Am I required to purchase an Owner’s Title Policy when I purchase real estate? No, but it is usually recommended. Unless you are paying cash for the real estate, the lender will require you as the borrower to buy a Lender’s Title Policy. The Lender’s Policy only protects the lender. When the Lender and Owner’s policies are purchased simultaneously, the Lender's Policy is offered at a large discount. Instead of paying for a Lender’s Policy, which provides no protection to the owner, it is better to pay a small amount more for an Owner’s Policy and receive a benefit for paying the premium. When purchasing a home, make sure you are getting an Owner's Title Policy. It is also a good idea to inquire about possible extended coverages.

  
 
I own the real estate with another person, what happens when one of us passes away?

This depends.  First you need to look at the “tenancy” on the deed in which you purchased the property.  If you are “Joint Tenants, with full rights of survivorship,”  then the surviving owner receives full ownership of the property.  If you intend for your spouse or partner to get the property if you pass away, it is very important to include the “Joint Tenancy” language in your deed.  Otherwise, the property must go through the Probate Court to determine who should receive the deceased's interest in the property. 

When can I file for my Homestead Exemption?

The filing times have recently been changed.  Most counties will now accept Homestead filings all year.  It is important to know that you must own the property by January 1st of that tax year in order to receive the benefit of the Homestead Exemption.  Each county has different procedures and many offer on-line filing.  Check with your county tax commissioner to learn the cut-off date and procedure for getting your homestead exemption.  Most counties also offer other exemptions for veterans and the elderly. 

Here are links to the Homestead Exemption information for Metro Atlanta counties:

Cobb County
DeKalb County
Fulton County
Gwinnett County

What is the difference between a Warranty Deed and a Quitclaim Deed?

A Warranty Deed includes language where the grantor promises they are the actual owners the property they are selling.  A Quitclaim deed is a release of any claim or interest in the property that the grantor may have.  Quitclaim deeds are often used by lenders to release a Security Deed.  When purchasing real estate, it is preferable to get a Warranty Deed. 

I plan to do a cash-out refinance. When would I receive the proceeds?

There is a mandatory three day right of rescission period when refinancing owner-occupied real estate.  Your loan would fund after a full three days have passed since you signed all the closing documents.  During the three days, the borrower may cancel the loan.   The three day rescission period does not apply to investment property or purchases.