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Understanding Earnest Money Payments, Title Calculators & Checklists
To save our clients both time and money we now accept earnest money payments online up to $10,000.00. There is a $15.00 service fee, and all we need is your bank information. Once you submit your payment you should receive email confirmation of your earnest money deposit. Please follow this link to our payment portal, and let us know if you need help or have any questions
MORE INFORMATION
At Sherman & Phalen, we provide more than just resources. We also provide expert advice and support to help you through your real estate transaction. Our experienced attorneys will be there to answer any questions you have and provide guidance throughout the process. With our help, you can make smart decisions about your real estate transaction and ensure that the process goes as smoothly as possible.
To better service our clients we added a Closing Cost Calculator to provide an estimate of our settlement and title insurance fees. Our application can also provide net sheets to help buyers determine how much to bring to closing or how much a sellers will receive.
Order your Georgia, Florida, Alabama, Tennessee, or South Carolina title today. Lenders, to a submit a title order, please fill out and email us your order form.
Our Easy-To-Use Client Forms
Frequently Asked Questions (FAQs)
At Sherman & Phalen, we are proud to have a team of experienced and knowledgeable real estate law experts. Real estate transactions still remain a mystery to many, but there’s no need to be left in the dark. Our real estate experts are here to help you navigate through the real estate process from start to finish. Whether you’re closing on a residential property, refinancing, or investing in commercial real estate, we have the knowledge and experience to make sure it’s done right. Get the answers you need and get one step closer to your real estate dreams today.
What is a real estate closing?
Can I get a quote?
Please give us a call and a member of our team will be glad to walk you through our fees. Or use our interactive title quote calculator for a quick estimate.
What can I expect on the day of my real estate closing?
On the day of the real estate closing, the buyer and seller will sign required documents, provide required funds, and officially transfer ownership of the property.
What are the steps to prepare for a real estate closing?
To prepare for a real estate closing, the buyer and seller should review all legal documents and be aware of any outstanding issues, such as repairs or liens on the property. The buyer should also obtain financing and ensure that all conditions of the mortgage have been met.
What happens during a real estate closing?
During a real estate closing, the buyer and seller sign required legal documents and exchange funds, and the property title is officially transferred to the buyer.
Why is a real estate closing important?
A real estate closing is important because it ensures that all parties involved in the transaction agree to the terms of the sale and that all legal requirements have been met before the transfer of ownership takes place.
Where do I find closing documents?
Please fill out the appropriate form for your transaction (scroll up on this page), and a member of our team will be happy to assist you in getting the documents you need.
What do I need to bring to closing as a BUYER?
Buyers
- Your driver’s license or equivalent photo identification
- Proof of homeowners insurance coverage showing amount due at closing or receipt if prepaid
- If your amount due at closing is greater than $5,000 you must bring certified funds (such as a cashier’s check made out to yourself)
- Your checkbook in case your total balance due at closing changes from the projected amount or for payment of optional owner’s title insurance
What do I need to bring to closing as a SELLER?
Sellers
- Your driver’s license or equivalent photo identification
- House keys, garage door opener controls, and security system codes
- Your original termite inspection report
What do I need to bring to closing as an AGENT?
Agents
- The original signed contract with all addendums
- The original termite inspection report
- Certified funds for earnest money paid in excess of commission
What do I need to bring to closing as a BUILDER?
Builders
- Survey (if available)
- Certificate of Occupancy
- Percentage of house completed as of January 1st
- Construction loan contact, account numbers, and payoff information
- Termite inspection report, cost, and responsible party
- Home warranty documentation, cost, and responsible party
Do I need Title Insurance?
There are two primary types of title insurance: lenders’ title insurance and owner’s title insurance. Typically, lenders require the lender’s title insurance in order to protect their interest in the property. Owner’s title insurance protects the purchaser’s property interest to cover losses if the title to the property is questioned. Even when a title examination is done, there are some problems with title that cannot be discovered by a title examination, and the one-time premium of the owner’s title insurance can help protect the title. To get an estimate on title insurance, click here. To learn more about owner’s title insurance, check out this blog post.
Do I need an attorney to do my closing?
This question really incorporates two questions. First, at a real estate closing, the attorney present represents the lender, not the buyer or seller. If you want an attorney to represent your interests at the closing, you are free to hire your own attorney. Second, a real estate closing in Georgia must have an attorney present. Non-attorneys are not permitted under the law to conduct closings, with an exception such as a bank employee conducting the bank’s own closing. There are some companies that have offered so-called “witness-only closings,” but those types of closings, which are not fully conducted under an attorney’s supervision, do not comply with the law.
How do I send a wire transfer?
