What do I need to provide Meyer Closings, LLC with before my closing?
What do I need to bring to a closing?
How long does a closing usually last?
What documents will be signed at the closing?
What is Title Insurance?
Do I need Title Insurance?
What does Title Insurance cover?
What does Title Insurance not cover?
How much does Title Insurance cost?
What are “good funds”?
How do I wire my funds to your office?
What is a Title Search? Do I need to have one done?
Whose responsibility is it to get a termite letter/report?
If I am unable to come to the closing, can I grant someone Power of Attorney to come in my place?
What should I expect after closing?
When will I receive my Warranty Deed?
What if I lose my Warranty Deed?
How do I file Homestead Exemption? Does your office do this?
Q: What do I need to provide Meyer Closings, LLC with before my closing?
Closing requirements vary, but the following is a list of what is typically required from the Seller and Buyer.
Seller:
- Account numbers and telephone contacts for any loans or liens on the property.
- Name and social security number for each property owner.
- Information on your homeowners’ or condo association, if applicable.
- Copy of termite letter dated within 30 days of the closing date.
- List of repairs that will be paid for at closing along with receipts and/or invoices.
Buyer:
- Homeowners’ insurance information such as premium amount and copy of policy declarations page listing your mortgage lender as Mortgagee or Loss Payee. Call our office for more information.
- Name and social security number for each purchaser listed on loan and/or contract.
- Lender contact information, if applicable.
- Home warranty, if applicable.
Q: What do I need to bring to a closing?
Seller:
- A valid driver’s license, passport or state-issued photo ID.
- Good funds.
- Keys to the home, garage door opener and any other items for the buyer.
- All documents requested by Meyer Closings, LLC such as home warranty documents, homeowners’ association information, etc.
- Forwarding address and contact information to give to the buyer.
Buyer:
- A valid driver’s license, passport or state-issued photo ID.
- Good funds for amount of money needed to close.
- All documents requested by Meyer Closings, LLC or your lender.
Any person whose name appears on the loan, needs to be present at closing to sign loan documents. *If someone is unable to attend, please contact our office to see if you qualify for “Power of Attorney.”
For more information on what you can expect at your closing click here if you are the Buyer or click here if you are the Seller.
Q: How long does a closing usually last?
Most of our closings take place within an hour’s time—often less. Each closing is scheduled for an hour to allow plenty of time to carefully go through each document and answer any questions.
Q: What documents will be signed at the closing?
- Hud-1 Settlement Statement – This document includes the agreed upon purchase price, real estate commission (if applicable), all agreed upon closing costs, pro-ration property taxes, etc.
- Warranty Deed – This document transfers the title of the property to the new owner(s).
- Representation Disclosure
- Truth-In-Lending Disclosure
- Promissory Note
- Security Deed
- Waiver of Borrower’s Rights and other Riders
- Survey and/or Termite Waivers
- Escrow Account Statement
- Occupancy/Employment Affidavits
- Flood insurance, if applicable
- Borrower’s Certification and Authorization
- First Payment and/or Coupon Letter
- Seller’s Affidavit of Residence
- Seller’s Certificate of Exemption
- Owner’s Affidavit
Title insurance provides coverage to a buyer or lender against loss if a "covered defect" is found in the title to property. Examples of "covered defects" include any previous errors that might have been made in a prior deed, will, or mortgage, and liens, such as unpaid mortgages, that may give someone else a valid legal claim against your property.
Owner’s Title Insurance is an optional, but highly recommended, coverage. Please ask one of our attorneys for more information. Your lender will require you to provide a Lender’s Title Insurance Policy as part of your closing.
Q: What does Title Insurance cover?
In essence, title insurance takes a snapshot of the title to your property by means of a title exam performed at the county courthouse. Title insurance would cover errors that appear outside the snapshot of title to the property, such as an incorrect name or incorrect address listing that appear in mortgages, wills or deeds. Title insurance also provides coverage from any liens against your property, like unpaid mortgages, taxes, sewer and water assessments or any bills that were owed by a previous owner of the property. In addition, title insurance covers claims to ownership that might be made by spouses or children of a former property owner. Title insurance also covers items that may not be revealed by the title examination done at the courthouse.
