On the day of a real estate closing, there are several key activities and events that you can expect to occur. Here’s a general overview of what typically happens:
Bring valid photo identification – Valid Driver’s License or Passport. If additional documentation is needed someone from our office or your lender will notify you prior to closing.
Location: The closing usually takes place at our office – 5755 North Point Parkway, Suite 202, Alpharetta, GA 30022.
Parties Present: The closing may involve various parties, including the buyer, seller, their respective real estate agents, the settlement agent, and possibly a lender’s representative.
Documents Review: The Settlement Agent will go through a stack of documents with the buyer and seller at the closing table. These documents include the settlement statement, loan documents (if you have a mortgage), the deed, title insurance policy, and other legal and financial papers.
Payment: If there are any funds due at closing, such as the down payment and/or closing costs, you’ll need to arrange for a wire transfer at least 24 hours prior to closing. The exact amount will be outlined in the Closing Disclosure, which you should receive a few days before closing from your lender and/or our office.
PURSUANT TO O.C.G.A. § 44-14-13, ALL FUNDS FOR CLOSING THAT EXCEED $5,000.00 MUST BE PROVIDED IN THE FORM OF A BANK WIRE. PLEASE ASK FOR OUR WIRING INSTRUCTIONS, AS A DRAFT OR DIRECT DEPOSIT WILL NOT IMMEDIATELY POST TO OUR ACCOUNT AND WILL NOT BE AVAILABLE FOR IMMEDIATE CREDIT. WALTHER TITLE, LLC WILL ACCEPT CERTIFIED OR OFFICIAL CHECKS FROM U.S. BANKS IN AMOUNTS UNDER $5,000.00.
Signing Documents: You will need to sign all the necessary legal documents, including the mortgage or deed of trust, the promissory note, and various other disclosures and agreements.
Payment of Fees: Any closing costs and fees are settled. This might include fees for the title search, title insurance, property taxes, and other related expenses.
Transfer of Ownership: The deed is signed and notarized, transferring the ownership of the property from the seller to the buyer.
Title Insurance: The title company will provide title insurance policies to the buyer and lender, ensuring the property is free from any encumbrances or defects in the title.
Funding: If you’re financing your purchase with a mortgage, the lender will fund the loan by sending the funds to the closing agent. Funding authorization may be required by the lender prior to the release of funds.
Distribution of Funds: The closing agent will disburse funds to the seller, pay off any existing loans, and pay all parties who provided services, such as real estate agents and title companies.
Possession: The buyer typically gets the keys to the property upon the closing.
Recording: The signed deed and mortgage documents are recorded with the local government, officially transferring ownership and making the mortgage a lien against the property. Recorded documents will be sent to the buyer and lender after recordation.
Congratulations! Once everything is completed and the documents are signed, you’re a homeowner.
WALTHER TITLE, LLC
