estate closings can generally be separated into various
different categories. The first separation is between residential
and commercial transactions. Our firm focuses on residential
closings, but we can also close commercial transactions.
The second area of categorization is purchase and refinance
transactions. Both Georgia and South
Carolina require that an attorney licensed in that
state be involved in various different aspects of real
Law Firm has attorneys that are licensed in Georgia
and South Carolina, and we can close transactions
involving real estate located in most other states.
If a transaction involves a lender, then the real estate closing
attorney represents the lender. However, the closing
attorney can and should explain to the parties the meaning
of all documents and make title insurance available
to the buyer. We have the experience and the credentials to make your
real estate closing transaction a smooth and pleasant
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is the date and time that the documentation for the transaction will
be signed. This is usually also the date that the funds will be disbursed.
However, if you are placing a new loan against your principal place
of residence, then there should be a three business day right to rescind
the transaction. If the borrower rescinds a refinance transaction
within the three business days, then the funds are not disbursed,
the new loan docs are not effective, and the existing loan(s) will
remain in full force and effect.
Prior to the real
estate closing, the Bush Law Firm can assist
with getting the transaction ready for the closing. If there are real
estate agents involved, they will usually prepare the sales
contract. Our law firm can prepare and assist with
the execution of the contract if there is no realtor involved. This
is common with a “For Sale By Owner”. The real estate closing
attorneys and staff can discuss financing options and assist
you with locating a lender. Most real estate closings
will require a title examination of the property that is the subject
of the transaction. This law firm uses licensed and
insured title abstractors. One of our attorneys will review the documentation
to insure that there is good, clean title to the property. Depending
on the type of transaction and the circumstances, other services may
be required, such as a homeowners insurance policy, termite inspection,
and a survey.
Feel free to contact
this office to discuss and to obtain assistance with finding one of
these service providers. A survey is a map of your property that shows
exactly where the property is located, where the improvements are,
as well as easements, set back lines, and other encumbrances or encroachments.
Prior to the closing, our office will try to 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.
The laws, rules and regulations governing real estate transactions
require “good funds” to be able to disburse the funds. That basically
means funds that have been deposited into the Firm’s trust account
and having cleared the bank. Therefore, most amounts will need to
be wired to the account prior to the real estate closing.
On the closing
day, plan on spending about an hour on reviewing and signing the documentation.
You should also bring appropriate identification. Some lenders require
two forms of identification. The closing attorney
will prepare and explain the HUD-1 Settlement Statement, which will
show all of the fees and costs associated with the transaction. We
will also review the other documentation sent by the lender and/or
prepared by this office, and answer any questions you may have. At
the conclusion of the closing, all parties will be provided with copies
of the relevant documents. When the funds have been disbursed, the
closing is final and complete.
After the real
estate closing, our law firm continues to
work on the file to ensure that all of the requirements have been
met. Buyers will be advised to file property tax returns and appropriate
homestead exemptions with the Tax Commissioner’s Office. The Bush
Law Firm will record all of the title documents in the county
land records, return the completed loan package to the lender, and
deal with other post-closing questions and issues.