Real Estate Closing is the final and decisive stage of the buying and selling process, where legal documents are finalized, funds are transferred, and ownership is officially transferred. Although the parties may have already agreed on the price and terms, the closing process is full of technical and legal nuances, the neglect of which can derail the entire deal at the last minute. In Georgia, a deal can be closed either at the Public Service Hall or with a notary. Each method has its specifics. The role of a qualified lawyer at this stage is that of a "conductor"—they must ensure that all documents are in order, the bank releases funds on time, and registration is completed without delay. This is particularly important for complex transactions involving mortgages, powers of attorney, or multiple parties.
What does the Real Estate Closings service cover?
Our service ensures a safe and stress-free conclusion of the transaction:
- Final Document Review: Verifying the validity of the sales agreement, extracts, consents (e.g., spousal), and powers of attorney before signing.
- Coordination of Financial Settlement: Organizing secure payment mechanisms (bank guarantee, escrow, letter of credit) and monitoring that the seller receives funds only after registration.
- Mortgage Payoff Management: If the property is encumbered, communicating with the bank to synchronize debt repayment and mortgage lifting at the moment of the deal.
- Representation at Registration: Accompanying parties to the Public Service Hall or notary, resolving procedural issues on the spot.
- Handover Act: Documenting the actual transfer of the property, handing over keys, and recording utility meter readings.
Common Scenarios and Needs
At the closing stage, we often encounter critical situations: Chain Transactions: A client sells an apartment and buys a new one on the same day. Precise synchronization of both deals in time is needed so funds do not get "stuck." Remote Closing: One party is abroad. The lawyer ensures video participation with a notary or acting based on a Power of Attorney. Exchange Rate Risks: The price is fixed in USD, but payment is in GEL. The lawyer clarifies the exact moment of rate fixing in the contract to avoid disputes over rate differences. Unpaid Utilities: Old debts are discovered at closing. The lawyer ensures the amount is deducted from the purchase price.
Georgian Legislation and Regulations
Closing procedures are determined by the Civil Code of Georgia (rules for concluding contracts), the Law on Public Registry (registration moment as the basis for ownership origination), and the Law on Notary. For the financial part, National Bank of Georgia regulations on settlements are important (e.g., the obligation to pay in GEL between residents). According to legislation, ownership rights transfer only from the moment of registration in the Public Registry, so the closing process is considered complete not upon payment, but upon the update of the extract.
Step-by-Step Process
On Closing Day, the parties meet at the agreed location (Public Service Hall, bank, or notary). The lawyer checks the final version of all documents. The contract is signed. If a bank guarantee or escrow is used, the buyer transfers funds to a neutral account. Documents are registered. Within a few hours or days (depending on expedited service), the extract is issued. Based on the extract, the bank releases funds to the seller. Finally, a Handover Act is signed, and keys are transferred.
Why Legal.ge?
Closing a deal is the most stressful moment, where the cost of a mistake is high. Legal.ge offers experienced "Closing Lawyers" who ensure the process is calm and organized. Our specialists coordinate with banks, the registry, and parties so your transaction completes without a hitch. Do not let technical details ruin your deal—close it successfully with Legal.ge.
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