We hope these are helpful. Please feel free to email us with any other questions you may have.
In Georgia, the closing attorney represents the lender. The closing attorney is asked to perform certain tasks for the lender such as transferring title, setting up the lien against the property for the lender, collecting and disbursing funds as required by the terms of the transaction. Under the Georgia Fair Lending Act, GAFLA, the borrower has the right to select the closing attorney.
Most of all of the hard work is performed prior to closing. As a result the closing ceremony , where all of the transfer and loan documents are signed, typically lasts around half an hour to forty-five minutes. On a rare occasion there may be an issue that arises during closing which might prolong the closing ceremony, but this situation rarely happens. Consider arriving for your closing ten to fifteen minutes early and expect the closing to be wrapped up within an hour.
Buyers are responsible for bringing to closing anything that has been specifically requested of them by the lender or closing attorney such as copies of banks statements or insurance. Also, Buyers should bring a valid photo ID such as a driver’s license or passport.
Sellers should also bring a valid photo ID and any documents required by the contract or requested by the closing attorney such as the original power of attorney and/or home warranty. Sellers may also bring keys and other entry cards to the property, information regarding homeowners’ associations and the property’s appliances and systems.
At closing, Buyers tend to sign the most documents. Most of these documents are universal and are generally mandated by state and federal law. The good news is that all these documents are already prepared by the closing attorney prior to the closing date and all the documents are fully explained to the buyer.
Generally Sellers can anticipate signing relatively few documents at closing. Sellers should be prepared to sign the Settlement Statement and other documents related to the property’s title and taxes.
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