A. A title search and exam is conducted prior to the closing for every real estate closing held. The title search and exam is conducted at the local county courthouse. The title examination searches for security instruments, plats, easements, restrictive covenants, tax info, and other items related to the specific property for the closing. The title examination also determines who the real property owners are. A title search and examination can't guarantee that there are no title issues relating to the real property. A title search can't determine issues such as undisclosed heirs, fraud and forgery and defective documents.
A. Prior to closing, the buyer and seller should receive a HUD-1 Settlement Statement from the closing attorney which will show, among other things, how much money should be brought to closing by the buyer. The HUD-1 Settlement Statement should be carefully reviewed prior to the closing by the buyer and seller. Due to certain circumstances beyond the control of the closing attorney, the HUD-1 Settlement Statement sometimes can't be reviewed by the buyer and seller in advance of the closing. In these situations, your loan officer should be contacted to assist you in determining how much money the buyer should bring to the closing. Many times this amount can be determined by reviewing the Good Faith Estimate that was provided by your loan officer when you completed your loan application.
A. We will accept a personal check if it is a small amount. If you plan to provide a personal check, please verify with our office that the amount of the check is acceptable. In situations where a personal check is not acceptable, you must get a cashier's check, certified check or wire for the amount needed to close. If you do a cashier's check or certified check then you can make the check made payable to oneself or to Marcus A. Rosin, P.C. If you aren't told an exact amount prior to closing, then get a cashier's or certified check in the estimated amount needed, then bring your personal check to the closing to make up the small difference. A refund will be provided for cashier's checks or certified checks that are more than the amount needed to close.
A. All buyers under the contract, all borrowers under the loan and all persons who will have an ownership interest in the real property must attend the closing. Real estate agents and loan officers typically attend closings, but are not required to do so.
A.. You will receive a document folder that contains a copy of each loan document that you sign at the closing. This document folder should be placed in a safe place.
A. The closing is the culmination of a long and tedious process. The closing attorney will explain all documents that are to be signed and answer any questions you may have. Closings usually do not last more than one hour but it can be shorter or longer depending on how many documents that the lender requires the buyer to sign and how much discussion there is.
A. Most buyers and sellers do not hire their own attorney but do have the option to hire an attorney to represent them at the closing since the closing attorney represents the lender in Georgia. The lender expects the closing attorney to prepare the HUD-1 Settlement Statement, prepare and record signed title transfers, make sure all loan documents are signed properly, record the signed security instrument properly, and collect and disburse monies.
A. If you are financing your real estate purchase, it is very common to have the lender require you to sign a large number of loan documents at the closing. These loan documents are forms that are commonly used for all closings and some are required by law. These loan documents will be explained to you by your closing attorney. Please refer to our Documents Buyers Sign at Closing.
A. Sellers can anticipate signing relatively few documents at closing. Someone selling property can count on signing the Settlement Statement and other documents pertaining to the property's title and to tax matters. Please refer to our Documents Sellers Sign at Closing.
A. The purchase of real estate is the largest single investment for most buyers and the loss of such an important investment would be disastrous to the buyer. Even though a title examination is conducted, many possible undetected title claims may arise after the purchase. That is why attorneys and other real estate professionals recommend that buyers purchase owner's title insurance at the closing and why lenders require that the buyer pay for a lender's title insurance policy that protects the lender against any unknown title claims. The lender's title insurance policy does not protect the buyer. However, an owner's title insurance policy can be purchased at closing to protect the buyer.
A. The cost of title insurance on any piece of real property is small in relation to the possible title issues you may have. It is a one time charge that takes into consideration the purchase price of the real property and if your lender has a mortgage title insurance policy. Feel free to contact the closing attorney for a price quote.