Title and Closing Process
There are many moving pieces in completing a real estate or mortgage transaction. Parkway Law Group brings them all together into one smooth transaction. We accomplish this by constantly evaluating our processes and training our staff. We win the game by staying ahead of it.
Below is a very brief outline of the Closing Process
- Process starts upon receipt of the contract and/or title order form
- Next is assembling all the necessary information to complete the closing
- With that, we identify other preliminary information and contact necessary parties
- A title search will be completed
- We identify any title issues (loans not paid, liens, court judgments, etc.)
- Clear any title issues preventing completion of the closing
- Issue a commitment to the lender
- Issue ICL (insured closing letter) - assurance from the title company to the lender that all lender requirements will be met by the closing attorney
- Complete loan payoffs
- Determine taxes and disburse appropriately
- Determine whether there are any outstanding water and sewer bills to be paid
- Determine homeowner association requirements with regard to outstanding balances or fees that must be paid at closing
- Obtain the closing instructions from the lender
- Prepare the closing statement and lender's closing package using all of the information obtained previously
- Close the Sale
You can easily see how complicated a closing can be and how important it is to have a partner who can manage all the moving pieces, ensuring a worry-free, successful experience.
WHAT TO BRING AND DO
All parties to transaction must attend the closing. (If a Power of Attorney is being used, it must be approved by the lender and the closing attorney in advance and you must bring the original.)
A current valid photo ID (driver's license or passport preferred).
MONEY: if you are required to bring money to a closing it must be in the following form:
- Anything else that the lender, mortgage broker, real estate agent or our office instructs you to bring. Don't forget keys, garage and gate openers and other similar items. We recommend leaving appliance instructions, etc. in plain view in the home. If the contract requires it, bring a termite letter or bond, a home warranty or other documents.
- If anything is missing or incomplete, the transaction will close in escrow if approved by the lender. This means the closing is not complete until the missing or incomplete items are satisfied in accordance with the escrow agreement.
Most closing attorneys have their favorite horror stories about owners that don't buy title insurance. We put it differently – all lenders require a lender's title insurance policy, and the title insurance companies have lost money in Georgia in some recent years (meaning that they paid more in claims and administrative costs than they collected in premiums). These two facts should tell you pretty clearly whether or not you need an owner's policy. Yes, we do have a complete title search done, but this alone does not protect you against a large number of common claims, many of which will not show up in the courthouse records.
WHO DO WE REPRESENT?
In Georgia, typically, the attorney represents the lender at closing.
At Parkway we also represent sellers in negotiating short sales with their lenders. Attorney representation in these crucial negotiations is vital. Our expertise and automated system gives our seller clients a much higher chance of success in short sale scenarios.