Residential Real Estate Closings
 
Congratulations on the sale or purchase of your home! The tips below can help us assist you with your closing. Please feel free to contact us with any questions.

For Sellers:

Social Security Numbers/Federal Tax I.D.. Federal and State law requires that we keep your social security numbers, or Federal Tax I.D. number if you are a corporation, on file for reporting purposes. Also, without your social security number we cannot obtain Payoff information required for closing! We do not release these numbers to anyone but the State of Georgia and/or IRS as required by law.

Homeowner’s Association Dues (if applicable). We must have a letter from the HOA before closing showing the amount of dues paid (yearly or monthly) or owed and whether or not there are any initiation fees or special assessments owed. Please provide a contact name, address and phone number so we can request the required information. Please be aware that most Associations charge a fee to provide us with an account status letter that will appear on the settlement statement.

Payoffs. Please provide us with the name, telephone and account numbers for your current lenders. Additionally, please advise us if you have an open equity line, even if it shows a zero balance. We must have your lender fax the payoff amounts prior to closing. Please be aware that some lenders take five to ten days to fax a written payoff so we need this information as soon as possible. There will be an overnight/wire fee, as well as a recording/handling fee for getting your mortgages released at the courthouse, on the settlement statement.

Termite Inspection. The termite inspection report and graph must be faxed to our office prior to closing for lender approval. It must be dated no later than thirty (30) days prior to the date of closing. Lenders require that the original report and graph be sent to them after being signed by the buyer so please bring the complete original (there should be multiple copies) to the closing, even if you have already faxed this to us. If the report has been paid for we will need the receipt and if it has not we will collect for it on the settlement statement.

Home Warranty Info (If applicable). If you agreed to provide a home warranty in the contract it should be ordered before the closing and the confirmation faxed to our office. We will need the name of the company and the cost. Also, the buyer and the seller are usually required to sign the application.

Title. Please notify us immediately if there is a divorce, separation, death, bankruptcy or other potential title problem associated with your property. We will need contact information and copies of documents to insure clear title.

Power of Attorney. If someone will be attending closing to sign for you we will need an original power of attorney and a copy of your driver’s license as well as a copy for the person who signed the Power of Attorney and their social security number. Please contact our office because you must use one of our forms or we must get yours approved prior to closing.

Corporation/LLC. If you are signing on behalf of a corporation, we will need your corporate seal and original corporate resolution. If you are signing on behalf of an LLC, we will need your LLC seal (if you have one) and a copy of the LLC Operating Agreement.

Out of State Sellers. if you reside in another state and the property being sold was not your principal residence while in Georgia, you may be subject to the Georgia Withholding tax. If you notify us in advance, we can fax the appropriate form to you to determine if any tax will be owed.

Please make sure each seller brings a Photo I.D. (Driver’s License) to closing. Lastly, bring keys, garage door openers, and any documents for the new Buyer.


For Purchasers:

Generally, everyone who is on the loan application and/or title must be present at closing to sign the loan documents.

Borrowers and anyone else who is to be on title must bring a Photo I.D. and if the lender requests, their social security card.

If your lender has approved the use of a Power of Attorney, please contact our office to obtain the appropriate form. If you use a Power of Attorney that we did not provide, our office must approve it prior to the closing. Please bring an original Power of Attorney with a copy of the absent person’s drivers license and social security number. The Power of Attorney must be witnessed and notarized.

An original Home Owner’s Policy from your insurance company and paid receipt or invoice must either be brought to closing or mailed by your insurance agent to us before the closing (we will also need it faxed prior to closing).

Call your loan officer lender representative before coming to closing to see if there are any original documents (e.g. bank statements) or conditions they need you to bring to closing. It is recommended that you bring any documents that you provided to your loan officer during the loan process.

Certified Funds: Effective immediately, pursuant to O.C.G.A. 44-14-13, all funds exceeding the sum of $5,000.00 brought to a closing must be in the form of wire transfer only. No official or certified cashier’s checks can be accepted. Please contact your precloser or closer for wire instructions.

Survey: Please let us know ahead of time if you want a survey done of your property. Lenders usually do not require them, but a survey is usually recommended. Also the title insurance company may provide exceptions to your policy if you do not have a survey. The cost is $300.00 or more depending on the location of your property.
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