Congratulations! Whether this
is your first home purchase, you have bought multiple times or you are refinancing to reduce your debt, you are moving closer
to your life's goals. To help ensure that your closing goes smoothly, please familiarize yourself with the closing process
by reviewing this information. Please be prepared with the following items prior to and at the closing.
PRIOR TO THE CLOSING
Review the Closing
Disclosure or ALTA Statement- Once we have received a closing package our office will prepare a settlement statement
with the financial information and send to your agent. It is important to review this with your agent prior
to closing so you can make sure that all appropriate charges such as closing cost allowance are correct. This will
help ensure your closing occurs efficiently and finishes on time.
AT THE CLOSING
ID - A picture ID ensures that we are dealing with the right person. It is required
by the lender and helps prevent issues such as mortgage fraud. A few valid forms of ID are a state drivers license,
military ID or passport.
Any Necessary Legal Documents - Generally not required, but if you have recently married or divorced and your name is different
than it appears on title, you need to bring in documents that will reflect the correct name. If you are not sure it
is always best to call and ask us.
Certified or Wired Funds
– If you are required to bring more than $1,000.00 dollars to closing we only accept certified or wired funds.
If you have never wired monies or obtained certified funds, your bank or credit union will be able to assist you. Georgia
Law requires that a borrower bring “Good Funds” to the closing table and RAND AND ASSOCIATES, will only accept
a personal check for up to $1000.00 dollars. If you want to wire please call and we can give you instructions.
Who Should Be At The Closing - Many loans are executed
with only one spouse as borrower even though both spouses might own the property. If this is the case, check with us to
make sure that everyone shows up at closing who needs to.
Power of Attorney - If executing loan documents using a Power of Attorney, the original must be brought to closing as it must
be recorded along with the Warranty Deed. It is also important to note that the Power of Attorney must be approved by
the attorney and the lender prior to closing.
Insurance is often overlooked in the closing process, but is a requirement for closing. For a sale make sure to contact
your insurance agent and secure coverage. If you are refinancing, it is important to contact your insurance company with
the new lender's information. As always, if you are not sure or need a referral to an insurance agent, contact
us and we can help.