At the end of the process when buying a house – after the appraisal, the inspections, negotiations, offers and counter-offers, and haggling over concessions – comes the final step: closing. It’s the final hurdle to overcome before you get the keys to your new home. It pays to have some foreknowledge so that you’ll be prepared for what you’ll encounter at closing. Here, then, are 5 things you can expect at the closing table when buying a house in Atlanta.
1. Several People Present
One thing many people are not prepared for at closing when buying a house in Atlanta is the number of people who will be present. There will, of course, be you (and co-borrower of co-signer if applicable) and the seller(s) along, and there will be others. At a minimum, you can expect to see at the closing table the following . . .
- Seller’s agent
- Title-company representative
- Attorneys (typically yours and your lender’s)
- Closing agent
- Your lender’s agent (often, but not always)
Depending on the state, closing will usually take place at the title company or the closing attorney’s office. Typically, the buyer has the right to choose the closing attorney who acts in the interest of the buyer. If you’d like to learn more about who to expect at the closing table, contact a Atlanta agent at (404) 977-5054.
2. A Lot of Documents to Deal With
When buying a house, you can also expect a lot of documents to deal with and sign at closing. As with the mortgage process, closing involves many different documents to tie everything up and make it all legal. So you can expect to spend a big chunk of your closing day reviewing and signing quite a few documents.
These documents include . . .
- The deed (to transfer ownership of the property)
- Bill of sale
- Tax-transfer declaration
- A mortgage note (basically a promissory note)
- The mortgage agreement (which posits the property as collateral)
- Loan application (to be reviewed for accuracy)
- Loan estimate and closing disclosure
You need to be familiar with and understand these documents before you sign any of them, so it’s a good idea to review them before closing day. You can consult a [market-city] agent at (404) 977-5054 if you need help going through the documents.
3. Things You’re Required to Bring
In addition, you can expect to be required to bring some things with you to closing. When buying a house in Atlanta, then, be prepared to bring, at a minimum, the following to the closing table . . .
- A cashier’s check (or document confirming wire transfer of the funds) to cover closing costs
- Proof of homeowners insurance
- Copies of any documents/paperwork you have received during the period from contract to closing
4. Closing Costs to Be Paid
And, as indicated just above, you can expect to pay closing costs (usually 2% to 5% of the amount of the mortgage loan), an inevitable part of buying a house. The typical breakdown of closing costs is as follows . . .
- Origination fee
- Underwriting fee
- Credit-report fee
- Appraisal fee
- Title-search fee
- Recording fee
- Transfer taxes
5. Unexpected Problems
You can also expect the unexpected both during the process of buying a house and at closing. Things can and often will go wrong, so be prepared.
For example, one (or more) of the parties required for closing may get stuck in traffic on the way. A requisite document may be missing, or one or more of the documents may contain errors. The point is to be prepared and allow plenty of time for the closing process.
Be Prepared for Closing When Buying a House
Probably the best way to be prepared for closing is by working with an experienced Atlanta agent. A good agent can help you navigate the whole and make sure it goes off without a hitch. If you’d like to make closing go smoothly when buying a house in Atlanta, contact us today at (404) 977-5054.