A. Purchase
A Real Estate Closing is the procedure by which title to Real Property is transferred from the seller to the purchaser. If the purchaser is utilizing loan proceeds to purchase the property, the lender's required documents are signed and executed at this time. Georgia and South Carolina Law requires that attorneys conduct Real Estate Closings, which means the closing must take place under the direction of an attorney who represents the lender and supervises the preparation of the transfer documents. The closing attorney's role at closing is to represent the lender's interest and the closing attorney is not authorized to provide legal advice to the buyer or the seller. However the closing attorney can and should explain to the parties the meaning of all documents and make title insurance available to the buyer to protect the purchaser's interest.

B. Refinance
A Real Estate Closing in which the owner of the property places a new loan on the property. The purpose of a refinance would be to take funds from the equity in the property or to reduce existing interest expenses. This could be either a first or second lien position and could involve payoffs of earlier loans on the property. On your primary residence you should anticipate a three business day rescission period following closing prior to funds being disbursed.

Prior to the Closing

Bush Law Firm can assist you with preparation of or review of the sales contract prior to execution.

We can also discuss financing if that is required and assist you with locating a lender for your closing.

We will then order an abstract of the title to the property being purchased which will comply with state bar standards.

We will then review and exam that title work from the abstractor to determine the property's marketability and begin preparation of clearing any title problems well in advance of closing and arranging for ordering payoffs on any existing liens. Quite often this requires direct communication with the seller(s) and buyer(s).

You will need to obtain Homeowners Insurance and provide proof of intended coverage prior the closing. This must show the lender as loss payee. Have your insurance agent contact our office and we will be glad to supply them with the pertinent information needed.

Plan to purchase Owner's title insurance in addition to Lender's title insurance, to protect the equity you have in your property. This is not available on a refinance. If you already own the property and have title insurance you are entitled to a forty percent discount off the cost off the required new loan title policy. It is irrelevant as to which title insurance company wrote the owners title insurance policy. The closing attorney will need a copy of your existing owners title insurance policy prior to closing in order to provide you with this discount.

A survey should also be ordered. A survey is a map of your property showing exactly where your house lies within the property as well as easements, other encumbrances, set back lines and building lines. A title examination will not necessarily reveal an encroachment. A survey will. An encroachment can cause the title to your property to be unmarketable.

Some lenders require a termite inspection be done. This is to insure both you the buyer and the lender that there is no active infestation and no structural damage done to your house. If you are purchasing a property you MUST have this inspection performed for your protection.

A home inspection by a qualified professional inspector is highly recommended

If the terms of the contract change make sure the closing attorney is made aware of these changes as soon as possible and definitely before you get to the closing table. All disputes regarding contract terms, price negotiations, repairs, etc., should be resolved prior to closing.

Prior to the closing date our office will advise you of the amount of funds needed at the closing. In some cases this is not possible due to closing instructions not being timely received from the lender. Cash or wired funds (collected funds) are required at closing, if a title policy (loan or owners) is to be issued. Otherwise certified funds or bank checks are acceptable. In some cases it is necessary to over estimate the amount of funds required to close in order to have sufficient collected funds available at closing. If funds received prior to closing or at closing are in excess of the amount needed for the closing, the closing attorney will refund the overage.

Contact your Realtor and/or seller for any final details that need to be worked out prior to the closing. This would include but not be limited to pre closing walkthroughs, re-inspections on required repairs, etc..

At The Closing

For a typical closing, plan on spending approximately 45 minutes with the closing attorney. You will need to bring photo identification ( some lenders require two identifications). Proper identifications include a passport, drivers license, state issued identification card, military I.D., employee identification badge, Sam's card or other photo credit cards, social security card, etc..

All parties will review and execute the HUD-1 Settlement Statement detailing all costs involved in the transaction. The closing attorney will review all other closing documents with each party to the transaction, give concise explanations of each document, the document's purpose and explain or answer any questions you might have.

If obtained, the wood infestation clearance letter certifying the premises to be free of wood destroying infestations will be reviewed and acknowledged by the borrower at closing. If a "termite letter" is required by lender it must be dated within thirty (30) days of closing. Any letter indicating a previous infestation to the premises will normally require an inspection by a licensed contractor to determine whether the damages or structural or merely cosmetic. Structural damages will require repairs which could delay closing.

At conclusion of the closing all parties will be furnished copies of documents signed by them at closing.

Buyers will be advised to file returns and appropriate exemptions for property taxes with the county tax commissioner's office.

The disbursement of the proceeds of the transaction and a payoff of all current liens against the property concludes the closing.

After the Closing

To complete the closing of the transaction, the attorney will do the following:
· Record in the county land records all documents such as the warranty and security deeds. 
· Return to the lender the completed loan package.
· Disburse all funds in accordance with the HUD-1 Settlement Statement.
· Insure proper cancellation of all liens paid at closing.
· Respond to any post closing questions or concerns which you might have following closing.

If you have any questions please contact our office and we will be glad to assist.