What are your wiring Instructions?
Receiving Bank: Wells Fargo Bank, San Francisco, CA - ABA# 121000248
Account Number 8593538765 for Sentinel Law Group, LLC, Trust Account, 21 W. 34th St., Savannah, GA 31401
***You must call our office to verify wire instructions before sending money to our office. We will not be responsible for funds misdirected through fraud.***
**Do not initiate electronic transfers (ACH) to this account; funds must be WIRED**
When does Sentinel Law Group require funds to be wired?
The “Good Funds Law” is located at OCGA§ 44-14-13 and states a settlement agent must have collected funds to disburse settlement proceeds. Collected funds are defined as funds deposited and settled into the settlement agent’s escrow account. Accordingly, any amounts due in excess of $5,000 must be wired to the closing attorney’s account.
What is Title Insurance?
Title insurance is defined as an insurance policy to protect against loss, should the condition of title to land be other than as insured.
Why do I need Title Insurance?
When you purchase a home or property, you can expect to enjoy certain rights of said ownership. These rights include the ability to use and occupy the property as you see fit, be free from encumbrances or debts not created by you, and be able to mortgage or sell the property. Title insurance is designed to ensure your basic rights of ownership.
What is the difference between Owner’s and Lender’s Title Insurance?
The two types of title insurance are owner's title insurance and lender's title insurance. Often, owner's title insurance is called an Owner’s Policy, and lender’s title insurance is frequently called a Loan Policy. The majority of lending institutions require a Loan Policy when issuing a loan secured by real property. The cost of the Loan Policy is based on the principal amount of the new loan. The Loan Policy only protects the lender's interests in said property, should a title problem arise. The Loan Policy does not provide any coverage for the property owner. As the loan is paid down, the Loan Policy amount decreases, and when it the loan is paid in full, the Loan Policy disappears.
An Owner's Policy is generally issued in the amount of the purchase price of the property. An Owner's Policy is purchased at closing for a one-time fee and remains with the property owners as long as they have an interest in said property. The property owner is protected by an Owner's Policy should a covered title problem arise. Possible title issues can include, but are not limited to:
Undisclosed Heirs
Invalid Wills
Forgeries in the back chain of title
Mistakes in Title Examination
Errors or omissions in deeds
Improper Foreclosure
Your Owner's Policy assures that your title insurance company will stand behind you— both with legal defense and monetarily, should a covered title problem arises after the purchase of your home.
When will I receive my Title Insurance Policy?
While some title insurance policies are provided at the time of the closing, most policies are issued after the deed is recorded. Therefore, if you do not receive your policy at closing, you will receive it via mail after the deed has been recorded with the Clerk of Superior Court and returned to Sentinel Law Group.
When will I receive my recorded Deed(s)?
After closing, Sentinel Law Group sends the deed(s) to the Clerk of Superior Court in the county in which the subject property is located. Turnaround times for recording vary from county to county. The average turnaround time is 4-6 weeks but could be longer depending on the volume of the particular county.
How do I file for Homestead Exemption?
According to Georgia Department of Revenue website:
“Homestead applications must be filed with your county tax commissioner or county board of tax assessors by the same date that property tax returns are due for property that was acquired before January 1. The law provides that property tax returns are to be filed between January 1 and April 1. Your county may offer more beneficial exemptions. Click this link to find out about the exemptions in your county and which tax official to contact for information about filing a homestead exemption application. Your county may have a website to download the homestead exemptions offered by the county.”
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