Buying a home isn’t all open houses and picking furniture, it’s also a plethora of paperwork. Due to the financial and legal sides of real estate, the process gets daunting. Fortunately, there are closing firms, like The Hudson Law Firm, that specialize in streamlining these tasks.
If you’re currently in the market for a house in Atlanta, here’s what you should know about real estate closings.
Early Steps in Atlanta Real Estate Closings
The closing system varies by state, with some using title agents. In Atlanta, Georgia, a licensed attorney is required. Signing the final contract signifies the beginning of this process. Next, earnest money is paid by the buyer. This is a form of security deposit used in real estate to secure a purchase.
If the buyer doesn’t require financing, contracts are sent to the closing firm. If the buyer is acquiring a mortgage, the lender sends a title order to the lawyer and funds are distributed. While a closing lawyer is linked primarily to the buyer or the buyer’s lender, they are required to explain the process to both sides. Once the contract is signed, closing takes approximately one month.
Doing Due Diligence as a Buyer
Due diligence is a reasonable timeframe for research and contemplation before signing a binding contract. Property inspections often occur during the due diligence period. Types of inspections you might order include:
Pipes and septic
If problems are found during this time, the buyer may back out or request any issues be resolved. This step has the potential to tie-up Atlanta real estate closings.
Getting Property Appraised Professionally
It’s one thing to say a house is worth $400,000. It’s another thing to prove it. A property appraisal determines the market value of your home and compares it to the sale price. Sellers listing houses for more than they’re worth could lose a sale. Lenders are particularly picky about the accuracy of listing prices.
Title Search Before Closing
Before Atlanta real estate closings are complete, a lawyer must be sure the lender has first lien. To ensure this, a title search is necessary. If the search is successful, all documentation is organized for closing. This includes the drafting of a lender’s and an owner’s title insurance policy.
Closing commences when the lender sends a loan disclosure. This happens three days before closing.
After an hour of reading, signing, and showing various types of ID, the closing lawyer records the deed and writes title insurance policies. Finally, the sale is closed.
Choose Hudson Law for Atlanta Real Estate Closings
With so much to consider during closing, it’s important to choose the right closing attorney for the job. The Hudson Law Firm, LLC is experienced in Atlanta real estate closings from Glenridge and Snellville to Ponce City and Buckhead. With 18 closing locations across Atlanta, you can count on our team to streamline and simplify your transaction.
Contact us today to learn more!