Q: Can I pay with a check or money order?

A: Georgia law (O.C.G.A Section 44-14-13, the “Good Funds” law) requires that all funds received by the closing attorney in excess of $5,000 must be in the form of a wire. If you need to transmit funds by wire, please contact us (need link to Robin’s email – closings@sandershaugen.com) for wiring instructions. Please note that an ACH is not a wire transfer. For amounts under $5,000, Sanders, Haugen & Sears can accept a Cashier’s, Certified, and Personal Check.

Q: Why do I need Title Insurance and what is it?

A: Title insurance is an insurance policy protecting your ownership rights to your property. It is a one-time payment made at the time of closing and the policy protects you from financial loss should your ownership rights be compromised. The policy also covers the legal fees to defend your title in court. F or more information about title insurance, see PDFs from Stewart.

Q: Why is my loan payoff more than the amount listed on my most recent loan statement?

A: Mortgages are paid in arrears, which means your monthly statement reflects the payments made for the previous month. Your payoff amount will include the principal balance shown on your loan statement plus any interest accrued during the month in which closing occurs. Sanders, Haugen & Sears also accounts for an additional 2 business days’ of interest after closing to provide your lender processing time and ensure no additional interest is owed after closing.

Q: If I have an escrow account with my lender, what happens with the money in escrow after my closing and my loan is paid off?

A: The money in your escrow account belongs to you! Once your lender receives and processes the payoff, the amount remaining in your escrow accounts will be sent to you directly by the lender.

Q: How long will my closing take?

A: While no two closings are alike, most closings at Sanders, Haugen & Sears take an hour or less.

Q: What if my driver’s license is lost or expired and I don’t have a passport?

A: Lenders require that closing attorneys verify the identity of borrowers, which requires providing the Lender a copy of a government issued photo ID. 

Q: I am going to be out of the country at the time of closing. What do I do?

A: Lenders generally require that all parties be present at the time of closing. However, we understand that the unexpected can occur. If you will not be able to come to closing, please notify us immediately so that we can help find a solution and prevent any possible delays.

Q: How and when should I file for my Homestead Exemption?

A: To qualify for the Homestead Exemption, you must own the property as of January 1st of the year in which you are seeking the exemption. This means new home owners will want to file for the exemption between January 1st and April 1st in the year immediately following their purchase. Visit your county’s website for instructions on how to file as each county’s process is slightly different. 

Q: What is a survey and should I get one?

A: A survey is a certified map of your property from a licensed surveyor. The survey will provide the boundaries of your property, the exact location of the home and any improvements on the property, and the existence and location of any easements. Sanders, Haugen & Sears highly recommend that if you are purchasing a home, you obtain a survey, since it is the only surefire way to know exactly what it is you are purchasing.