Residential Closings – Frequently Asked Questions
These are the questions we are frequently asked regarding the closing process:
Q: What information do you need from me to start the process?
A:Review our information sheets:
Q: What do I need to bring to closing?
A: Click here for closing checklists and choose the one that applies to you.
Q: I’m the buyer. How can I get a copy of your fee sheet?
A: Click here for our fee sheet.
Q: How can I find out how much the Title Insurance will be?
A: There are several easy to use online calculators for title insurance rates for residential closings, depending on which title insurance provider you go with. Here are some helpful links:
- Chicago Title: http://ratecalculator.fntg.com/default.aspx?brand=CTIC
- Fidelity Title: http://ratecalculator.fnf.com/
- First American: http://facc.firstam.com/
- Stewart Title: https://www.stewartorders.com/ratecalc/
- Old Republic: http://www.oldrepublictitle.com/newnational/resources/locations.asp
Q: Who will be handling my file — how will I know who to call?
A: One of our experienced closing coordinators will introduce themselves to you either through email or telephone once your file has been established with our firm. You are welcome to call or email your designated closing coordinator should you have any questions at all or you can call our centralized closing office number at 770-450-6115 or you can email (closings@luederlaw.com). We’d love to speak to you. We have several offices throughout the Atlanta area. If you would like to reach out to a specific office, select a location from the map:
Q: I have to bring money to the closing. What forms of payment to do accept?
A: Pursuant to O.C.G.A. 44-14-13, all funds exceeding the sum of $5,000.00 brought to a real estate closing must be in the form of wire transfer only. For amounts between $1,000 and $5,000 a certified check will be accepted. For amounts less than $1,000.00, you may write a personal. Parties bringing funds to closing are encouraged to bring a personal check with them in the event there are small amounts owed due to last minute changes which are not covered by the funds delivered.
Q: The amount I have to bring to closing is between $1,000.00 and $5,000.00. When I get my certified check, who should I have it payable to?
A: You can have the certified check made payable to Lueder, Larkin and Hunter, LLC or you may have the check made payable to yourself (you can endorse the certified check to us at the closing table).
Q: What are the most common pitfalls that cause closings to fail or to be delayed at the last minute?
A:
- Buyer does not have funds ready for closing (initiating a wire at the closing table is not the same as the funds being here — wires can sometimes take 24-48 hours to be delivered to escrow).
- Seller has failed to perform required repairs to the property.
- Seller did not provide proof of termite bond and transferability, if required in contract.
- Seller delay in providing payoff information to closing coordinator.
- Last minute requests for power of attorney or mail outs.
- Delay in receiving HOA contact information from the parties, if applicable to the property.
- Home Warranty was not ordered, if doing so is required in the contract.
- Borrower has failed to provide Lender with requested information in a timely manner.
- Lender’s funds have been delayed.
- Parties have wrong time or date for closing.
- Lender and Lueder, Larkin & Hunter, LLC have not received all of Addendums to the Contract or last minute changes to Closing Costs paid by Seller.
Q: If I am not able to be present for closing, may I have get someone sign as my attorney in fact or may I have the documents mailed to me?
A: It is always our first choice to have all parties to the sale of real estate to be present for the closing. However, in the event that is not possible, you may also consider coming in to do an “early signing.” There is no extra fee for this service. You simply would schedule a time to sign your paperwork in advance of the actual closing, if your paperwork can be made available and your lender allows. The documents are then held in escrow until the actual closing date.
In the event this will not work for your circumstance, you may designate an attorney in fact to sign the documents on your behalf. As there are tax implications and private information within many of the documents you will be signing, you will want to consider the person you choose to be your attorney in fact carefully. The key is that you let your closing coordinator and lender (if any) know as soon as possible. Power of Attorney documents for the sale of real estate are governed by Georgia law and we will need to provide you with the Power of Attorney. There is a charge for this service. The document must be signed by you, witnessed and notarized. We will also require a copy of your photo identification and we will need an original of the Power of Attorney document prior to closing. If there is a lender involved and you are a borrower, the lender will need to approve whether a Power of Attorney may be used.
A “mail out” is a circumstance in which we mail all of the Seller or Buyer documents for signature to either a Stewart Guaranty Title Company office or First American Title Insurance Company office located near you. Click here for {Stewart} or here for {First American} to find an office near you. We can also help you find an office near you. You may also sign documents in front of your personal attorney. There is considerable preparation that goes into sending such packages, so that they will be easy for you to know where to sign and understand what you are signing. There is a fee for this service. We will need to have advance notice in order to accommodate these requests (See Item #5 of causes of delay above).