Closing Information for Home Sellers

 

The closing of your home sale will take place at our offices at 100 Wagon Yard Plaza, Carrollton, Georgia 30117. Our phone number is 770-214-5118 in Carrollton and our fax number is 770-834-0653 in Carrollton. 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.

PLEASE CALL US IMMEDIATELY WITH THE FOLLOWING INFORMATION WE NEED TO PROCESS YOUR FILE.

1. LOAN PAYOFF INFORMATION.

The Lender name, address, phone number, and loan number for the mortgages being paid off. Note: This includes First and Second Mortgages, and Equity lines of credit, Tax Smart car loans (secured by title to the house), SBA loans (secured by the title to the house), and UCC liens filed for home improvements like pools, siding, roofing, and the like (secured by the title to the house). by the property). Note: If you have obligations which are already paid off, or zero balance, but which are not released of record, we must contact that Lender and get a release.

IMPORTANT-if your lender is an individual, rather than a bank, special procedures must be followed. Please call us immediately.

2. ASSOCIATION STATUS. If you own a condominium, townhome, or freestanding home governed by an Association that collects dues, we need to know this in advance to advise you of what kind of status letter you will need to bring to closing.

3. WELL/SEPTIC STATUS. If your property is served by a well or septic tank most lenders require an inspection to determine that the water is free of coliform bacteria and that the septic tank is functioning properly. Call our office for special instructions.

4. SPECIAL SELLERS. If any of the following applies to you as Seller we must discuss special requirements in advance to avoid aborted closings.

  1. Estate Seller, or one Seller deceased: or
  2. Partnership Seller, Corporate Seller, Trust Seller, Foreign Citizen Seller, or other “entity” Seller; or
  3. Absent seller, Power of Attorney Seller, Seller still a Minor, or mentally or physically impaired seller; or
  4. Seller has State or Federal Tax liens, Civil Judgements, pending divorces or other litigation affecting ownership of the subject property.
  5. Forwarding address and social security number. Please call us with this immediately.

When your Home Buyer’s loan is approved and their 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.

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. ‘Me 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 ten-ns and matters of title in detail. ‘Mere will be many other details which will be covered as well related to calculation of your payoff, home warranties, utilities, termite, septic and well inspections, insurance, and many, many other items. At the end of closing you will be given a copy of the Settlement Statement and a check from our Trust Account for your proceeds.

After closing, Tisinger Vance, P.C. will transmit the payoff directly to your lender by overnight mail service. You will probably receive the Note you signed when you bought the house marked “paid-in-full” within 90 days. You may also receive your escrow account balance and any interest adjustment from your lender shortly after closing.

YOU WILL NEED TO BRING TO CLOSING:

1. YOUR FILE ON THE PURCHASE OF YOUR HOME. Your file of documents you have kept in connection with the purchase of your home, for example, the warranty deed, title policy, survey, property tax notes, etc.

2. A PHOTO I. D. FOR EACH SELLER. A driver’s license is best.

3. A CHECKBOOK. Some items are handled by personal check.

4. A TERMITE LETTER. Your contract requires you to bring an “Official Georgia Wood Infestation and Inspection report” dated within 30 days of closing. This is a new inspection and NOT the termite bond you may have. This letter must show NO CURRENT INFESTATION, and must show the inspector does NOT recommend the opinion of a structural engineer.

Hints:

Do not believe your inspector if he says there is some problem but it won’t be a big problem at closing. Call us for guidance.

If there has been previous infestation and the inspector checks the box that says he recommends a structural engineer, CALL US IMMEDIATELY.

If someone else is handling this for you CHECK WITH THEM to see if the letter they are obtaining will be acceptable,

5. 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, Septic/Ten-nite/Well Inspectors, 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.