The Closing Process

Who Comes to the Closing?

Usually, the following people will be at a residential closing:

 

  • The closing attorney

  • Your real estate agent

  • The seller's real estate agent

  • A representative from your lender

  • You the buyer!

 

If you're using owner financing, a lender representative will not be present. 

What Documents Do You Sign at a Closing?

Documents can also vary based on the lender and your situation, but they often include the following:

 

  • Closing Disclosure— This document includes all the final terms of the mortgage. It explains closing costs and whom the money goes to. Typically, mortgage lenders in Georgia send you this document a few days before the actual closing.

  • Notice of Right to Rescind— You don't receive this if you are purchasing a home. This notice applies to home equity and refinance loans, and it gives you three days to change your mind after signing the paperwork.

  • Initial Escrow Statement — This lists the charges that are going to be taken out of the escrow account during the first year. That typically includes estimated taxes and insurance premiums as well as other charges from mortgage lenders in Georgia.

  • Promissory Note— This is the formal note itself that the details of your loan such as the amount, interest rate, payment due dates, length of the term, and other relevant information.

  • Mortgage or security instrument — This document gives you an overview of your mortgage and outlines when the rights the lender has to your property.

 

In addition to these common documents, there may be other documents required by your lender or by your county.

What Happens At the End of a Closing?

Once everything has been signed, money will be wired to the respective parties and checks will be dispersed. After the attorney has finalized everything the keys will be handed over and the transaction is complete. You now own the home!

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