We suggest the following:
Driver's License or Passport - Buyers, Sellers, Borrowers Refinancing the Property all must establish proof of their identity. This is a safeguard against fraud and is a requirement of the Law Firm and the Title Insurance Companies that insure the transactions.
FUNDS IN PROPER FORMAT
Georgia law (O.C.G.A Section 44-14-13, the "Good Funds" law) requires all funds to be received by the closing attorney in excess of $5,000.00 be in the form of a wire. For amounts in between $1,000.00 and $5,000.00, a certified check issed by a local bank will be accepted. If you have any questions regarding these requirements, please contact the closing department so as to avoid any delay in the disbursement of your closing. Personal checks will be accepted for less than $1,000.00, at the discretion of the closing attorney. If you need to transmit funds by wire, please contact us for wiring instructions for the appropriate office's Escrow Account. If you are arranging funds in advance of our preparation of the Settlement Statement, we recommend discussing the estimated amount due at closing with your Lender, then wiring that amount to us. Certified checks, if applicable, should be payable either to "Ganek Wright Minsk PC", or to your own name and then endorsed to us at closing.
HAZARD INSURANCE (PROPERTY INSURANCE)
Buyers or Persons refinancing their homes: We will contact your insurance company and request evidence of insurance with instructions for payment of the premium by fax. If you receive these originals please bring them to closing.
TERMITE INSPECTION LETTER
Sellers: The original termite letter (including any graph pages that may be attached) must be brought to closing. We recommend faxing those to us in advance to review to avoid delay in your closing if issues arise.
A SENSE OF HUMOR
The process of buying, selling or refinancing is very stressful and the closing is often the culmination of several last minute processes. This is normal and to be expected. A good sense of humor will go a long way.
TYPICAL CLOSING DOCUMENTS INCLUDE:
HUD 1 SETTLEMENT STATEMENT
The settlement statement outlines the monetary aspects of the transaction.
PROMISSORY NOTE AND SECURITY DEED
The Note is the Lender's agreement regarding interest rate, term, late charges, prepayment options.
TRUTH IN LENDING DISCLOSURE
An expression of the interest rate "revised" (the APR)to reflect loan costs such as Lender fees and Private mortgage insurance. This form states the "APR" or the "Annual Percentage Rate" as calculated by the lender.
IRS FORMS W-9, 4506, 8801
Lender's use these forms to collect information about social security number and to authorize them to access actual filed tax returns from the IRS under certain circumstances.
TAX AND INSURANCE ESCROW
Loans often require monthly deposits to a tax and insurance escrow account. This document details the initial deposit and an estimation of the balance in the account the first year.
MISCELLANEOUS LENDER DOCUMENTS
Each loan will have a host of Lender forms relating to the specific loan product such as disclosures. There will be many general explanatory forms as well. Each lender and loan product has a slightly different set of forms.
BORROWER AND SELLER AFFIDAVITS
Both Buyer/Borrower and Seller will swear that there are no impending matters that could affect the title to the property.
Surveys, termite letters, well and septic inspections are all discussed in hold harmless documents.
The warranty deed will transfer title from the Seller to the Buyer.