Closings can feel confusing. We get it.
That’s why we work hard to make this process as seamless as possible.
We will explain everything to you, provide you with clear, concise guidance, and hold your hand every step of the way.
So you have an idea of what it looks like, we’ve broken down the process for you below.
Here’s how it works:
Here’s everything you need to know regarding the closing process.
Preparing for Closing
Closing is the last step towards purchasing or refinancing a property, and often the most dreaded. We want your closing to be a pleasant, smooth experience, no matter which party you represent.
Here are some easy steps you can follow to ensure the best possible closing experience:
Be sure to check out our Closing Checklists.
Buyer: Preparing for a Closing as a Purchase
What Is a “Closing”?
A closing is the process by which title to the property is transferred from the seller to the purchaser and the buyer’s loan is finalized. This occurs once the loan is approved, title work is complete, and no problems prevent completion of the transaction.
What if You Can’t Attend the Closing and you’re on Title?
If you are unable to attend your closing, please call our office so that we may prepare a Specific Power of Attorney appointing another party as having power to execute documents on your behalf. There will be a nominal fee for the preparation and recording of this deed.
Information Required from You Prior to Closing:
In order to prepare our files and obtain your closing documents from the lender in advance, several items of information will be required from you before closing.
- The Sales Contract: Including any amendments to the contract.
- Hazard Insurance: Also known as Homeowners’ insurance.
- Survey: Lenders rarely require a purchaser to obtain a survey for closing, but it is always nice to know what you are purchasing.
A Check-list for Closing:
The following is a list of items you should bring to closing:
- Anyone that must sign the Loan Documents
- Two forms of ID (A Drivers’ License, Passport, Military ID, or Insurance Card will work)
- Certified Funds
We as a Law Firm require any amount over $5,000.00 be wired into our Escrow Trust account. We also require certified funds for any amount over $1,000.00. You will usually be able to write a personal check for any small difference under $1,000.00 that arises at the closing table. We will be able to provide you with the exact amount you should bring to closing as soon as the final closing instructions have been received from your lender. This will usually occur somewhere between 72 and 24 hours before the closing. Please make your Cashier’s Check out to yourself, and you can endorse it to us at closing. If you wish to wire your funds, please contact our office so that we may fax wiring instructions to your bank.
Information Required by your Lender
Among other things, it is not uncommon that the lender requests a borrower to bring copies of past tax documents. If your lender does so, you must bring these items to the closing or else the lender will refuse to fund your loan. If you have recently sold a home prior to your purchase, it is likely your lender will require a copy of the settlement statement pertaining to that transaction. Please be sure to bring a copy to the closing.
Seller: Preparing for a Closing as a Seller
What Is a “Closing”?
A closing is the process by which title to the property is transferred from the seller to the purchaser and the buyer’s loan is finalized. This occurs once the loan is approved, title work is complete, and no problems prevent completion of the transaction.
What if You Can’t Attend the Closing and you’re on Title?
If you are unable to attend your closing, please call our office so that we may prepare a Specific Power of Attorney appointing another party as having power to execute documents on your behalf. There will be a nominal fee for the preparation and recording of this deed.
Information Required from You Prior to Closing:
In order to prepare your file for your closing, our office will require several items of information from you about the sale of the home.
- The Sales Contract: Including any amendments to the contract.
- Hazard Insurance: Also known as Homeowners’ insurance.
- Survey: Lenders rarely require a purchaser to obtain a survey for closing, but it is always nice to know what you are purchasing.
- The Sales Contract: Including any amendments.
- Seller’s Information Sheet:
- Mortgage Payoff Information
- Your Forwarding Address
- Your Social Security Number
- Homeowners’ Association/ Condo Association Information
- Termite Letter
- An Owners’ Title Policy
What will Your Proceeds Be at Closing?
Your proceeds will be: Sales Price minus brokers’ commissions, your mortgage(s) payoff amount, the cost of the termite letter, any repair bills to be paid at closing, any taxes you may owe, and any seller paid closing costs.
What Should You Bring to Closing?
The following is a simple checklist of items you should bring to closing:
- Anyone that must sign the Loan Documents
- Two forms of ID (A Drivers’ License, Passport, Military ID, or Insurance Card will work)
- Termite Letter
- Invoices to be Paid at Closing
- Certified Funds
We as a Law Firm require any amount over $5,000.00 be wired into our Escrow Trust account. We also require certified funds for any amount over $1,000.00. You will usually be able to write a personal check for any small difference under $1,000.00 that arises at the closing table. We will be able to provide you with the exact amount you should bring to closing as soon as the final closing instructions have been received from your lender. This will usually occur somewhere between 72 and 24 hours before the closing. Please make your Cashier’s Check out to yourself, and you can endorse it to us at closing. If you wish to wire your funds, please contact our office so that we may fax wiring instructions to your bank.
Refinance: Preparing for a Closing When Refinancing
What Is a “Closing”?
A closing is the process by which title to the property is transferred from the seller to the purchaser and the buyer’s loan is finalized. This occurs once the loan is approved, title work is complete, and no problems prevent completion of the transaction.
What if You Can’t Attend the Closing and you’re on Title?
