Perfecting the Art of Closing.
Since 2004, Partnership Title Company and The Law Office of Kirsten Miller, PC have focused exclusively on providing superior residential and commercial real estate closing services. You will enjoy working with our experienced staff who understand how important each transaction is to everyone involved.
Each member of our team possesses a superior work ethic and the dedication necessary to get every transaction closed, even if it means staying late and taking calls after hours or on the weekends. We understand that complex problems may arise and our attorneys are equipped to handle them professionally and promptly.
The Closing Process
Once the parties have executed the purchase and sale contract, one of the parties or their real estate agent will send the contract to the closing attorney. In Georgia, all real estate transactions are required to be handled by a licensed Georgia attorney.
When we get a new contract we order a title examination of that property. A title exam is an examination of the public real estate records for a that property. The title examiner will determine the name of the owner, and any mortgages or liens associated with the owners or attached to the property.
This is the information gathering phase. We will send out information forms for the buyers and sellers to complete. This information allows us to order mortgage payoffs for the seller, HOA information, water bills, and anything else we need regarding the property.
We will also coordinate with the lender and communicate with them throughout the process regarding the loan documents and clearance of any title issues.
Once the lender is ready to close and all documentation has been provided to us, we will notify all parties of the time and place of the closing. A settlement statement will be sent to all parties that shows everything that is being collected and paid at closing. The parties will be notified of how much they need to bring to closing and wire instructions, if needed.
Buyers, sellers, their agents, and the attorney will meet and sign the closing documents.
Limited Warranty Deed—This is the document the seller signs that conveys the title of the property to the buyer. The deed will be recorded with the Clerk of Court for the county where the property is located and will be mailed to the new owner once it is returned to our office from the county.
Security Deed—if the buyer is using a lender, the buyer will sign a Security Deed that will also be recorded with the clerk of court. The Security Deed is the recorded document that gives the lender an interest in the property until the loan is paid in full.
Promissory Note—if the buyer is using a lender they will be required to sign a promissory note as well as a Security Deed. The Promissory Note is not recorded but sent to the lender to keep. It describes the terms of the loan, and is the promise to pay back the loan to the lender with interest.
After the closing is complete, the attorney will send all of the signed documents to the buyer’s lender and will send any recordable documents to the Clerk of Court for recording. The seller’s payoff is sent to their lender so that loan will be paid in full and released by the lender. All other monies gathered at the closing are then disbursed accordingly.
What to Bring to Closing
FUNDS TO CLOSE
Any amount over $5,000 must be wired. Your Closing Disclosure from your lender will give you a good idea of the amount you will need to bring to closing, and your loan officer or our firm can give you a more accurate amount closer to your closing date. Please note that we cannot accept ACH or Electronic transfers – it must be sent in the form of a wire, and almost all banks require that you go to the branch in person to request and initiate a wire. You will want to initiate your wire transfer in plenty of time to have your funds reach our account prior to closing, and it is best to bring your checkbook to closing in the event there are any changes. In the event you wire more than you owe at closing, we will cut you a check back at closing. We accept personal checks from local banks in amounts under $500.00 and we accept Certified or Official Checks from US Banks for amounts under $5,000.00. Checks can be made payable to Partnership Title Company, LLC. Please contact our office for wiring instructions.
HOMEOWNER’S INSURANCE POLICY
BUYER/BORROWER INFORMATION FORM
If you are not able to attend closing or appoint a power of attorney, we can send the closing documents to you to sign remotely. However, please note that if you are a buyer obtaining financing, Georgia law requires that you sign the loan documents in front of an attorney. We charge a mail away fee, and the attorney handling the signing may charge you a fee as well. For this reason, if you cannot attend closing in person, you may want to consider a power of attorney as this option is typically easier and less expensive.
CORPORATE ENTITIES / TRUST
Please see our “CORPORATE ENTITY / TRUST” attachment if you are buying, selling, or refinancing in the name of a Trust, Corporation, LLC, LP, etc. (anything other than your individual name).
What are closing costs?
Closing costs are all costs required to close the real estate transaction. They can include (but are not limited to) surveying fees, property taxes, escrow for taxes and insurance, title insurance premiums, attorney fees, lender fees, and private mortgage insurance (PMI).
Prior to closing, you should review your final closing statement or Closing Disclosure to confirm that all the calculations are correct and that you have been given all the credit for deposits and other agreed upon buyer and seller credits. Also recheck all lender, title and escrow fees to make sure they are accurate.
What will happen during the closing process?
Prior to closing, you might do a final walk-through of the home.
You’ll go to the closing location and show your picture ID to the settlement agent.
Your closing attorney will review the closing statement and loan documents with you.
You’ll be given the title to the house in the form of a deed, signed by the sellers.
You’ll get the keys to your house!