Real Estate FAQs

What can I expect at a residential closing?

What do I need to do prior to the closing date?

What do I need to bring to closing?

Do I have to be present for closing?

Do I need a survey of the property?

What is title insurance?

What about ad valorem taxes on the property?

What can I expect at a residential closing?


The residential real estate closing is a meeting of the purchaser and seller, at our law firm office, to execute the documents required to transfer title to the property and to finalize the mortgage loan, if you are borrowing money to purchase your home. The closing is attended by the purchaser, seller, the real estate agents and the closing attorney. A representative from the purchaser's lending institution may also attend the closing.

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What do I need to do prior to the closing date? 

Purchaser:

• Obtain homeowner's insurance coverage on the property effective as of the closing date.

• Arrange to have certified funds issued to our law firm for the purchaser's net settlement expenses in the form of a bank check or a wire transfer. Prior to the closing, our staff will advise the Purchaser of the amount that the Purchaser needs to bring to closing. Note: Personal checks can never be accepted. We will provide wire transfer account information to the buyer upon request. 

Seller:

• Contact our office and provide us with information pertaining to any outstanding loans on the property. We will need to know the name of the lender(s), your account number(s) and your social security number(s) in order to obtain payoff information from your lender.

• Arrange to have a termite inspection performed on the property and ask the pest control company to send the termite inspection letter to our office.

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What do I need to bring to closing?

Purchaser brings:

• Photographic identification

• Homeowner's insurance policy

• Certified funds 

• Documents your lender has asked you to bring to closing, if any 

Seller brings:

• Photographic identification

• Termite Clearance Letter. The termite letter is usually issued by a termite company within 30 days of closing. Often, the termite letter is sent directly to the law firm by the termite company.

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Do I have to be present for closing?


Usually the purchaser(s) and the seller(s) are required to be at the closing to execute documents. Most lenders will not allow purchasers to execute loan documents with a power of attorney. If you cannot be present, please contact our office at least a week prior to closing so that appropriate arrangements can be made to complete the transaction. Any power of attorney to be used will have to be approved by our attorneys in advance of the closing.

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Do I need a survey of the property?


Surveys are not routinely required by lenders, title insurance companies, or our law firm in most residential real estate closings. If you have any questions about the location of the boundary lines, the location of improvements, or the dimensions of the property you may want to obtain a survey prior to closing.

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What is title insurance?


The lender's closing costs will include a mandatory lender's title insurance policy. As a purchaser, you may wish to purchase an owner's title insurance policy to protect your investment. Owner's title insurance provides coverage against claims against your ownership of the property made by third parties. It is a one-time expense, is effective the day of the closing and provides coverage throughout your ownership of the property.

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What about ad valorem taxes on the property?


The annual ad valorem property taxes will be prorated on the day of the closing so that the purchaser and the seller receive appropriate credits at closing for their share of the property taxes. The State of Georgia has a homestead exemption which reduces ad valorem property taxes on owner-occupied, residential real estate. In order to receive this property tax reduction you will need to file an application for homestead exemption with the county tax department between January 1 and May 31, during the year following the purchase of your new home.

If you have additional questions about any of these items, or other questions or concerns about your upcoming real estate closing, please contact our office and we will refer your call to the appropriate person to answer your inquiries.

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