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Real Estate Closings
HELPFUL HINTS FOR SMOOTH REAL ESTATE CLOSINGS
Read your contract again prior to closing. Your closing attorney is bound to close the loan strictly per the contract terms.
If the parties have revised the terms of the contract, have all addendum and exhibits prepared prior to closing, fully executed in advance, and make sure the law firm, the lender, the parties and the real estate agents all have contracts with all attachments. Your closing may be delayed when additional addendum are not prepared and executed until everyone arrives at the table.
Wired funds are not magic! When lenders or buyers wait to wire funds the morning of the closing, the funds usually do not reach us in time for the closing. Before a closing can be completed the transfer of funds must be confirmed in our bank account. A banker's notation in California that funds were wired is meaningless without evidence that the wire transaction has been completed in Georgia.
Bring certified funds to your closing - not personal checks.
Know that the closing attorney's role at closing is to represent the lender's interest and the closing attorney is not authorized to provide legal advice to the buyer or the seller. Feel free to consult with your own attorney, if legal advice is needed.
Handle disputes regarding contract terms, price negotiations, misunderstandings with loan officers, repairs and costs set-offs outside of the closing.
You have a right to read all of your closing documents before you sign. If you wish to read each document, let us provide the documents to you the day before your closing so that the actual closing can proceed in a timely manner once all parties and agents have arrived. The closing attorney will give you concise explanations of each document, whether or not you have read them completely. And remember, the closing documents must be executed because they are required by your lender. Once you determine that the figures on your Settlement Statement and the terms of your note are correct, very little, if anything, is negotiable at the closing table.
Similarly, for seasoned buyers, if you are pressed for time and want to move quickly, let your closing attorney know at the start of your closing and the explanation and signing process can be expedited to accommodate your schedule.
Transfer tax is paid in accordance with the terms of the contract. Do not assume that the seller always pays it as a matter of "law".
Generally, if your closing is scheduled for a Friday or during the last day or two in a month, many lenders heavily schedule closings. If you have control over when you can close, you might prefer to request an early morning time or a day other than the end of the month.
Verify with your loan officer, in advance of closing, your interest rate loan program and estimated closing costs to avoid unhappy surprises at your closing.
Remember that your "Good Faith Estimate" is merely an "estimate" and may not include some items that appear in the final calculation, such as owner's title insurance and homeowners' dues.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
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by Blackburn, Sloan & Adair, LLCC. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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