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What are the underlying legal principles of home buying?
by Richard Weisser, Coweta Fayette Real Estate Inc. ERA United Realty.
Current topic:
Do I need a buyer's agent?
Coweta Fayette Realty
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Most consumers think of buying property as "looking at houses."  There is so much more to it than that.  One of the most basic concepts of real estate has almost been lost in the age of rapid information deployment and the Internet.  That is, you are actually purchasing is the property, or land as described in the survey. Title to property means the right of ownership, and is usually conveyed by a signed deed,  Houses or other structures are considered improvements to the land, and ownership is transferred when the title to the land is passed from seller to buyer.

Another misconception is the notion that is often expressed as "I don't own the house, the bank does!  This is not true in the state of Georgia.  In Georgia, the seller will execute a deed as described in the purchase and sale agreement, and title is passed to the purchaser.  Normally, if a mortgage is involved, the purchaser will then sign a "deed to secure debt" that will guarantee that the purchaser will repay the loan. As long as the loan is repaid as described in the mortgage, the purchaser has full and complete ownership of the property, free to do whatever they want to do with it, as long as there is no violation of written agreements with the mortgage company, subdivision covenants, governmental zoning regulations, deed restrictions or similar written controls.

When a title search is done, the title agent will examine the "abstract of title," which is the chronological recorded record of title to the property. Once assured that the current owner has the ability to pass title to a purchaser, he will declare the property marketable and insurable and the closing can take place as scheduled!

The highest and best form of deed is a General Warranty Deed. When a seller signs a general warranty deed, the seller is not only warranting title, but agrees to pay for all title defenses!

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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate, Inc.  Copyright 2003-2007. Coweta Fayette Real Estate, Inc is an associate broker ERA United Realty in Newnan Georgia. Richard Weisser was formerly a Realtor associate of Keller Williams Realty, Peachtree City - Newnan Georgia. Serving Coweta County, Georgia and Fayette County, Georgia. All information is believed to be accurate but is not warranted. Not all properties are auction properties, please call if you need clarification..

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