You may be able to start the process through your online banking portal or you may need to visit a branch location and work with a Bank Representative to start the process. Contact a member of our team if you have questions about sending a wire transfer.
What is a "wire"?
A wire transfer is an electronic transfer of funds from one bank or credit union to another. Funds transferred via wire transfer are immediately available to the recipient–typically the same day you send them. Always talk with the paralegal handling your file to confirm wire instructions.
What Estate Planning services do we offer?
We can provide you with simple estate planning, advanced directives, and powers of attorney forms. We offer flat rates for these services, so contact one of our attorneys for a quote.
If you’re ready, please fill out this form to get started with Simple Estate Planning.
Real Estate Closing Checklists
PRIOR TO CLOSING
- Complete a consultation with Sherman & Phalen Team
- If you are sending Earnest Money, visit our [Earnest Money Payment] page for detailed instructions.
- Be sure to complete all tasks that are necessary, outlined in our consultation.
- Arrange for a termite inspection on the property with your real estate agent.
- Promptly comply with lender requirements to avoid delays.
- Make sure you provide Homeowners Insurance to the Lender.
- Order a survey. Ordering a survey is optional for the buyer. Let us know if you would like recommendations.
- Schedule your closing!
DAY OF CLOSING
- Photo Identification is required. This can be a driver’s license, state issued identification card or passport.
- Proof of homeowners insurance coverage showing amount due at closing or receipt if prepaid.
- If you have a pre-approved Power of Attorney (POA), you must bring the original POA to the closing.
- Complete any documents required by Lender as a condition to close.
- If your amount due at closing is greater than $5.000 you must bring certified funds (such as a cashier’s check made out to yourself)
- Your checkbook in case your total balance due at closing changes from the projected amount or for payment of optional owner’s title insurance.
PRIOR TO CLOSING
- Complete a consultation with Sherman & Phalen Team
- Be sure to complete all tasks that come up during the consultation process. This includes providing any documents and delivering all information needed to complete your closing.
- Schedule your closing.
- If any seller is unable to attend the closing, please notify our office immediately to discuss your options.
- If a Power of Attorney is needed, the Sherman & Phalen Team can prepare it.
- If anyone on the title to the property is currently going through a divorce (or has gone through a divorce previously), please contact our office. We will need to obtain specific documents in this regard.
- If anyone on the title is deceased, please contact our office to provide the appropriate documents.
- If Sherman & Phalen is required to collect for repair items, please deliver the invoices to us as soon as possible.
- Cancel any automatic debit payments for your mortgage to go into effect after the closing.
DAY OF CLOSING
- Photo Identification is required. This can be a driver’s license, state issued identification card, or passport.
- If your closing requires you to bring money to closing, we recommend arranging the wire transfer 24 hours in advance.
- For homeowner’s insurance, we need the declaration page A with paid receipt or invoice showing it will be paid at closing.
- If you have a pre-approved Power of Attorney, you must bring the original POA to the closing.
- Your original termite inspection report.
- Bring house keys, garage door opener controls, and security system codes.
AGENT CHECKLIST
PRIOR TO CLOSING
- Do If this is the first time you will be closing with our office, please schedule a consultation so we can get started.
- Provide fully executed contract along with amendments, commission agreement and instructions to the closing attorney.
- Schedule the closing.
- Assist your buyer in completing Buyer’s Information and deliver as soon as possible.
- Schedule inspection.
- Review all stipulations and contingencies, and check for expiration dates.
- Title insurance is the only way the consumer can protect themselves; please have them contact us for more information.
- Remind your client to provide adequate proof of homeowner’s insurance to our office.
- If your client would like recommendations for the survey, please let us know.
- Submit repair invoices if required by the contract.
- Submit the termite inspection report and any invoices required by the contract.
- Submit Home Warranty if required by the contract.
- Obtain written documentation of loan approval from lender.
- Schedule a final walk through and verify repair items are complete.
- Review the ALTA Settlement Statement and verify that earnest money, commission, home warranty, repair and termite inspection amounts are correct.
- Remind your client to schedule their wire for closing proceeds at least 24 hours in advance.
- Certified funds for earnest money paid in excess of commission.
SELLER'S AGENT
- Assist your seller in sending us the seller’s information as soon as possible.
- Ensure your client provides all necessary documents to obtain the mortgage payoff.
- Verify that we received Homeowner’s Association information from client.
- Review the ALTA Settlement Statement and verify that earnest money, commission, home warranty, repair and termite inspection amounts are correct.
1165 Northchase Pkwy SE #450 Marietta, GA 30067 | O 770-579-0109 | F 770-809-6334 | [email protected]
