Real Estate Closings

GETTING READY FOR YOUR CLOSING

The closing is the procedure by which the title to the property is transferred from the seller to the purchaser. If the purchaser has obtained a loan, the lender's required documents are executed at this time. In the state of Georgia, the closing must take place under the direction of an attorney who represents the lender, if a loan is involved. If the transaction is cash, then the attorney may represent either the seller or the purchaser. In preparation for this event at our law firm, consider the following pointers to facilitate a smooth closing:

For the seller:

1. Find out whether your closing will be scheduled in our Duluth office (770-623-6484), our Roswell office (770)-642-0815, or our Forest Park office at (678) 539-8340. Call the receptionist or the loan officer to find out what closing secretary in our firm is assigned to your file.

2. Forward a copy of the warranty deed from your purchase of the property to the closing secretary.

3. Provide us with a copy of your payoff information on any and all loans secured by your property, including:

1. loan account number;
2. lender's name, address and telephone number;
3. copy of payment coupon or most recent account statement;
4. if readily available, a copy of the first page of your security deed.

4. Anticipate in advance any possible problems regarding outstanding tax bills and liens on your property.

5. If you are a party in a divorce proceeding or other legal action, advise the closing secretary in advance.

6. Request a termite clearance letter from your termite company. If you are a party in a divorce proceeding or other legal action, advise the closing secretary in advance.

7. Please provide all relevant information regarding your Homeowners Association, such as contact person, yearly or monthly fees, mailing address, and any amounts paid or due.

For the Buyer:

1. Send an original, fully executed contract to your lender and to the law firm.

2. Decide whether you want to order a survey. Does your lender require it? Does the contract address this issue? In most instances, a survey is recommended whether or not your lender requires it. Your title insurance company may place limitations on its coverage if you do not have a survey. For more information about the importance of surveys, please click here.

3. Anticipate how much money you will need to bring to your closing, and contact the law firm on the day prior to closing to confirm the amount needed. Remember to bring certified funds if the amount you owe is $5,000 or more.

4. Plan to purchase owner's title insurance in addition to lender's title insurance, to protect the equity you have in your property. For more information on the importance of owner's title insurance, please click here.

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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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