UNDERSTANDING CLOSING COST
S ettlement costs (Closing Costs) will vary, depending on the financing arrangement and on selling price of the home.
Once you have selected our firm to handle your closing, please provide us with a signed copy of your purchase contract (usually provided to us by your real estate agent). Please also notify your mortgage company that our firm will be handling your real estate closing so that your lender can provide us necessary information about your loan. If you have a real estate agent to represent you during the home buying process, your agent may also assist you with the information needed.
Typically, closing costs include:
- Loan Origination Fee
- Discount Points
- Credit Report Fee
- Prepaid Mortgage Interest
- City/County Property Taxes
- Title Insurance
- Hazard Insurance
- Private Mortgage Insurance (PMI)
- Recording Fees and Taxes
Throughout the process, we will contact you to request additional information such as which company you have selected to provide homeowners' insurance and whether you would like a survey performed on the property. As the closing date nears, we will assemble the final settlement figures and provide you with the amount of funds needed for closing. On the date of your real estate closing, we can perform your settlement at our office in Warner Robins, GA.
Why do I need an attorney?
UPL Advisory Opinion No. 2003-2 states that "under Georgia law, the preparation of a document that serves to secure a legal right is considered the practice of law. The execution of a deed of conveyance, because it is an integral part of the real estate closing process, is also the practice of law. As a general rule it would, therefore, be the unlicensed practice of law for a nonlawyer to prepare or facilitate the execution of such deeds." This opinion covers re-finances as well as purchase deals.
What to expect at Closing
At closing, the buyer typically presents his or her paid homeowner's insurance policy or a binder and receipt showing a paid premium. The closing agent will then list the amounts the buyer owes the seller and the amounts the seller owes the buyer. The seller will provide any items the contract requires him or her to provide. Once the parties have verified that the numbers are correct, the parties sign the closing statement, the buyer signs the mortgage note and the mortgage, and the seller gives the buyer title to the property in the form of a signed deed.The closer provides the buyer with a settlement statement listing all the monetary items. Immediately after closing, the closing agent should record the deed and mortgage.