Find Our Most Frequent Questions BelowVaughn Law Firm is committed to our clients. We are here to answer any and all of your real estate questions. We can provide information to buyers and sellers. We also provide information about refinancing.
what does the closing attorney do?
In a typical real estate transaction or loan closing, the closing attorney performs the following services:
- Researches the title to the property to verify the record owner of the property, to verify that the owner has marketable title and to identify the lienholders who will need to be paid off at closing to transfer marketable title to a buyer and to properly secure any new loan to be secured by the property.
- Obtains payoff information for existing loans and other liens.
- Obtains taxes and homeowner association dues (if any) which will need to be paid and or prorated at the time of closing.
- Provides the lender with a title commitment and other information that the lender needs to complete the loan and generate a loan package.
- Prepares a settlement statement for the lender and the Realtors to approve.
- Schedules a closing date and time to complete the transaction according to the terms of the sales contract and the lender’s closing instructions.
- Conducts a closing where the buyer (or borrower) and the seller will sign all documents necessary to complete the transaction.
- Disburses all funds in accordance with the settlement statement.
- Records deeds, deeds to secure debt, and other documents with the Clerk of the Superior Court for the County in which the property is located.
- Verifies loans and other liens which were paid off at closing are properly released.
- Returns final recorded documents to the buyer and lender.
Can I select which lawyer I want to handle my closing?
What do I need to bring to closing?
- A government-issued photo ID. We are required to verify your identity at the time of closing. A valid driver’s license or passport are acceptable forms of identification, as long as it includes a photograph.
- Certified Funds and Checkbook. Whether you are the buyer or the seller, items sometime arise at the last minute, and you may need to write a check. For example, there may be a recording fee that we had not anticipated, an agreed fee that was not provided to our office, or a last minute repair that is added to the final settlement statement.
- Any items required by the Lender. Your lender may instruct you to bring certain documents to closing to be returned to the lender with your signed loan package.
How long will the closing last?
What is a HUD-1 or a settlement statement?
what is a closing disclosure?
what name will be on the deed?
What is the difference between general warranty deed and limited warranty deed?
The seller will convey title to the buyer by a deed. There are various types of deeds, but the most common type of deed used in a residential real estate transaction is the warranty deed. The type of deed the seller will provide is a matter of contract. A general warranty deed contains warranties of title from the seller to the buyer, that the seller is seized and possessed of a good and marketable title, and will defend the title against all claims.
A limited warranty deed limits the warranties of a good and marketable title to those persons claiming by and through the seller. For most people, this will make no difference. The buyer gets the same rights to a property under a limited warranty deed as they would under a general warranty deed. However, limited warranty deeds do limit the seller’s exposure to liability for claims against the title. For that reason, now more than ever, buyers will need an owner’s title insurance policy.