Buying or selling a home is an exciting event! It is my goal to make the closing of your home smooth and problem free. To help accomplish this, I have prepared this page to explain what will happen at the closing and your role in the process.
The closing is the final step in buying or selling your home. It is where the deed is signed, loan documents are finalized and money changes hands.
In Georgia, closings must be conducted by an attorney. The attorney will prepare the deed, the required loan documents, and the Closing Disclosure showing what money will be disbursed. I will be in touch with the attorney’s office to relay the necessary information required for the closing. As a convenience to you, much of the information required for the closing is listed below.
How Do I Prepare For The Closing As The Buyer?
Prior to the closing you will need:
A copy of the declaration page of your home-owner’s insurance policy, a paid insurance receipt or invoice and the name and phone number of your insurance agent; and
Your decision on whether you want a survey of the property (if one is not required by your lender.) If you choose to have your property surveyed, we will order the survey for you.
Bring with you to the closing:
Photo I.D. (either a driver’s license or passport);
Your Check Book
The original copy of your Homeowner’s Insurance Policy together with the paid receipt or invoice;
Any additional documents or information required by your lender.
Do I Need To Get Title Insurance?
If you are buying or refinancing a home, your mortgage lender will require you to purchase a lender’s title insurance policy. This insurance protects the lender (but not the buyer or borrower) if there is a claim involving the title to the property. Therefore, I strongly recommend that you purchase an owner’s title insurance policy to protect your own interest in the property. While a title search is performed as part of the closing, it does not guarantee that there will not be a problem with the title. A good owner’s title insurance policy will normally cover, depending on the type of policy purchased, the following:
Claims by someone who has a hidden interest n your property;
Documents that are not properly signed, acknowledged, delivered, or recorded properly;
Forgery, fraud, duress, incapacity or impersonation on the part of the seller;
Claims arising from undisclosed easements or boundary line disputes;
Unmarketable title, which can prevent you from being able to sell, lease or mortgage your property in the future;
Liens recorded against the property during previous ownership;
Forced removal of structure, such as fence, which encroaches on another property or an easement.
Also, unlike other types of insurance whereby periodic payments must be made to keep the policy in effect, title insurance has only a one-time premium, which is paid at closing and remains in effect as long as you or your heirs own the property.
My goal is to provide high quality real estate service to my clients and to become your real estate advisor for life. Thank you for your confidence.