Closing Information for Home Buyers

 

Your real estate closing will take place at our offices at 100 Wagon Yard Plaza, Carrollton, Georgia 30117 or our Villa Rica office at 503 Main Street, Villa Rica, Georgia 30180. Our phone number is 770-214-5118 in Carrollton or 770-214-5100 in Villa Rica and our fax number is 770-834-0653 in Carrollton and 770-459-8965 in Villa Rica.. Enclosed in this letter are directions to our office.

Before closing, you will be contacted by a Paralegal to collect data about a variety of subjects that relate to closing and to remind you what to bring. When your loan is approved and your lender schedules your closing they will notify you of the time and date. It is a good idea to call us at least a day or so before your closing date to determine the name of the closing secretary responsible for your file to allow you to more easily obtain special closing information, including the amount of your down payment.

The Home Buyer, Home Seller, Realtors, and Lender will be in attendance to complete the transaction, which will take somewhere between thirty minutes to an hour. The closing will be performed by an attorney whose practice is exclusively handling transactions of this type. The average experience of our partners is over 10 years in this specialty. You will have an opportunity to discuss the financial aspects of the closing as well as the loan documents and terms and matters of title in detail. There will be many other details which will be covered as well related to warranties, utilities, termite, septic and well inspections, insurance, and many, many other items. At the end of closing you will be given copies of all documents.

After closing, Tisinger Vance, P.C. will transmit the Warranty Deed to the courthouse for recording. After its return we generate your owner's title insurance policy and recorded deed to you with helpful written reminders about your responsibilities as the new owner of your home. This recording and insuring process takes a few months to complete.

YOU WILL NEED TO BRING TO CLOSING:

  1. YOUR FILE ON THE PURCHASE OF YOUR HOME. It is helpful to bring your file of documents you have kept in connection with the purchase of your home, for example: the contract, your notes of all your dealings with your lender, etc.
  2. A PHOTO I.D. FOR EACH BORROWER. A driver's license and a social security card are best. If you don't have the social security card don't worry about it.
  3. INSURANCE. Your lender will require a Policy of Hazard (FIRE) Insurance and a receipt showing the first year premium paid in advance, or an invoice by which we can transmit your premium at closing. Most lenders will not accept coverage for less than the amount of the loan (unless full "replacement" coverage is specially added) nor will they accept a binder. NOTE: If you are buying a townhome or condominium your unit may require this type of insurance or may be covered by a "master policy" which insures the entire complex. In that case, you will need to bring a Certificate of Insurance showing the master policy is endorsed to show your unit is: (a) owned by you, and (b) the subject of a loan made by your lender. 'Me Condominium or Townhome Association can direct you whom to contact regarding obtaining this certificate.
  4. CERTIFIED FUNDS FOR DOWN PAYMENT. We will accept funds only in certain formats to comply with Georgia law and Firm policy:
    1. A local bank "treasurer's check," "certified check," "cashier's check," or other certified funds drawn on a Georgia bank account; or
    2. Funds wired directly to our Escrow account is the best way for out of state funds to be accepted. Call our office for Wiring Instructions; or
    3. A Lawyer's escrow check drawn on the trust account of a local Law Firm (who just closed the sale of your former home) will generally be acceptable.

Out of state certified checks, checks from brokerage accounts and out of state personal checks will generally not be accepted without the specific permission of the Lawyer handling the transaction.

-IMPORTANT-

We must receive the loan package from the Lender and be able to process it before we can give you an accurate figure to bring. Occasionally, on peak closing days like the end of the month, the package arrives at our office too late to provide you with a precise amount of funds needed to close. 7herefore, you should consult with your loan officer to get good funds in the amount he or she estimates. If your check is over or short the exact amount you need to close, we will be flexible about accepting personal checks, cash, or the like. Although not knowing the exact amount in advance is frustrating for you and us alike, this is a daily fact of life in our industry, and we will do what is necessary to make it all work out.

  1. LENDER REQUIRED CONDITIONS. Frequently, the Lender will require additional documentation before authorizing us to consummate the closing. Examples of this might be: proof of sale of existing residence, deposit verifications, proof of sale of car, stocks, etc., copy of tax returns, gift letters, explanation of credit inquiries, and the like. We will not know these conditions until shortly before closing and recommend you contact your loan processor before your closing to cover this possibility. It never hurts to bring copies of things you have already sent the Lender to closing.
  2. A GOOD ATTITUDE. Have you noticed how many different people are involved in the process? Realtors, Loan officers, Loan processors, Credit Bureau, Appraiser, Underwriters, Title examiners, Surveyors, Tax examiners, Closing secretaries, Closing attorneys, just to name the obvious ones! It will seem to you that all of them want something impossible right before closing. This is natural and normal and to be expected. A good sense of humor will help you on the day of your closing.