The Closing
So you survived the showings, the comments, the contracts and due diligence. You made repairs, packed up all your stuff and the moving truck is off to wherever it is you are going next. Now comes the finale… the Closing.
Your Agent should notify you of the date and place of the closing and should, in most cases, accompany you to the closing table to complete their job as your representative as you sign all documents and to answer any questions that can arise.
In Georgia, the closing is the realm of the Closing Attorney. Remember, in most cases, the Closing Attorney is the representative of the Lender. In a cash deal with no lender involved, the Buyer can opt to hire one to handle all the details in which case, the attorney represents the Buyer. While a Seller is allowed to have their own attorney, it really seems like a moot point and I’ve never yet seen a Seller actually hire their own attorney. All the negotiations and potentially contentious stuff has already happened. This closing is really just the final formality. No boxing gloves necessary.
As the Seller, the attorney will review with you the HUD Settlement Statement which explains where all the money is coming from and where all the money is going.
If you have any mortgage obligations, the attorney will have a check made out for the balance of your loan and will overnight or transfer the funds to your mortgage lender.
Any difference will be made out to you in the form of a check, minus extraneous costs for real estate fees, overnight fees, prorated taxes, prorated HOA dues if any, and any other fees for which you may be responsible.
You will sign several copies of the HUD Settlement statement, affidavits, deeds of transfer etc. and receive a copy along with your check.
The rest of the closing is predominantly for the Buyers as they review and sign the statement along with all the documents related to their loan. Have any keys to your home (and don’t forget the garage door openers!) ready to pass over to the new owners at the end of this transaction.
Unless the transaction is being completed by mail – which is the case with many closings in our market due to the high percentage of out of town buyers and sellers, the closing traditionally occurs in the closing attorney’s office with both parties present. Since most of the closing concerns the Buyer and their loan, you can always opt to close separately, coming in after the Buyers so that the funds can be dispersed and leaving the keys with your agent to forward to the new buyers. This is a good option for those with limited time — or in the case of a contentious transaction where there may have been bad feelings between the two parties. It’s up to you – just know you have a choice and that things don’t have to be a certain way, just because.
Congratulations, you’ve sold your home!
This is a generic scenario. Each transaction in real estate is different with it’s own levels of complications and drama. This is why I can’t stress enough the importance of having a licensed professional on your side to ensure everything goes smoothly with minimal risk and stress to you.
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