Real Estate

A real estate closing is the final meeting between the buyer and seller of property or real estate, overseen by an attorney. At the closing the sales transaction is completed and the title of the property transferred from the seller to the buyer. If the buyer has borrowed funds to pay for the property, the closing attorney prepares the proper paperwork on behalf of the lenders in order to secure the property as collateral for the loan.

On this page you will find information that we hope will answer questions and inform you as an intelligent buyer or seller. Immediately below is an article on buying a home. and further down a list of those items to have at a closing depending upon if you are the buyer or seller.

Our firm is affiliated with the Burt Wilkerson Law and, together we use state-of-the-art technology to assure that your closing is both timely and accurate.

Purchaser Information

Title Insurance

One of the most important decisions you will make at closing is whether or not you purchase an owner's title insurance policy. If you are borrowing money from an institutional lender, the lender will require that you purchase a lender’s title insurance policy naming your lender as the insured. Additionally, you will be offered the opportunity to purchase an insurance policy known as an owner's title policy that names you as the insured. The lenders' title insurance policy will not protect you since this policy only comes into play if the lender has foreclosed on the property.

Owner’s title insurance will insure you against problems affecting the title to your property. For example: a forged signature on a deed; errors made in recording a deed or mortgage; a deed signed by a person determined to be incompetent; a defective foreclosure; an undiscovered heir who unexpectedly re-appears; an ex-spouse who claims that a divorce was improperly settled; or unpaid liens or judgments. Although title losses occur infrequently, they do occur and may be very expensive if you are not insured. For additional information, contact our office.

Surveys
(Does not apply to a condominium unit purchase)

• Not required by all lenders, please check with your loan officer or processor about this requirement.
  If not required by a lender, a survey will be ordered only upon request from the purchaser or his/her agent
• This office recommends that a survey be done for the closing of any purchase transaction.
• Please note: if you request a survey and the closing does not take place, you will be responsible for the costs incurred (approx.$300.00). Please notify this office as soon as possible to ensure surveys can be completed prior to closing.
• For additional information, contact our office.

Funds for Closing

• Must be in the form of a cashier’s check, bank check, money order, or other certified funds; CHECK MADE PAYABLE TO ERNEST W. LEE II Attorney at Law
• Proceeds checks from a recent sale will be accepted if from a Savannah law firm escrow account
• Wires are accepted (telephone this office for instructions)
• Please feel free to contact our office for the amount of funds necessary for closing. If figures are not available prior to closing, you may bring funds in accordance with the good faith estimate provided by your loan officer or real estate agent.
• A personal check is acceptable for minor monetary differences but only up to $500.
  
  Homeowners Hazard Insurance
  (Does not apply to a condominium unit purchase)

Homeowners Hazard Insurance
(does not apply to a condominium unit purchase)

• Original policy is required for closing (insurance binders are not acceptable)
• Dwelling coverage should be for full replacement cost of your home (variations must be approved by your lender)
• Your agent should fax (to Ernest W. Lee II Attorney at Law at 912.231.2000) the declaration page of the policy prior to closing, along with paid receipt or invoice
• Please telephone this office with agent's name and telephone number for our follow up
• All borrowers on the loan documents must be a named insured on the insurance policy
• Please contact this office immediately if any changes are made to the policy after we have received the initial information (if changes are made to the policy, documents must be redrawn)

Powers of Attorney

If a seller is unavailable to attend closing, this office must approve in advance any Power of Attorney to be utilized.

Please contact this office if you would like to use a Power of Attorney as soon as possible.

The person acting as the Power of Attorney should be prepared to provide social security numbers, contact telephone numbers, and forwarding address of the seller.

• Can be utilized when one of the purchasers is unable to attend closing.
• Please contact this office if you would like to use a power of attorney for a closing.
• Must be approved by lender and closing attorney prior to closing.
  Miscellaneous Information
  If any monetary changes are made to your sales contract after your initial application, please advise this office and your lender as soon as possible.
• All purchasers signing documents at closing must present some type of picture identification.

Seller Information

Mortgage / Lien Payoff Process

• Provide this office with the loan number and customer service telephone number of any mortgage (including equity line mortgage) secured by the property
• Provide contact information for any other liens or judgments that affect the property
• If property is a condominium, provide a contact for condominium association / management company
• If property is subject to a mandatory homeowners' association, please provide a contact for homeowners association / management company
  Parties to Closing
• If seller is a not a resident of the State of Georgia, contact our office for seller gain tax information to ensure that you have time to consult an accountant
• If seller is a corporation, estate, partnership, etc., contact your closing representative to advise of name / title of individual attending closing
• If seller is a corporation, the corporation must be in good standing with Georgia Secretary of State
• If seller is a corporation, please bring corporate seal to closing
• If corporate seller is closing at Ernest W. Lee II Attorney at Law office for the first time, please provide corporate resolution
• If seller is an estate, please provide this office with information regarding the probate of any Will or administration proceeding. Contact us immediately if no action has been taken. Additional legal work may be required to transfer the property.
• If seller is a trust, please provide this office with a copy of the Trust Agreement

Powers of Attorney

• If a seller is unavailable to attend closing, this office must prove in advance any Power of Attorney to be utilized.
• Please contact this office as soon as possible if you would like to use a Power of Attorney
• The person acting as the Power of Attorney should be prepared to provide social security numbers, contact telephone numbers and forwarding addresses of the Seller

Wood Infestation Report / Termite Letter

• Original “Official Georgia Wood Infestation Report” required at closing (along with graph if property had previous infestation)
• Please fax to our office at least five days prior to closing for review
• Advise if report was paid prior to closing, or if it should be paid at closing

Miscellaneous Information

• All sellers must present some form of picture identification at closing.
• Federal identification number / social security number is required of all sellers.
• If you are required to come to closing with funds, the funds must be certified.
• If you have any questions, please give us a call at 912.231.2000.

For more information or to schedule a closing please give us a call at (912) 231-2000 or send an e-mail click here