What actually happens at the closing?
The closing legally transfers the property from seller to buyer, according to the terms of the sales contract both parties have signed. The seller will provide clear title to the property, and the buyer will provide the funds needed to close the transaction. If the buyer is financing the purchase through a mortgage, the mortgage is also finalized. Funds are collected and distributed as necessary, and the buyer receives the property keys. Both the buyer and the seller must sign several documents to complete the property transfer. These documents are explained by the closing attorney, and each party receives copies of the documents at the conclusion of the closing.

What closing costs will I have to pay?
Buyers and sellers are free to negotiate who will be responsible for closing costs. Once an agreement is reached, it is documented in the sales contract, so each party understands their obligations well before closing. Your lender will provide an estimate of your closing costs on your Good Faith Estimate, and your exact costs will be documented on your HUD-1 at closing.

What do sellers need to bring to closings?
As a seller, you need to bring a valid driver's license. If you haven't already provided the buyer's agent with the Termite Inspection Letter, you should bring that as well. If you are a corporate seller, you should bring your Corporation Resolution, Corporate Seal, and/or Articles of Organization.

What do buyers need to bring to closings?
1. You should bring a valid driver's license.
2. Bring your cash-to-close, in the form of a cashier's check made payable to yourself. If your cash-to-close is a very large amount, we may request that the funds be wired to our office.
3. If you haven't already provided your homeowner's insurance policy to your lender, you should bring a copy.
4. In some instances, your loan officer may also require you to bring additional documentation, as requested by your lender. Be sure to check with your loan officer prior to closing.

How should I, as a buyer or borrower, bring my cash-to-close?
Secure your cash-to-close in the form of a cashier's check, made payable to yourself. This precaution protects you in the event that the check is lost or stolen. At your closing, you will endorse the check and sign-over the funds to Shuping, Morse & Ross.

What closing documents are the buyer and seller required to sign? At closing, a number of documents are required. Learn more about the Closing documents...

Why do I need a closing attorney? In the State of Georgia, real estate closings must be conducted by attorneys. Typically, the closing attorney represents the lender, who is financing the transaction for the buyer, but in some instances buyers and sellers elect to have their own legal representation.

Who schedules the closing?
Typically, the buyer's loan officer schedules the closing.

What happens after closing?
After closing, the buyer's deed and mortgage are recorded in the public records of the county in which the property is located. After recording, Shuping, Morse & Ross will forward the recorded warranty deed to the new owner and the recorded security deed (mortgage) to the lender.

Homestead Exemption

What is the homestead exemption?
The homestead exemption reduces the property tax assessment of homebuyers who actually live in the home they purchase. To qualify for this exemption, you must apply with the county in which your new home is located. Learn more about applying for the homestead exemption.

When should I apply for the homestead exemption?
Each county in Georgia has its own filing period and requirements. Consult the Tax Assessor's Office or the Tax Commissioner's Office of the county in which your home is located for more information. Learn more about applying for the homestead exemption.

Property Taxes

Is there any way to reduce my property taxes?
You may qualify for certain exemptions that will reduce your property tax assessment. Contact the Tax Assessor's Office or the Tax Commissioner's Office of the county in which your new home is located to see if you are eligible for any exemptions. If you plan to live in your new home, you'll probably qualify for the homestead exemption. Learn more about applying for the homestead exemption by clicking here.

Title Insurance

What is title insurance?
There are two principal types of title insurance. Lender's title insurance, which is mandatory, protects your mortgage lender against title claims. The one-time premium for lender's title insurance is listed on the Good Faith Estimate provided by your loan officer and on the HUD-1 at closing. Owner's title insurance is not mandatory, but it is highly recommended to protect your equity in your home against someone claiming to own your property or someone attempting to collect a judgment or lien placed on the property. It provides valuable protection, but it doesn't protect buyers against every problem.

What is a title search or title examination?
The purpose of a title search is to ensure that the seller has clear title to the property being sold. A title search or examination is a thorough investigation of all county real estate records relating to the property being sold. The search will verify that the property title has passed from owner to buyer properly, throughout the history of the property. It will also seek to verify that there are no outstanding mortgages, judgments, or liens against the property.

What are title defects?
Title defects are problems in the title record. A title search will be conducted before your closing to identify title defects, and, if any are found, they must be cleared before closing. Title insurance is recommended to protect buyers in the event that defects are discovered after closing due to errors in public records. In many counties, public records are months behind. A clear title is free of liens or defects.

What are liens?
Liens are legal claims against real estate property that may arise from judgments, tax liabilities, or claims of contractors and suppliers. If found, these liens must be addressed and cleared in order to convey clear title to the purchaser.