Residential Real Estate Closings

In a typical residential closing, our firm will act on behalf of your mortgage lender and will orchestrate the signing of numerous documents. Usually, the purchaser(s) or borrower(s) will sign a:

 

  • Promissory Note:  This “promise to pay” specifies the loan amount, interest rate, and the time in which the debt will be repaid “the maturity date.”
  • Security Deed: This document allows the lender to foreclosure on the property if the borrower fails to repay the debt. The Security Deed is recorded in the County courthouse where the property is located.
  • Closing Disclosure and other lender documents.

 

The seller will sign a deed transferring title of the property to the purchaser. Both the purchaser and the seller will sign a Settlement Statement, also known as a closing statement, will provide all details of the transaction, including the amount that the purchaser/borrower needs to bring to the closing and the amount of the seller’s sale proceeds.

Other important information regarding your closing: 

 

  • Identification:  All signing parties must bring a driver’s license or another form of Government issued photo ID to the closing. 
  • Funds:  Sanders, Haugen & Sears accepts personal, certified, and cashier checks from borrowers for amounts up to $5,000.00. Any additional funds required for closing, including funds brought by the seller, must be wired. Please call our office or email closings@sandershaugen.com to obtain our wire instructions. 
  • Powers of Attorney (POA):  We will be happy to prepare a Power of Attorney for any party that is unable to attend the closing. Please note that all POAs must be signed in the presence of a witness and a notary public who will affix a notary seal. Our firm requires that the executed POA is sent to us along with a copy of the party driver’s license who signs the POA. The original POA is required at closing. Many lenders require the POA in advance for approval, so please let us know as soon as possible if a POA might be required. 
  • Mail-Outs:  Our firm can mail out or email out closing papers to buyers and/or sellers who are unable to attend the closing for an additional fee. We will need sufficient notice in order to prepare the documents and have them returned to our office by the closing time. We also require that you send a copy of your driver’s license. Please contact our office as soon as possible if your closing will be a mail-out.
  • Corporations/Companies/Trusts:  If the title to the property is vested in the name of a corporation, company, or trust, we require a copy of all pertinent documents, including the Operating Agreement, Articles of Incorporation, Trust Agreement, etc., as well as tax identification numbers. These items are required in advance in order to close the transaction.
  • Agents:  Please be sure to provide our firm with all contract agreements and the commission agreement well in advance of the closing date. If there is a Homeowner’s Association involved, please provide us with the best contact information for the HOA.
  • Other Special Circumstances:  If your closing will involve a 1031 Tax-Free Exchange or any other special circumstances, please let us know as soon as possible. If you are an out-of-state investor or a foreign seller, please also alert us as we will need to make sure we address any tax implications before the closing.

 

BUYING 

If you are buying a home, below are the steps you need to take to prepare for your closing:

 

  • Select a lender and fulfill your lender requirements for your loan. Remain in contact with your lender and your realtor as you go through the mortgage process. If there are changes to the sales contract, be sure to provide them to the lender and to the closing attorney’s office as soon as possible.
  • Select a hazard/homeowner’s insurance company. Decide if you will pay the first year’s premium before closing, or if you prefer for it to be collected at the closing. Be sure to provide proof of coverage to the closing attorney’s office before the closing date. Our firm will email you a Buyer Information Questionnaire that should be completed as soon as possible and returned to closings@sandershaugen.com.
  • Funds for closing: Make the arrangements to transfer your required funds for closing. Your Closing Disclosure will help you determine the amount you will need to bring to closing. Sanders, Haugen & Sears will provide you with a more accurate amount near your closing date. 
  • Funds Exceeding $5000.00: If your cash to close will be more than $5,000.00, Georgia law requires that you wire the funds to our account. Please call our office or email closings@sandershaugen.com to obtain our wire instructions. Check with your banking institution well ahead of your closing date as some banks take up to one week to complete a wire transfer. You will need to initiate your wire transfer in plenty of time to have your funds reach our account before your closing date.
  • Funds less than $5000.00:  If your cash to close is less than $5,000.00, you may bring a personal, cashiers, or certified check made payable to Sanders, Haugen & Sears. Please note that we cannot accept checks made payable to the buyer.
  • Lender’s Title Insurance:  Required by all mortgage lenders. However, Owner’s Title Insurance is a small, one-time charge for the protection of one of your largest investments, as well as peace of mind. The insurance will protect owner against any defects in title which may not have been detected by the title exam. 
  • Surveys:  While many mortgage lenders no longer require surveys for real property purchases here in Georgia, we strongly recommend that all home buyers purchase a survey for their new home. Please let your closing attorney know if you would like for a survey to be ordered. 
  • Mail away and Power of Attorney: If you are unable to attend your closing, please let us know if you want to set up a mail-away closing or if you would like to sign a Power of Attorney and have someone come to the closing to sign as your designated Attorney-in-Fact. Also, if only one spouse will be on the loan and you want to add your spouse to the title, please let us know so we can prepare a deed for you to sign at the closing.

