Investor · Redwood City · Member since 2017 · 37 posts · 27 votes
Hi All,
I am in the process of refinancing my investment property in Powder Springs. I am out of state (based in california) and my closing attorney is saying that I need to go into a local attorney's office where I live and sign the closing documents in front of an attorney and public notary. I was told it is a requirement as per Georgia Law.
Can someone shed some light if this is really a requirement?
Rental Property Investor · Fayetteville, GA · Member since 2020 · 12 posts · 1 vote
5y
That's what they tried to make us do is video. I fought against it just because I did not want to sit through 1-2hrs paperwork. Our lender worked it out with their underwriter and made an exception. We have done 4 closing so far through POA.
In a bizarre second coincidence I just closed on a home in GA remotely last week. I was able to do my closing paperwork in my home in Oakland with a mobile notary - no attorney present.
I suppose we can't rule out the possibility that my closing attorney got it wrong, despite a seeming successful close? I have heard what you're hearing now - when we were preparing to close my mortgage broker thought that the scenario you describe (had to be in Atty office) would be required. But when I brought that question to the GA closing attorney he said it wasn't a big deal and mentioned COVID. Either way, I've got keys now so.....
Lemme know if you want me to put you in touch with my closing attorney for additional input.
Rental Property Investor · Fayetteville, GA · Member since 2020 · 12 posts · 1 vote
5y
We just closed on a property in GA from Cali. What you need to do is have the lender company appoint you a POA -Power of Attorney, send you the paperwork so you can get it notarized and sent back scanned copy and fedexed overnight. So the POA can sign your paperwork at closing.
Investor · Redwood City · Member since 2017 · 37 posts · 27 votes
5y
@Julia Thompson Thanks. I should have mentioned this but my lender doesn't accept a POA on investment properties. It is so weird to run into quirks on both ends Lender and Closing company.
I was reading that Georgia allows closings over video conferencing when COVID hit not sure if that is an option yet as my closing company has not brought it up yet.
Rental Property Investor · Fayetteville, GA · Member since 2020 · 12 posts · 1 vote
5y
That's what they tried to make us do is video. I fought against it just because I did not want to sit through 1-2hrs paperwork. Our lender worked it out with their underwriter and made an exception. We have done 4 closing so far through POA.
Investor · Redwood City · Member since 2017 · 37 posts · 27 votes
5y
@Anurag D. Thanks for your input. My closing attorney didn't mention anything about approved mobile notary. But yes a witness was required for the paperwork.
Finally my closing attorney said that due to COVID we will make an exception and accept a mobile notary and witness as the alternative. So I am past this issue (yaay !!).
This was a pretty interesting Georgia experience for me. Here are a couple of learnings
1. Georgia has a rule that you have to appear in front of the attorney to sign real estate docs. Take this with a grain of salt each closing attorney has different way in which they meet this requirement. You may want to pick a closing attorney who will allow for notarized docs.
2. One of the options according to my Georgia closing attorney was to give them the Power of Attorney (POA) and someone from their office can sign docs. But since I was doing a cash out refinance Fannie Mae rule doesn't allow POA on cash out refinances. So this is a no go.
Investor · Redwood City · Member since 2017 · 37 posts · 27 votes
5y
@Julia Thompson My closing attorney allowed for a mobile notary due to COVID. You can push your closing attorney to allow for a mobile notary and tell them that you are not going to risk your life going into an office due to COVID.