If you are unable to attend your closing, please call our office so that we may prepare a Specific Power of Attorney appointing another party as having power to execute documents on your behalf. There will be a nominal fee for the preparation and recording of this deed.
Information Required from You Prior to Closing:
In order to prepare your file for your closing, our office will require several items of information from you about the sale of the home.
- Hazard Insurance
- Mortgage Payoff Information
- Your Social Security Number
- Homeowners Association / Condo Association Information
What Should You Bring to Closing?
The following is a simple checklist of items you should bring to closing:
- Anyone that must sign the Loan Documents
- Two forms of ID (A Drivers’ License, Passport, Military ID, or Insurance Card will work)
- Certified Funds
- Information Required by your Lender
We as a Law Firm require any amount over $5,000.00 be wired into our Escrow Trust account. We also require certified funds for any amount over $1,000.00. You will usually be able to write a personal check for any small difference under $1,000.00 that arises at the closing table. We will be able to provide you with the exact amount you should bring to closing as soon as the final closing instructions have been received from your lender. This will usually occur somewhere between 72 and 24 hours before the closing. Please make your Cashier’s Check out to yourself, and you can endorse it to us at closing. If you wish to wire your funds, please contact our office so that we may fax wiring instructions to your bank.
Among other things, it is not uncommon that the lender requests a borrower to bring copies of past tax documents. If your lender does so, you must bring these items to the closing or else the lender will refuse to fund your loan. If you have recently sold a home prior to your purchase, it is likely your lender will require a copy of the settlement statement pertaining to that transaction. Please be sure to bring a copy to the closing.
FAQs
Why do we need a Closing Attorney?
The law in Georgia requires all transactions that involve real property to be handled by an Attorney. We, as the attorney, will prepare many of the important documents related to the purchase, or refinance, of your home. Even though the attorney at the table represents the Lender, unless it is a cash closing, the attorney must explain the documents and the legal ramifications of signing the documents. The attorney will be responsible for
insuring that you buy a home with a clean and clear title in your name, with no liens or taxes owed from the past.
Can I write a check to the attorney for my closing costs?
Yes and no. We as a Law Firm require any amount over $5,000.00 be wired into our Escrow Trust account. We also require certified funds for any amount over $1,000.00. You will usually be able to write a personal check for any small difference under $1,000.00 that arises at the closing table.
When will I get my original deed?
We will send the original deed within a day, or two, of your closing to the Clerk of Court for recording. It usually takes approximately 8 weeks to record the deed and return it to you the Buyer. We will then send the original to you along with your owner’s title insurance policy. But you legally own your new property on the day of closing.
Can I get a preliminary HUD?
Yes, but it is important to note that if you request a preliminary HUD, you understand that all the fees are subject to change until you receive a final HUD. We make every effort to get the final HUD out to all parties involved in the closing ahead of time, but sometimes circumstances do not allow a final HUD prior to closing.
What documents should I bring with me to closing?
Please Click Link for information (link to Purchase/Buyer, Seller, and Refinance)
How much money should I bring to closing?
Your lender, broker, or agent can usually give you an estimated amount to bring to closing and the preliminary HUD that we can provide will give you a good idea of the amount you should bring. Without a final HUD you may want to obtain funds in excess of what you are expecting. We can refund the excess funds if necessary.
We as a Law Firm require any amount over $5,000.00 be wired into our Escrow Trust account. We also require certified funds for any amount over $1,000.00. You will usually be able to write a personal check for any small difference under $1,000.00 that arises at the closing table. We will be able to provide you with the exact amount you should bring to closing as soon as the final closing instructions have been received from your lender. This will usually occur somewhere between 72 and 24 hours before the closing. Please
make your Cashier’s Check out to yourself, and you can endorse it to us at closing. If you wish to wire your funds, please contact our office so that we may fax wiring instructions to your bank.
Please also bring along your personal checkbook to cover any changes to the HUD-1 that may occur at the closing table.
What is Title Insurance?
Title Insurance is a form of coverage you can purchase at the closing to protect you in the event that any unforeseen title claims are made at a later date against your property. If a claim arises, the title insurance company is there to cover you from any financial loss that occurs, up to the amount of the policy.
Should I purchase Owners Title Insurance?
Our Law Firm recommends that buyers purchase owner’s title insurance. An owner’s title insurance policy protects the property owner against loss due to title defects and claims against their property due to unforeseen or undisclosed issues. While our firm will do a professional third party title examination to assure “good title”, there are many undetectable title issues that can cause financial loss and headache. Owner’s title insurance is a buyer’s option, but most real estate professionals will recommend this one-time premium, it’s relatively cheap, and it lasts you for as long as you own the property.
If you would like to know how much a policy will cost, please contact our office, and we will be happy to calculate the fee for you. Owners’ Title Insurance is optional and if you wish to refuse coverage, we can remove the fee from your charges.
What is the difference in owner’s and lender’s title insurance?
When a person is borrowing money the lender will require that closing costs include a lender’s title insurance policy, it’s a policy that protects the lender’s interest in the property. The lender’s title insurance policy does not protect the borrower if there is a title issue.