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If you are refinancing your home’s mortgage (as opposed to buying a new home), the mortgage loan is “closed” by a real estate lawyer.  The closing is the meeting between the borrower and the closing attorney (and occasionally the loan officer) where the borrower signs the loan documents to complete the transaction.

At the closing, borrower and lender will provide their funds to the closing attorney, the borrower will sign the documents required by the lender for the loan, along with a deed to secure debt which transfers an interest in the property to the lender to secure the repayment of the loan. The closing attorney will then payoff any existing loans or liens against has secured by the property, and disburse funds according to the settlement statement.

In a typical real estate loan closing, the closing attorney performs the following services:

• Researches the title to the property to verify the record owner of the property, to verify that the owner has marketable title and to identify the lienholders who will need to be paid off at closing to properly secure any new loan to be secured by the property.
• Obtains payoff information for existing loans and other liens.
• Obtains taxes and homeowner association dues (if any) which will need to be paid and or prorated at the time of closing.
• Provides the lender with a title commitment and other information that the lender needs to complete the loan and generate a loan package.
• Prepares a settlement statement for the lender to approve.
• Schedules a closing date and time to complete the transaction according to the terms of the lender’s closing instructions.
• Conducts a closing where the borrower will sign all documents necessary to complete the transaction.
• Disburses all funds in accordance with the settlement statement.
• Records deeds, deeds to secure debt, and other documents with the Clerk of the Superior Court for the County in which the property is located.
• Verifies loans and other liens which were paid off at closing are properly released.
• Returns final recorded documents to the lender.

Generally you must use a lawyer to handle the sale of real estate or a loan secured by real estate. In Georgia, only a lawyer may prepare a deed or deed to secure debt for another person.

Generally yes.  Just tell your mortgage lender or loan officer you want to use Dyches Law Group for your loan closing.

With more than 20 years of experience and with offices in Savannah, Pooler and Bluffton, we’re uniquely qualified and exceptionally convenient. When you select Dyches Law Group for your next closing, you get an experienced team of closing professionals who will work diligently and proactively to make sure that your next closing is a smooth and stress-free experience. Plus, with two office locations, you get the added flexibility to schedule your closing at a location convenient to where you work and live. Remember, it’s your choice.

In Georgia, the closing attorney represents the lender in a loan closing.

In South Carolina, the closing attorney generally represents the Borrower/Buyer.

• A government-issued photo ID. We are required to verify your identity at the time of closing. A valid driver’s license or passport are acceptable forms of identification, as long as it includes a photograph.
• Checkbook. Whether you are the buyer or the seller, items sometime arise at the last minute, and you may need to write a check. For example, there may be a recording fee that we had not anticipated, an agreed fee that was not provided to our office, or a last minute repair that is added to the final settlement statement.
• Any items required by the Lender. Your lender may instruct you to bring certain documents to closing to be returned to the lender with your signed loan package.

Your lender will give you a Good Faith Estimate (GFE) of the funds you should expect to bring to your closing. However the GFE is just that, an estimate. Once we prepare the final HUD-1 Settlement Statement, and obtain the lender’s approval, we will advise you of the amount you will need for your closing, and how those funds must be paid. We do not accept cash. Georgia law requires that we collect “good funds” at closing. All funds must be paid by wire transfer, certified check, or personal check. For amounts in excess of $5,000, you will be required to pay by electronic wire transfer. We will provide you with wiring instructions at the time provide you the final amount due at closing. For amounts less than $5,000, you will be advised whether those funds must be certified funds or whether we will accept a personal check.

Generally, loan closings last about 30 minutes.

All real estate loans will have a settlement statement showing the funds paid by the borrower, the amount disbursed to pay off your current mortgage, as well as disbursements to other vendors. In almost all instances, the settlement statement will be on a HUD-1 or HUD-1A form. The HUD-1 or HUD-1A is a document developed by the U.S. Department of Housing and Urban Development to use is federally regulated home mortgages.

For most residential loans originating after October 3, 2015, the HUD-1 Settlement Statement will be replaced by the new “Closing Disclosure.”  This new form is five (5) pages, and includes information formerly provided to the buyer/borrower and seller on the HUD1 and Truth-in-lending (TIL).  This new form does not completely replace the settlement statement, as the buyer/borrower and seller will still sign a settlement statement (similar in form to the old HUD-1) showing and authorizing disbursements made by the closing attorney.