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Avoiding Last Minute Closing Problems
Use this checklist to avoid last minute glitches at the Closing table. |
MILLS & ASSOCIATES
| a. It must be dated within 30 days of Closing. b. No earth to wood contact can be noted if FHA loan. c. If fee is to be paid at closing let the attorney know so he can put it on the closing statement. 2. Good Funds – Georgia Good Funds Legislation requires funds to be presented at closing in excess of $5,000 to be in the form of “Certified Funds”. Make certain your Purchaser is aware of this requirement. a. Some law firms have a lower threshold, as low as $100. Check with the Closing Attorneys office. b. Certain Escrow Account funds from other lawyer’s accounts can be accepted. Check with the Closing Attorney if this is the situation. 3. Powers of Attorney. If one of the Buyer’s or Seller’s cannot attend closing, sometimes a Power of Attorney can be used. The form must meet certain requirements. Check with the closing attorney. 4. Contract Amendments. Often times an amendment to the contract changing the Purchase price is not given to the Lender and Closing Attorney. Any change to the Purchase Price must be given to the Lender well in advance of closing and the Closing attorney. 5. Insurance – The purchaser must procure Hazard Insurance in an amount not less than the loan amount. The Lender and the Closing Attorney will need the premium amount to calculate escrows. The Original Policy must be brought to closing. 6. Earnest Money – In those instances where the Earnest Money held is greater than the Holder’s share of commission, the Broker holding the Earnest Money will have to bring the balance to closing. |
ATTORNEYS AT LAW
| Mills & Associates Marietta Alpharetta Cartersville |
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