Topic: “What You Should Expect from Your Closing Attorney”

Speaker: Joel Gerber – Brannen, Searcy & Smith, LLP

Sponsored by: Bank of America – George Evans – Mortgage Loan Officer

Date: Wednesday, August 21, 2013

Networking & Lunch: 12:00pm

Speaker: 12:30pm

Location: Savannah Area Realtors – 7015 Hodgson Memorial Drive

In order to give our sponsor an accurate count, please RSVP for lunch no later than Monday, August 19, 2013. This is an SAR member benefit – No Charge to attend for SAR members.
Due to Educational Requirements, NO CE Credit is given for Lunch & Learn sessions.
To RSVP, please contact Lori at loriv@savannahboardofrealtors.com.
For more information visit the SABOR website.

You can find Joel on Google+ | Facebook | Linkedin

Many of you have enjoyed lower property taxes for the past many years during the economic downturn. Especially those of you who locked in your Stephens-Day value (the ceiling for a majority of your tax bill) back in 2003-2007 when property values were high. Now that home values are rising again, what can you do to minimize your property tax liability? If you already have filed your homestead exemption and your taxes have been increasing the last year or so, you might consider placing a “tax freeze” on the assessed value of your home.

How many times have you asked yourself, “Do I really need a will?” Or how many times have you said to yourself, “I know I need to get a will, but I’ll do it another time.” For most people, all they need are basic estate planning documents: A will, a financial power of attorney and an advanced directive for health care (more commonly known as a living will). And those basic estate planning documents should not be expensive.

Did you know that in most instances if a non-Georgia resident seller has more than a $20,000.00 gain on the sale of his/her real property in Georgia, that the closing attorney (on behalf of the buyer) is required to withhold three percent (3%) of the realized gain (that amount is subtracted from the seller’s proceeds). That withheld amount is then sent in by the closing attorney to the Georgia Department of Revenue (in some instances the seller can get the amount withheld back from the GA DOR).

For those of you who bought a primary residence in 2012 at a price lower than the 2012 tax assessed value, you should see a reduction in your home’s tax assessed value for 2013. This year (around June), you should receive a valuation notice from the county tax assessor showing that the 2013 tax assessed value of your home is now the purchase price. After you receive the valuation notice showing your home’s new assessed value is now the purchase price, you likely should go ahead and file your Homestead Exemption (which is a small tax break).