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Earnest Money Payments, Closing Costs & Ordering Title
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
For Georgia residential closings, we have a Closing Costs Calculator to provide an estimate of our settlement and title insurance fees.
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.
Real Estate Closing Checklists
BEFORE CLOSING
- Communicate with our office. The paralegal assigned to your closing will send you an email to complete the Buyer Information form. This provides us with critical information to complete the closing.
- Earnest Money. Timely send any earnest money due. Visit our Earnest Money Payment page.
- Copy of the contract. Unless your real estate agent has already done so, please send your assigned paralegal a copy of the fully executed contract showing Sherman & Phalen, LLC as the closing attorney.
- Signing authority. If you’re closing under a trust or corporate name, send us the documents authorizing you to purchase the property. If you are purchasing the property in the name of a trust, we will need a copy of the trust agreement or memorandum of trust. If you are purchasing the property in the name of an LLC (limited liability company) we will need a copy of the LLC operating agreement and a resolution approving the transaction.
- Stay in contact with your real estate agent. Work with your real estate agent to complete any due diligence items, arrange for a termite inspection on the property if desired, and conduct an optional final walkthrough.
- Stay in contact with your lender. Lenders often collect documentation up until the day of closing. By timely responding to your lender you can avoid delays.
- Review the Closing Disclosure (CD) sent from your lender. The CD includes information about all the costs associated with your closing and shows the amount you will need to bring to closing. Your lender should provide this document prior to closing allowing you enough time to wire any necessary funds.
- Order a survey. Ordering a survey is optional for the buyer. Let us know if you would like a referral to a local surveyor.
- Schedule your closing. Once we have the “clear to close” from your lender, our office will reach out to schedule the closing. Please let your paralegal know if you can’t attend the closing in person so that we can discuss other arrangements.
- Title insurance. Your lender will purchase a lender’s title insurance policy to protect its interest in your property. We strongly recommend you also purchase an owner’s title insurance policy to similarly protect your interest in the title to your new home.
- Arrange any required funding. We accept the following payments:
• Payments up to $2,000: Personal checks accepted at closing.
• Amounts above $2,000 and up to $5,000: Cashier’s Check issued by a local or national bank or credit union accepted. Can bring to closing.
• Amounts above $5,000: Must be paid by wire transfer.
DAY OF CLOSING
- Bring your photo identification. This is required. You can provide a driver’s license, state-issued identification card, or passport.
- Homeowners insurance. Your lender will most likely provide our office with an invoice for the purchase of insurance. If you are using a private lender they will require proof of coverage before allowing us to fund the loan. And, if you are paying cash for your home, we suggest you have insurance in place as of the day of the closing to protect your investment.
- Original POA. If you have a pre-approved Power of Attorney (POA), you must bring the original to the closing.
- Bring your checkbook. If the total balance due at closing changes from the projected amount, you may need to write a check.
AFTER CLOSING
- Maintain your paperwork. We save paper when possible and will scan you a copy of your closing paperwork unless you request a hard copy. At the closing, however, we will provide you with a copy of your settlement statement in case you need it to start utilities and will give you your owner’s title insurance policy.
- Check your mail for the deed. Our office will mail the recorded deed once it’s returned from the clerk’s office.
- Tax exemptions. Explore property tax homestead exemptions or relief programs in your state. Many states and counties offer homestead exemptions or other tax relief for owners who occupy their property as a primary residence, or for qualifying elderly or disabled homeowners. Check with your local tax assessor’s office to see if you qualify.
- Pay property taxes. Be sure to pay the property taxes when they’re due. Learn more about how taxes are prorated at closing.
BEFORE CLOSING
- Communicate with our office. The paralegal assigned to your closing will send you an email to complete the Seller Information Form. This provides us with critical information to complete the closing. We’ll also need your cooperation
to obtain payoffs for mortgages or other liens. - Special Circumstances. We’ll need additional information if:
• someone on title is deceased,
• there has been a name change or divorce, or
• the property is tenant-occupied. - HOA. Provide us with the name and contact info for any HOA or Condo Association for your property. While the contract usually requires the seller to pay for any HOA statement of account, we will help you order the letter.
- Identity Verification. Please work with our office to complete any required ID verification.
- Repair invoices. If Sherman & Phalen is required to collect funds for repair items under the contract, please deliver the invoices to us as soon as possible.
- Schedule your closing. Our office will contact you to schedule the closing. Please let your paralegal know if you can’t attend the closing in person so that we can
discuss other arrangements. - Arrange any required funding. If you’re required to bring funds to closing, we accept the following payments:
• Payments up to $2,000: Personal checks accepted at closing.
• Amounts above $2,000 to $5,000: Cashier’s Check issued by a local or national bank or credit union accepted. Can bring to closing.
• Amounts above $5,000: Must be paid by wire transfer.
DAY OF CLOSING
- Provide your banking information. If you would like a wire transfer for your proceeds, please provide us with your banking information, including: bank name, routing number, account number, and your address as shown on the account. You’ll verify your wire instructions at closing to prevent fraudulent transfers.
- Bring your photo identification. This is required! This can be a driver’s license, state-issued identification card, or passport.
- Provide your social security number. Your SSN is required so we can complete certain tax documents such as a 1099 and Affidavit of Residency.
- Original POA. If you have a pre-approved Power of Attorney, you must bring the original to the closing.
- Keys. Bring all property-related items for the new owners, such as keys, garage door opener controls, and security system codes.
AFTER CLOSING
- Cancel payments. Cancel automatic payments for your old mortgage.
- Maintain your paperwork. We save paper when possible and can scan you a copy of your closing paperwork unless you request a hard copy. At the closing, however, we will provide you with a hard copy of your settlement statement and 1099 for your taxes.
Forms
To begin the process of your For Sale by Owner Transaction, please fill out the form via the link below.
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 closing costs calculator for Georgia residential closings.
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.
What do I need to bring to closing?
See our checklists above. You can download the Buyer’s Checklist here, and the Seller’s Checklist here. Most important item is to bring your photo identification! Buyers, you’ll also need to provide proof of homeowners insurance and bring your checkbook in case there are any small adjustments to costs. Sellers, you’ll also need to know your banking info to receive seller proceeds, provide your SSN, and don’t forget the keys!
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.
1165 Northchase Pkwy SE #450 Marietta, GA 30067 | O 770-579-0109 | F 770-809-6334 | [email protected]
