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.
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
Bring to closing a government issued picture ID (driver’s license or passport).
SELLER INFORMATION FORM
Fill out the “Seller Information Form.” It is critical that you return this to us as soon as possible. Delaying return of the needed information could result in additional fees from your lender and/or Homeowner’s Association for rush requests.
FUNDS FROM CLOSING
There is a section on the Seller Information Form for you to complete if you would like your funds wired.
FUNDS TO CLOSE
In the event that the seller must bring money to close, any funds must be in the form of certified funds (certified check, cashier’s check or money order), and any amount over $5,000 must be wired. 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.
If the seller is unable to attend closing, we can prepare a Power of Attorney (POA). Please let us know as soon as possible if a POA is required as we will need to get it drafted and executed in advance of closing. We will provide you with the POA and specific execution instructions. Please note there is an $85 fee for POA preparation and recording. For those who already have a general or durable POA, please send it to us for review, but note that many of these POAs do not comply with Georgia Real Estate Power of Attorney requirements and it is always best to have our office prepare a specific POA.
SELLERS WHO ARE NOT GEORGIA RESIDENTS
If the Seller is not a Georgia resident, the Seller may be subject to withholding tax. The Seller is required to fill out certain forms for tax purposes. Please notify our office and we will provide these forms to you. Please note that our office cannot assist you in filling out these forms as these forms require tax information/expertise. We recommend that you consult with your accountant when filling out these forms. Please note that the “Affidavit of Seller’s Gain” form must be notarized.
SELLERS WHO ARE NOT U.S. CITIZENS
If the Seller is not a US citizen or entity, the Seller may be subject to U.S. withholding tax. Please contact us for the necessary forms.
If you cannot attend closing, we can arrange to send the closing documents to you to sign remotely. Please contact our office for details and fees associated with this option.
CORPORATE ENTITIES / TRUST
Please see our “CORPORATE ENTITY / TRUST” attachment if you are selling property out of a Trust, Corporation, LLC, LP, etc. (anything other than your individual name).
What are closing costs?
Typically, the seller does not pay any closing costs other than what is required to clear title for the buyer. However, a seller can agree to pay some of the buyer’s closing costs by adding this to the contract.
What will happen during the closing process?
You’ll go to the closing location and show your picture ID to the settlement agent.
Your closing attorney will review the closing statement with you.
You’ll sign the deed conveying title to the property to the buyer.
You will give the keys to the buyer and receive your funds.