Real Estate Sellers
Anyone who owns the property is required to attend the closing so that title can be conveyed in a proper manner. For corporate sellers, a designee must attend; however, a shareholder/board of director's resolution must be signed prior to closing stating that the corporation is selling the property and that the designee is authorized to sign on behalf of the company
What If I Cannot Attend the Closing and I Am on the Loan?
If you are unable to physically attend your closing, you must execute a specific real estate Power of Attorney granting another party the power to execute closing documents on your behalf. You will also be required to sign some affidavits prior to closing because a Power of Attorney cannot sign those documents on your behalf.
Please notify us as soon as possible so that we can prepare a proper, specific real estate Power of Attorney for you. We will need the original Power of Attorney prior to closing along with a clear copy of the signor's driver's licensing an original Power of Attorney with a copy of the absent person license and social security number. The Power of Attorney must be witnessed and notarized.
How Can I Anticipate What My Sale Proceeds Will Be at Closing?
Start with the contract purchase price and deduct the fees you are required to pay at closing, including any brokers commissions, payoff amounts for any loans secured by the property, the cost of the termite letter, any repair bills to be paid at closing, any property or other taxes you owe, the State of Georgia transfer tax fee, and any seller paid closing costs or contributions to closing costs.
How Do I Determine Whether I Need to Bring Money to the Closing and, If So, How Much I Should Bring?
In some limited cases, sellers may have to bring funds to closing. If so, you will have to wired funds from your bank (see Sellers Closing Checklist below).
If you do have to bring funds to closing, we will be able to provide you with a very close estimate of the necessary amount as soon as we receive your written payoff statements from your loan holder(s), determine the commissions you are to pay, and receive the invoices for any bills to be paid out of your sale proceeds at closing. This is usually between 24 and 4 hours before the closing - depending upon when we receive the final documentation.
At closing, if the amount you wired exceeds the amount actually required, then we will refund the excess difference. If you bring an amount less than the actual amount required, you may supplement it with an additional wire.
Sellers Pre-Closing Checklist
- Before the day your closing is scheduled, we must receive some information from you in order to prepare and obtain the necessary legal forms for your closing. We must receive some of this information well-before your closing if you wish to avoid delays and postponements.
- The Sales Contract: You will need to be sure that our office has received the most up-to-date version of your sales contract. This includes any changes to the sales price, the amount of earnest money paid, the amount of commissions to be paid, or as to any repairs to be made or paid for by you.
- Pay-Off Information: If you have a mortgage or loans on the property you are selling, our office will disburse payoffs from the sale proceeds directly to the holders of those loans. (This is because you must convey title to the property "clear" of any such encumbrances.) This includes all first mortgages, second mortgages, and any equity lines of credit. In order to do so, we must obtain a written payoff statement directly from the mortgage company or lender holding those loans. We cannot do this without certain loan information from you, and we need this information as soon as possible to avoid delays and postponements of the closing.
- We need:
o The name of the lender(s) or holder(s) of the loans;
o The lenders customer service telephone number;
o Your loan number for each loan that is secured by the property; and
o Your social security number.
o An authorization signed by you granting us authority to request payoffs of your behalf.
- Homeowners Association/Condo Association Information: If your property is located in a subdivision that is subject to a mandatory homeowners association or condo association, it is necessary that we have information to contact the associations treasurer, secretary, or billing department. We must do so to ensure that all association assessments and dues for the property are paid to the date of closing and to arrange a proper pro-rata credit back to you for any dues that you have prepaid.
Sellers Closing Checklist
What to Bring to Closing:
Why Are These Things Required?
- You and anyone named on the title to the property.
- 1 form of valid photo ID (drivers license, state identification card, passport, or military ID); and 1 additional form of valid ID. Everyone signin g a document at closing must provide a valid photo ID and an additional valid ID.
- Your new forwarding address.
- Your social security number.
- Certified funds sufficient to cover the estimated amount you need at closing and your personal checking account book just in case the estimated amount is short. (We cannot accept personal checks over $1000.00).
o Have cashiers check made out to us or you (you endorse to us at closing)
o To have funds wired to us, contact us to have wiring instructions faxed to your bank (there will be a nominal wiring fee by our bank and your bank may charge a fee)
- You and anyo ne named on the title to the property (or the designated Power of Attorney) must sign a warranty deed and other documents conveying the property to the buyer.
- IF YOU ARE UNSURE OF WHAT NAMES ARE ON TITLE TO THE PROPERTY, PLEASE CALL OUR OFFICE BEFORE THE CLOSING. WE WILL BE HAPPY TO ASSIST YOU WITH CONFIRMING THIS.
- 1 form of valid photo ID (drivers license, state identification card, passport, or military ID); and 1 additional form of valid ID. Everyone signing a document at closing must provide a valid photo ID and an additional valid ID.
o Each person signing any document at closing must provide a valid photo ID and one other valid form of ID. This requirement is for your protection; we are required to check and obtain a photocopy of your IDs to make certain that no imposter is executing documents in your name.
- Your new forwarding address
o We will need your new mailing address for several reasons. First, as the settlement agent, we are required to file tax information that includes your forwarding address regarding the sale of your property with the Internal Revenue Service. Additionally, in handling the payoffs of your mortgage loans, we often are required to provide a means to reach you. (Many lenders or vendors need to contact you regarding refunds of escrow deposits or overpaid amounts). Finally, we may need to contact you directly to follow-up on a post-closing matter.
- Your Social Security number
o We are required to file information regarding the closings we perform with the Internal Revenue Service.