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A real estate closing, or the “closing” as it often called, is a meeting between the buyer and the seller, the buyer and seller’s real estate and agents, and occasionally the loan officer, conducted by the closing attorney for the purpose of signing all documents necessary to transfer title of real property from the seller to the buyer as well as the lender’s loan documents. Once you have signed a sales contract for your new home, and arranged for financing, and completed all necessary inspections and repairs, you are ready to complete the purchase. The buyer and seller will meet at a real estate lawyer’s office to sign all of the documents necessary to transfer title from the seller to the buyer, which include:

• a closing disclosure/settlement statement authorizing the disbursement of all funds;
• loan documents from the bank or mortgage lender financing the property
• a deed of conveyance from the buyer to the seller
• miscellaneous other documents to complete the terms of the sales contract

At the closing, borrower and lender will provide their funds to the closing attorney, the seller will transfer the title to the property to the buyer by a written deed. The “closing attorney” who handles the closing will then payoff any loans or liens the seller has secured by the property, and disburse all of the monies owed to the seller, the real estate agents and other vendors owed money on the sale.

In a typical real estate transaction or 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 transfer marketable title to a buyer and 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 and the Realtors to approve.
• Schedules a closing date and time to complete the transaction according to the terms of the sales contract and the lender’s closing instructions.
• Conducts a closing where the buyer (or borrower) and the seller 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 buyer and 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.

If you are the buyer, you are entitled to choose your closing attorney. While the seller may offer to pay part of the closing costs if you agree to use their closing attorney, the seller cannot require you to use their preferred closing attorney. It’s your choice.

With more than 20 years of experience and with offices in Savannah and Pooler, 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, its your choice.

Tell your real estate agent or mortgage lender you want close with Dyches Law Group. The Georgia Association of Realtors (GAR) standard Purchase and Sale Agreement form that most Realtors use has a space in Section 1(H) for the parties to select the closing attorney. Tell your real estate agent to put Dyches Law Group in the contract. If you’re refinancing a loan, just tell your lender you would like our firm to handle the closing.

In Georgia, in a real estate transaction where the buyer is financing a portion of the purchase price, or in a loan transaction where there is no seller, the closing attorney represents the lender, regardless of who is paying the attorney’s fee.

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

In both states, if the buyer is paying cash, and is not financing any portion of the purchase price, the closing attorney will generally represent the buyer, regardless of who is paying the fee. The closing attorney should always identify, in writing, who the attorney represents in the transaction.

• 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, a real estate closing will last about 1 hour.

All real estate transactions involving a buyer and seller will have a settlement statement showing the funds paid by the buyer and the funds due to the seller, along with any disbursements to be made to the seller’s mortgage lender, the real estate agent, and other vendors. In almost all instances, the settlement statement will be on a HUD-1 form. The HUD-1 (or HUD as it is often called) is a 3 page 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.

For the buyer, the name on the deed will be the same as shown on the contract and the loan documents. Generally, we will conform the buyer’s name to match the name you used in your loan application and which appear on the loan documents. However, some institutional sellers will only convey title to the property as shown on the sales contract.

We can generally add a non-borrowing spouse to title at the time of closing. If you want do want to add a non-borrowing spouse to title, please advise your closer, prior to the closing date. There is an additional recording fee associated with recording the deed.

When two or more people own property jointly, Georgia law will construe ownership as tenants in common. Under a tenancy in common, each owner (or co-tenant) owns an equal undivided interest in the property, and upon the death of a co-tenant, that co-tenant’s interest passes to any beneficiary named in the will or if the co-tenant dies without a will (intestate), then the share passes according to intestate succession laws.

Georgia law recognizes another form of cotenancy called Joint Tenants with Right of Survivorship. It differs from tenancy in common in that when a cotenant dies, the remaining cotenant(s) take the decedent’s share. The decedents share does not go through probate or intestate succession.

Generally, a husband and wife will want to own as joint tenants with right of survivorship. However, there are several reasons why we may recommend that a husband and wife hold as tenants in common. For example, the couple may have been previously married and do not intend for the surviving spouse to take the entire interest in the property on the other’s death. In addition, some people may want to take advantage of the step-up in tax basis an owner’s heir(s) may get on death. We are happy to discuss which ownership option is best for your specific circumstances.

The seller will convey title to the buyer by a deed. There are various types of deeds, but the most common type of deed used in a residential real estate transaction is the warranty deed. The type of deed the seller will provide is a matter of contract. The Georgia Association of Realtors (GAR) standard Purchase and Sale Agreement is the most common residential contract in Georgia, and is used by virtually every Realtor. Prior to 2104, the GAR form required the seller convey title by “General Warranty Deed.” A general warranty deed contains warranties of title from the seller to the buyer, that the seller is seized and possessed of good and marketable title, and will defend the title against all claims.

Beginning in 2014, the new GAR form requires the use of a “Limited Warranty Deed.” A limited warranty deed limits the warranties of good and marketable title to those persons claiming by and through the seller. For most people, this will make no difference. The buyer gets the same rights to a property under a limited warranty deed as they would under a general warranty deed. However, limited warranty deeds do limit the seller’s exposure to liability for claims against the title. For that reason, now more than ever, buyers will need an owner’s title insurance policy.

Title insurance insures that you have good and marketable title, subject only to the loan you took against the property and any easements and covenants of record. Given the GAR’s use of a limited warranty deed for conveyance of title, now more than ever, owner’s title insurance is a must-have.

The deed to secure debt (a/k/a the security deed) is the document that transfers title to the bank as collateral for their loan. While most people refer to it as the mortgage, from a legal perspective, it is different from a mortgage. In Georgia, lenders always use a deed to secure debt rather than a true mortgage to secure their loan.

The loan documents are returned to the lender. The deed and deed to secure debt are recorded with the clerk of the superior court for the county in which the property is located. After recording, the buyer will received the original copy of the recorded deed, and the lender will receive the original copy of the deed to secure debt.

No. Once the warranty deed is recorded with the Clerk of the Superior Court, we will return the original, recorded copy to the buyer(s). You may receive an official-looking letter in the mail after closing, from a company offering you provide you a certified copy of the deed for a fee. This is not necessary and we do not recommend you purchase a certified copy from these companies. There are very few reasons why you would need a certified copy of the deed, and certified copies are readily available from the Clerk of Superior Court for a small fee if you ever do need a certified copy.

No. Once you file for homestead exemption, you will be deemed to have re-filed for homestead exemption every year thereafter, until there is a change in ownership or death.

If the property you are buying will be your primary residence, you may qualify for homestead exemption. Homestead exemption.

In Georgia, you must appear, in person, at the county tax assessor’s office and fill out an application for the exemption.  You will need a utility bill showing that the utilities are in your name, and you will have to certify to the tax assessor that the property is your primary residence.

In Georgia, you have until April 1st of the year following the closing date to file for homestead exemption. However, you may apply for it at any time after you receive the recorded warranty deed back from our office. When we return the warranty deed to you, our cover letter will give you instructions on where and how to file for homestead exemption.