 

Buyers Checklist

 

  • Select a lender & fulfill loan requirements.
  • Select a hazard/homeowner’s insurance company.
  • Provide proof of coverage to closing attorney’s office prior to closing date.
  • Complete Sanders, Haugen & Sears Buyer Information Questionnaire.
  • Make arrangements for transfer of funds for closing.
  • If cash to close amount is greater than $5,000, funds must be wired to our account.
  • If cash to close amount is less than $5,000, you may bring a personal, cashiers, or certified check made payable to Sanders, Haugen & Sears. 
  • Decide if you want to purchase Owner’s Title Insurance (Note: we highly recommend purchasing an Owner’s Title Insurance Policy. If you would like more information about Title Insurance, click here (here need link to Stewart pdfs) or speak to one of our attorneys).
  • Notify your closing attorney if you want a survey to be ordered.
  • Sign a Power of Attorney or mail-away closing if you are unable to attend your closing.
  • Notify your closing attorney if your spouse is not on the loan but needs to be added to the title.
  • Bring a government-issued form of identification to closing.

 

Selling

If you are selling a home, below are the steps to follow to prepare for your closing date.

 

  • Remain in contact with your realtor and your closing attorney while you are waiting to close. Provide copies of any changes to the sales contract to our firm as soon as possible. If your contract requires you to pay for repairs to the home, be sure to keep copies of all receipts and provide them to our firm as well.
  • Our closing paralegal will email you a Seller Information Questionnaire, which will need to be completed as soon as possible. A delay in providing the needed information could result in additional fees from your lenders and/or homeowners associations for rush requests. Please provide our firm with the names, telephone numbers, and account numbers of any and all lenders that hold mortgages, loans, or equity lines on the property being sold. You will also need to provide social security numbers for all persons on the title to the property and those who are on the loans being paid off, as well as forwarding address information and telephone numbers for all sellers to the closing attorney’s office.
  • If you are selling property located in a subdivision with a homeowner’s association, our firm will need the name and contact information for the association. The amount of yearly dues and the status of the dues will be confirmed with the association, and in some cases, the homeowner’s association will require that you pay for that statement of account up front.
  • A driver’s license or another form of government-issued photo identification is required of all sellers. If you are bringing funds to the closing, they must be sent to us via wire transfer. Our firm will send you our wiring instructions. If you will be receiving proceeds from the sale of your property, please let us know if you would prefer a check at closing, or if you would prefer that the proceeds be directly wired into your account. If you prefer a wire, please use the form that we will provide, which will need to be witnessed at closing.
  • If the property you are selling is vested in a company or trust, there is additional information we will need to collect. Please have your trust agreement, operational agreement, and/or articles of incorporation available to provide to our firm for review. If you are unable to attend your closing in person, please let us know whether you want to set up a mail away closing or if you want to sign a Power of Attorney designating an Attorney-in-Fact to come to the closing and sign on your behalf.

 

Sellers Checklist

 

  • Keep copies of any changes to the sales contract and provide to our firm as soon as possible.
  • If your contract requires you to pay for repairs to the home, keep copies of all receipts and provide them to our firm as well.
  • Complete our firm’s Seller Information Questionnaire as soon as possible.
  • Provide our firm with the names, telephone numbers, and account numbers of any and all lenders that hold mortgages, loans, or equity lines on the property being sold.
  • Provide our firm with social security numbers for all persons on the title to the property and those who are on the loans being paid off, as well as forwarding address information and telephone numbers for all sellers to the closing attorney’s office.
  • Provide the name and contact information for the homeowner’s association to our firm, if applicable.
  • Bring a driver’s license or another form of government-issued photo ID for the closing.
  • Wire funds for the closing, if applicable.
  • Notify our firm if you prefer a wire or check if you are receiving funds from the sale at closing.
  • If you prefer a wire, please use the form provided by Sanders, Haugen & Sears.

 

Refinancing

Refinancing offers a number of benefits to homeowners, and when you’re ready to take advantage of the historically low rates right now, our firm is here to help. 
If you are refinancing a home, below are the steps you need to take to prepare for your closing:

 

  • Select a lender and fulfill the requirements for the loan. 
  • Contact your closing attorney to provide payoff lender information including account numbers, telephone numbers, and social security numbers for all borrowers on any loans being paid off.
  • Bring a driver’s license or another form of government-issued photo identification to your closing.
  • Make a plan to transfer your required funds prior to closing. Your Closing Disclosure and Settlement Statement will help you determine the amount you will need to bring to closing. Our firm will provide you with a more accurate amount near your closing date.
  • If your cash-to-close will be more than $5,000, Georgia law requires that you wire the funds to our account. We will send you our wire instruction via secure email. Check with your banking institution well ahead of your closing date as some banks take up to one week to complete a wire transfer. You will need to initiate your wire transfer in plenty of time to have your funds reach our account before your closing date.
  • If your cash-to-close is less than $5,000, you may bring a personal, cashiers, or certified check made payable to Sanders, Haugen & Sears. Please note that we cannot accept checks made payable to the borrower.

 

Refinancing Checklist

 

  • Select a lender and fulfill loan requirements.
  • Provide the closing attorney’s with payoff lender information for all borrowers on any loans being paid off. This should include:
  • Account numbers
  • Telephone numbers
  • Social security numbers
  • Bring your driver’s license or another form of photo ID to the closing.
  • Make arrangements for transfer of funds for closing.
  • If cash to close amount is greater than $5,000, funds must be wired to our account.
  • If cash to close amount is less than $5,000, you may bring a personal, cashiers, or certified check made payable to Sanders, Haugen & Sears.