- How long should I expect my closing to take?
Depending on if you are purchasing your home with cash or via a lender, closing times can vary. A cash closing can often be executed fairly quickly (30-45 min. on average). A loan purchase or refi usually averages about 60 min.
- When should I wire funds to your office?
Your portion of any closing costs should be wired to our office 24 hours prior to closing. This will help us execute the closing and disburse funds as needed in a timely fashion. Some banks take longer to process a wire than others and that can cause a delay in your closing.
- Why can’t I just get a certified check from the bank instead of a wire?
The laws in the State of Georgia prohibit us from accepting funds larger than $5,000.00 in the form of a check, even a certified check. Our office policy is such that we do not to accept checks larger than $1,000.00, in order to protect our clients, and ourselves.
- What do I need to bring to closing?
Identification, and any other items required by your lender or loan officer.
- I can’t find childcare; can my kids attend the closing?
We love kids. We all have them. But please make alternate arrangements for your children when your closing is scheduled. We are a very small office, and it makes it difficult for the members of our firm to concentrate on their work when there are children present.
- What is Title Insurance? And why do I need it?
There are two types of title insurance policies. The owner’s policy protects the home buyer. A loan policy protects the lender. Most lenders require a loan policy when they issue you a loan. The loan policy is usually based on the dollar amount of your loan. It only protects the lender’s interests in the property should a problem with the title arise. It does not protect the buyer. The policy amount decreases each year and eventually disappears as the loan is paid off. An owner’s policy, is usually issued in the amount of the real estate purchase, and provides protection for you or your heirs as long as you or they have an interest in the property.
An owner’s policy protects the homebuyer from:
- Unpaid mortgages
- Unpaid property taxes
- Child support liens
- Missing heirs who could claim the property belongs to him or her
- Missed easements or rights of way that could limit your use of the property