Real 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 estate transactions.
The Bush 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 experience.
The “closing” 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 plat 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 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.
