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Q: What is a closing?

A: Closing, also called the “settlement”, is the final procedure in a real estate transaction where the legal transfer of ownership and/or execution of applicable loan documents to a property is completed.

Q: What are closing costs?

A: Closing costs are charges, in addition to the sales price of the home, connected to completing the purchase or refinance transaction.

Q: What are some types of closing costs?

A: Real Estate Broker Commissions, Loan Origination Fees, Appraisal Fees, Credit Report Fees, Flood Certification Fees, Inspection Fees, Mortgage Insurance Application Fees, Attorney Fees, Title and/or Settlement Charges, Document Preparation Fees, Mortgage/Intangible Taxes, and Government Recording Fees are just some of the closing costs that you may encounter.

Q: What do I need to provide Hoffman Law, LLC with before my closing?

A: Certain transactions may call for different requirements, but please visit either the Seller Information Section or the Buyer Information Section and fill out the appropriate form and return to our office.

Q: What do I need to bring to a closing?

A: If you are a seller:

  • A valid driver’s license, passport or state-issued photo identification.
  • Good Funds. Please see the FAQ, If I am required to bring money to the closing, how do I do that? [LINK TO QUESTION DIRECTLY BELOW]
  • Keys, garage door openers, remote controls, instruction booklets, and any other items for the buyer.
  • Home warranty papers and/or termite letter, if applicable.
  • All documents requested by Hoffman Law, LLC.
  • Contact information such as forwarding address, phone number and/or email address to give to the buyer.

If you are a buyer:

  • A valid driver’s license, passport or state-issued photo identification. Certain lenders may require two forms of photo identification.
  • Good Funds. Please see the FAQ, If I am required to bring money to the closing, how do I do that? [LINK TO QUESTION DIRECTLY BELOW]

Q: If I am required to bring money to the closing, how do I do that?

A: Under Georgia law (O.C.G.A. § 44-14-13), if you are required to bring any amounts that equal $5,000.00 or more, those funds need to be in the form of a wire. This is known as the Georgia Good Funds Rule. Please contact us for wiring instructions.

For amounts that are over $1,000.00 but under $4,999.99, we will accept certified funds drawn on a United States bank.

For amounts under $1,000.00 we will accept personal checks from a United States Bank.

Hoffman Law, LLC does not accept cash for closing. Certain banking institutions may not initiate wires or may take some time to initiate wires. It is recommended that wires are initiated at least 48 hours in advance of the closing date. Please check with your banking institution to ensure that your bank issues wires and not ACH’s (automated clearing house) as this office is not able to accept any such ACH.

Q: Do I have to attend the closing?

A: Attending the closing is not mandatory, however it is strongly recommended. If you are unable to attend the closing, we can prepare a Power of Attorney (“POA”) for you. This POA must be signed in front of a notary public and an additional witness. Once the POA is properly executed, witnessed, and notarized the original POA must be received by our office prior to the closing date. Typically, lenders require approval of any POA in advance, so please let us know as soon as you can, if you need a POA.

Q: What is an escrow payment?

A: An escrow payment is the part of your mortgage payment that is set aside in order to pay for items such as real estate taxes and/or homeowners’ insurance.

Q: What is a security deed?

A: A security deed, sometimes referred to as a “deed to secure debt”, is a typical form of security instrument used in Georgia. The security deed allows the owner/borrower to keep equitable title and rights of redemption and possession, while providing the lender with a transfer of title to the property in order to secure the debt. The security deed will most likely be notarized and recorded in your county’s land records.

Q: What is a promissory note?

A: A promissory note or just “note”, is the written evidence of the debt, in which the borrower promises to pay a lender a certain amount of money under specific terms and conditions, such as an interest rate or how long the note is going to last.

Q: Do I need my own attorney to represent me at the closing?

A: If you are a buyer or seller, you always have the option of hiring an attorney to represent you before and during the closing. In Georgia, the closing attorney represents the lender to ensure the closing meets legal requirements.

Disclaimer:  This section contains general legal information only and does not contain any legal advice nor creates any attorney-client relationship.