Applicable laws and interstate transactions
Is a real estate lawyer/closing attorney required to be present at a closing in New York? What if the property is located in Georgia but the closing takes place in New York?
I agreed to purchase a home in Georgia as an investment property. but I live in NYC. The loan officer informed me that the loan needed to close by the end of the day and that a notary would meet me at my apartment to sign the documents.
Anyone have info on laws or statues that govern these type of transactions or issues (interstate, mail aways, and presence of attorneys)?
I agreed to purchase a home in Georgia as an investment property. but I live in NYC. The loan officer informed me that the loan needed to close by the end of the day and that a notary would meet me at my apartment to sign the documents.
Anyone have info on laws or statues that govern these type of transactions or issues (interstate, mail aways, and presence of attorneys)?
Printer-friendly version
I am a Georgia attorney, although not currently practicing. I suspect that your closing transaction will be governed by NY law and will need to be supervised by a NY lawyer or other settlement official who closes transactions in NY. However, you will want to ensure that the documentation (ie., warranty deed, security deed, UCC-1s.etc.) conform to Georgia recording requirements so that they can be recorded in the appropriate GA counties / GA Secretary of State's office, as the case may be. This will be required by any mortgage lender and you will want to ensure you receive good, recordable title to the property.
