Congratulations! You’ve navigated the competitive housing market, secured a loan, and are now on the verge of becoming a homeowner. The final step is the real estate closing, also known as settlement. While it can feel overwhelming, understanding what to expect can help ensure a smooth and stress-free process. This guide provides an overview of the key steps to a Georgia and South Carolina home closing. 

The Closing Disclosure (CD)

About three business days before your closing date, your lender is required to provide you with the Closing Disclosure. This document details all the final costs of the transaction. It’s crucial to review the CD carefully and compare it to the Loan Estimate you received when you first applied for the loan. Look for any discrepancies in the loan terms, interest rate, and fees. This is your chance to address any issues before closing day.

The Final Walk Through

A day or two before the closing, you’ll have the opportunity to conduct a final walk-through of the property. This is to ensure the home is in the condition you agreed to when you signed the contract. Verify that all requested repairs have been made and that no new damage has occurred. If you find any issues, your real estate agent can help you address them with the seller before the closing. 

Signing the Documents

This is the moment of truth! On closing day, you will meet with all the key parties, including the closing attorney, your real estate agent, and sometimes the seller’s representatives. You’ll sign a stack of legal documents that officially transfer ownership of the property. The most important documents you’ll sign include: 

• The Promissory Note: Your promise to repay the mortgage loan. 
• The Mortgage or Deed of Trust: The legal document that secures the property as collateral for the loan. 
• The Deed: The document that transfers legal ownership from the seller to you. 
• The Closing Statement: A summary of all the financial transactions. 

The closing attorney’s role is to ensure all documents are correct and legally binding. They will explain each document to you before you sign. 

Funding and Recording the Deed

After all the documents are signed, the lender will “fund” the loan, transferring the money to the seller. The closing attorney’s office will then send the deed and mortgage to the local county courthouse to be recorded. Once this is complete, the keys are all yours!  

The real estate closing process is a significant legal event. Having an experienced legal team on your side can make all the difference. The real estate attorneys at Weiner Shearouse Weitz Greenberg & Shawe, LLP, have decades of experience assisting homebuyers and sellers in Georgia and South Carolina with residential and commercial transactions. Contact us today to learn how we can help you with your next real estate closing. 

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Contact us for advice regarding your individual situation.