Grantor assigns all of his/her rights in a real estate purchase contract to a certain trust department. Grantor also directs the trust department to apply escrowed funds held under the exchange agreement to the purchase of property covered by the assigned contract.
Georgia Assignment and Instruction to Apply Escrowed Funds
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FAQ
Understand the Terminology. Closing and settlement services vary from State to State. Recognize the term "Title Company," "Closing Attorney," "Escrow Agent," and "Settlement Agent" are all the same in the State of Georgia in the context of a refinance transaction.
For a home purchase, these instructions must include the following: the purchase price and terms; agreements as to mortgages; how buyer's title is to vest; matters of record subject to which buyer is to acquire title; inspection reports to be delivered into escrow; proration adjustments; the date of buyer's possession
An escrow agreement is a contract that outlines the terms and conditions between parties involved, and the responsibility of each. Escrow agreements generally involve an independent third party, called an escrow agent, who holds an asset of value until the specified conditions of the contract are met.
In Georgia, each real estate closing must be conducted by a Georgia real estate attorney. Further, this attorney must be physically present at the closing, and he or she must maintain control of the closing process from start to finish.
The escrow instructions define the events and conditions that must take place and the manner in which the escrow agent shall deliver or release to the beneficiary of the escrow the assets, documents, and/or money held in escrow. The escrow instructions are commonly contemplated by the escrow agreement.
How does foreclosure work in Georgia? Georgia is a non-judicial foreclosure state. That means the lender can foreclose on your home without filing suit or appearing in court before a judge.
The principals to the escrow (buyer, seller, lender or borrower) or the real estate agents, if any, will provide the escrow officer with the information necessary for the escrow officer to prepare escrow instructions. Generally, a party holding real estate escrow funds requires the buyer and seller sign an escrow
When signed, which one of the documents below becomes the actual escrow instructions? The Purchase Agreement, when signed, becomes the actual escrow instructions. A section of the Purchase Agreement is called Joint Escrow Instructions to Escrow Holder.
The state of Georgia has traditionally been an attorney-closing state, meaning that only licensed attorneys may conduct the settlement at which closing documents are signed.
In Georgia, a licensed Georgia attorney must close all real estate transactions, unlike in many states in which title companies handle escrow and closing matters. The contract is sent to the closing attorney and to the buyer's lender.
