What should I bring with me to closing?
Buyer’s/Borrower’s Checklist
- Identification – two forms of identification, one ID must be a State issued driver’s license or other government issued identification
- Original Powers-of-Attorney to be used at closing*
- Checkbook to pay for items not included in estimates given prior to closing
- Collected funds for any monies due in the form of a bank check, cashiers check, certified check, money order or wire
- Original homeowner’s insurance policy with paid receipt showing coverage fulfilling lender requirements (without a paid receipt the premium will be collected at closing)
- Other original documents required by lender (e.g., proof of previous sale; pay stubs; gift letter)
- Invoices to be paid at closing**
Seller’s Checklist
- Identification – two forms of identification, one ID must be a State issued driver’s license or other government issued identification
- Original Powers-of-Attorney to be used at closing*
- Collected funds for any monies due in the form of a bank check, cashiers check, certified check, money order or wire
- Original title insurance policy
- Home Warranty, if applicable, with paid receipt (without a paid receipt, the fee will be collected at closing) and warranty provider contact information
- Invoices to be paid at closing**
- Original termite letter, if applicable, with paid receipt (without a paid receipt, the fee will be collected at closing)
- Social security number
- Forwarding address and new phone number
- House keys, garage door openers, and owner’s manuals for appliances
* Please Note: Powers-of-Attorney must be pre-approved by title company, lender and attorney.
** Please Note: Invoices must be pre-approved by lender.
How will I know how much money to bring to closing?
Your real estate agent or loan officer should contact you a day or two before closing with a preliminary HUD-1 showing the amount of monies likely to be due at closing. Please bring certified funds in the amount showing due. If a preliminary HUD-1 is unavailable, then you should bring the amount showing due on your Good Faith Estimate given to you during the loan process. If so, please bring certified funds in the amount showing due on the Good Faith Estimate.
Who should I make the certified funds payable to?
You may either make the certified funds payable to yourself or payable to “Attridge & Associates, LLC.”
What happens if I bring too much money or not enough money?
If you bring too much money (i) for a purchase, you will receive the difference at closing in the form of an attorney’s IOLTA escrow check and (ii) for a refinance, you will receive the difference in the form of an attorney’s IOLTA escrow check after the rescission via the U.S Postal service or other pre-arranged method (e.g., wire, pick-up check).
Can I write a personal check for the funds needed to close?
Attridge & Associates, LLC, LLC, will accept a person check for closing settlement fees in an amount not to exceed one thousand dollars ($1000.00).
What documents will I have to sign at closing?
Buyers/Borrowers
HUD-1 Settlement Statement: sets out all the receipts and disbursements made by, on behalf of, or to the Buyer and Seller in the transaction
Promissory Note: provides the material terms of the loan, including interest rate, term, maturity date, principal, grace period, late penalty, and pre-payment penalty
Mortgage: will be in the form of a Security Deed or Deed to Secure Debt, securing the property as collateral for the loan
Affidavits: If applicable, Buyer will execute sworn statements relating to:
- current employment and/or income
- name variations or “aliases”
- occupancy of the property
- existence or non-existence of secondary financing
- truth and accuracy of all information supplied to lender
- any other matters specific to this particular transaction
Acknowledgements: If applicable, Buyer will execute the following acknowledgements:
- Acknowledgement that the Closing Attorney represents the lender
- Acknowledgement that the property is or is not located within a flood zone
- Acknowledgement of receipt and review of termite letter
- Acknowledgement of survey or survey waiver
- Acknowledgement that a default in payment of the loan could result in foreclosure
Disclosures: If applicable, Buyer will execute the following disclosures:
- Disclosure of the annual percentage rate (APR) as reflected on the Truth-in-Lending Disclosure (TIL)
- Disclosure regarding lender’s history of transferring and selling loans
- Disclosure of projected escrow account activity for the forthcoming year
IRS Form W-9: verifies the borrower’s social security number for the reporting of payment of interest to the Internal Revenue Service
IRS Forms 4506 and/or 8821: authorizes the lender to obtain information from the Internal Revenue Service in order to verify information on the Loan Application
Loan Application: also known as Form 1003, it reflects assets, income, debts, and other pertinent information used by the lender to qualify the borrower for the loan
First Payment Letter: shows the total monthly payment amount, date of first payment, and information regarding where to remit payment
Sellers
HUD-1 Settlement Statement: sets out all the receipts and disbursements made by, on behalf of, or to the Buyer and Seller in the transaction
Deed of Conveyance: Seller will execute either a Warranty Deed, Limited Warranty Deed, or Quit-Claim Deed, when conveying title to the Buyer
Affidavits: Seller will execute sworn statements relating to:
- clear title, ownership, liens, bankruptcies, etc.
- residency
- duty to report sale to the Internal Revenue Service
- any other matters specific to this particular transaction
Should I have my own attorney represent me at closing?
In the State of Georgia, the closing attorney represents the lender. The work performed by the closing attorney on behalf of the lender is the essential work the Buyer/Borrower and Seller also seek to accomplish. Thus, most Buyers/Borrowers and Sellers rely on the competence and professionalism of lender’s closing attorney in performing the closing, in lieu of retaining their own lawyers. With that said, Buyer/Borrowers and Sellers always have the option of hiring their own attorney to represent them during the closing.
How long will the closing last?
Generally, the closing will take about an hour. Depending upon the specific circumstances, it could be a little shorter or a lot longer.
What do I do if I have another question?
Please feel free to contact us.