Get Adequate Insurance:
- Consider liability insurance, property insurance, and professional indemnity insurance to cover unexpected risks.
- Draft Legal Agreements:
- Use contracts to define roles, responsibilities, and liabilities with clients, partners, and vendors.
How Edwards Law Can Help
Choosing the right business entity is a critical decision, but it can feel overwhelming. That’s where Edwards Law comes in. Our experienced team can:
- Evaluate your business goals and risks.
- Recommend the best entity to protect your personal assets.
- Handle all the paperwork, from filing formation documents to creating operating agreements.
We’ll ensure your business is structured correctly, so you can focus on what you do best—growing your company.
Contact Us Today
Don’t leave your personal assets vulnerable. Let Edwards Law help you create a solid foundation for your business with the right legal protections. Contact us today to schedule a consultation. With the right guidance, you can confidently protect your personal assets and achieve your business goals. Let’s get started!