What Do I need to bring with me to the closing?
Buyers: Buyers will always be asked for a form of an ID at the closing table. In many instances, the lender will also require a second form of ID such as a social security card. It is important the ID be government issued along with a picture. In addition, Buyers are responsible for bringing to closing anything that has been specially requested of them by the lender or closing attorney, such as tax returns or bank statements.
Sellers: At closing, Seller must bring a picture ID and any documentation required by the contract or requested by the closing attorney before the closing. Examples of this would be an original termite letter or home owners association information. Seller should bring keys, cards, gate openers and garage door openers to give to the Buyers at the closing table.
Is it common to be given the exact dollar figures in advance of closing?
Although parties would always like to be given the figures before closing, this answer will depend on when the Firm receives all the information and approvals from the lender. If the Firm is unable to give the exact number before closing, we will be reviewing the HUD-1 at the closing table and we ask the purchaser to bring the estimated amount to closing in certified funds, along with a personal check book for any changes that may occur. If this is an all cash transaction, then the figures will always be given out before coming to closing table.
How shall I bring funds needed to close?
The firm will accept up to $500.00 in personal check at the closing. This amount may vary slightly depending on the circumstances. Georgia law prohibits closing attorneys from taking more than $5000 in personal funds. Therefore, for the closing, you must get either a cashier’s or certified check for the amount needed to close. You may either make the check made payable to oneself and will be asked to endorse the check at the closing table, or payable to Grace Chun & Associates, LLC. If you are not told an exact amount prior to closing, the best practice is to get a cashier’s or certified check for a small amount higher than the estimated amount needed per your good faith estimate and then bring your personal checkbook to closing. If your cashier’s or certified check amount is greater than the amount needed to close, you will receive a refund at closing. In addition to funds being brought in certified funds, many closing attorneys prefer a wire to be sent directly into the attorney’s escrow account. Contact us via e-mail for wiring instructions and this is mandatory request if this transaction is an all cash deal.
As a buyer, should I purchase owner’s title insurance?
Although Owner’s title insurance is not mandatory in Georgia, attorneys and other real estate professionals recommend that buyers purchase owner’s title insurance. An owner’s title insurance policy protects the property owner by paying loss that arises due to covered title issues and by paying costs and fees if title needs to be defended against covered claims. While the Firm will provide expert title examination, there are many undetectable title issues that can cause financial loss and heartache. In Georgia, Most buyers purchase owner’s title insurance; the one-time premium in Georgia is quite reasonable and buys a lot of security in addition to practical coverage against loss and costs due to title claims that are an unwelcome risk of property ownership. We recommend buyers to research what title insurance covers online to make a well informed decision. Our Firm will always quote the title insurance on our HUD-1 figures unless requested not to do so by the purchaser.