Q: What does Title Insurance not cover?
There are standard exclusions which include regulations on how your property can be used, for example laws that regulate farm animals on property. Mechanic liens are also not included in your coverage. An example of such lien would be for unpaid construction or repair bills on the property.
Q: What is a Title Search? Do I need to have one done?
The Title Search is the first step in obtaining title insurance. A Title Search is a detailed examination of all historical records, deeds and tax records concerning the property you are purchasing. If you are purchasing Title Insurance, our law firm will automatically do a Title Search for you.
Q: How much does Owner's Title Insurance cost?
Owner's Title Insurance is a one-time cost that protects the buyer. Owner's Title Insurance is purchased at the time you buy the property. When amortized over the time that the average person typically owns property, Owner's Title Insurance is a relatively inexpensive way to safeguard one of your most important assets—your home. Please click here to receive a Title Insurance quote.
Georgia’s “Good Funds Law” is codified at O.C.G.A. § 44-14-13. Under Georgia’s Good Funds Law, a closing attorney may not close and fund a transaction until the attorney has “collected funds” in their escrow account. “Collected funds” means “funds deposited, finally settled and credited to the settlement agent’s escrow account.” Collected funds do not include certified or cashier’s checks.
In short, if the amount of money you are required to bring to closing is less than $5,000.00, Meyer Closings, LLC can accept a personal check for the amount you owe at closing. However, if the amount of money you are required to bring to closing is in excess of $5,000.00, you must wire transfer the funds to our law office escrow account. Meyer Closings, LLC cannot accept a certified or cashier’s check at closing. If you have any questions concerning the appropriate form of your down payment, please contact our office at 404.257.0330.
If you are selling property in another state prior to moving to Georgia, or if you are closing in Georgia at another law firm, please have the title company or closing attorney contact our office to arrange a wire transfer of your sales proceeds to our law firm escrow account.
Q: How do I wire my funds to your office?
Click here to download PDF instructions.
Q: Whose responsibility is it to get a termite letter/report?
According to the 2008 purchase contracts, the Buyer has the obligation to get a termite letter/report done for the property they are purchasing. There may be exceptions to this, but the Buyer should always check with their lender to ascertain whether the lender requires a termite letter/report.
Q: If I am unable to come to the closing, can I grant someone Power of Attorney to come in my place?
If you are unable to attend the closing, sometimes a Power of Attorney may be used in your absence. Prior approval by your mortgage lender may be required. In addition, Meyer Closings, LLC will charge a fee to prepare and record the Power of Attorney. Please contact our office to acquire the forms that must be filled out and notarized in order to grant Power of Attorney.
Q: What should I expect after closing?
Buyer:
- Your Warranty Deed will be forwarded to the county to be placed of record. Within 2-6 months you will receive the Warranty Deed in the mail at your home address.
- Your Title Policy will be given to you at closing or returned to your home address with your recorded Warranty Deed.
- In order to file for Homestead Exemption, you need to contact your county tax commissioner.
Q: When will I receive my Warranty Deed?
Your Warranty Deed is sent to the county in which you have purchased property to be filed of record. This process varies from county to county but generally takes 2-4 months. Once filing is complete, your Warranty Deed will be returned to our office where we will scan it into our state-of-the-art document imaging system for future reference. After scanning, we will send it to you via mail to your home address.
Q: What if I lose my Warranty Deed?
Meyer Closings, LLC scans each part of your closing file and keeps your file on record indefinitely. Should you misplace your Warranty Deed or other closing documents, you may contact our office at any time to have a copy emailed, mailed or faxed to you.
Q: How do I file Homestead Exemption? Does your office do this?
Our office does not file your Homestead Exemption for you. Please visit your county Homestead Exemption web site for information regarding how to file for Homestead Exemption on your taxes. A copy of your Warranty Deed and/or HUD-1 Closing Statement may be required when filing Homestead Exemption. For more information click here: Homestead Exemption County Filing.
