Aldridge Pite, LLP works diligently with all parties to the transaction to ensure the closing process is smooth and efficient. Based on the vast experience of our attorneys and staff, we proactively recognize and resolve the unique issues that arise in the closing context, including complex title issues. In each transaction we endeavor to provide comprehensive communication and timely closings. As you prepare for your closing with Aldridge Pite, LLP you may find the following information helpful. We look forward to the opportunity to work with you.
What To Bring To Closing
1. Driver’s License or other government issued photo ID as well as any other identification required by your lender.
2. Ensure proper funds have been wired to AP at least 3 hours prior to closing. Please contact our office for wiring instructions. In the event the amount you owe is less than $5,000, you have the option of bringing a certified (cashier’s or official) bank check with you to closing. If the amount you owe is less than $1,000, you are welcome to pay by personal check, business check or cash. We do not accept credit cards for funds due at closing.
3. Any documents required by your lender or mortgage broker as a condition of closing (e.g. closing statement from the sale or your prior home, your last paycheck, an original gift letter, copies of tax returns)
4. The original executed Power of Attorney for any buyer/borrower not able to attend the closing. The executed Power of Attorney must have been reviewed and approved by your lender and AP prior to closing.
5. If you are buying in the name of a trust or in a company name, we will need additional information from you. Please send us your trust agreement, operating agreement, and/or articles of incorporation for review prior to closing.
Title Insurance
Sometimes title problems are discovered that could not be found in the public records or are inadvertently missed in the title search process. To help protect you in these circumstances, it is recommended that you obtain an Owner’s Policy of Title Insurance to insure you against the most unforeseen problems.
Owner’s Title Insurance, called an Owner’s Policy, is usually issued in the amount of the sales price. It is purchased for a one-time fee at closing and lasts for as long as you or your heirs have an interest in the property. Only an Owner’s Policy protects the buyer should a covered title problem arise that was not found during the title search.
An Owner’s Policy provides assurance that your title company will stand behind you — monetarily and with legal defense if needed — if a covered title problem arises after you buy your home. The bottom line is that your title company will be there to help pay valid claims and cover the costs of defending an attack on your title. Receiving an Owner’s Policy isn’t always an automatic part of the closing process. Be sure you request an Owner’s Policy.
There are two types of owner’s policies, generally, basic versus enhanced. You may have the option of purchasing an enhanced policy. Please click here for a comparison between the coverages available with enhanced and basic policies.
Homestead Exemption Details
Generally, a homeowner is entitled to a homestead exemption on their home and land underneath provided the home was owned by the homeowner and was their legal residence as of January 1 of the taxable year. (O.C.G.A. § 48-5-40)
Application for Homestead Exemption
To be granted a homestead exemption, a person must actually occupy the home, and the home is considered their legal residence for all purposes. Persons that are away from their home because of health reasons will not be denied homestead exemption. A family member or friend can notify the tax receiver or tax commissioner and the homestead exemption will be granted. (O.C.G.A. § 48-5-40) Application for homestead exemption must be filed with the tax commissioner’s office, or in some counties the tax assessor’s office has been delegated to receive applications for homestead exemption.
A homeowner can file an application for homestead exemption for their home and land any time during the calendar year. To receive the homestead exemption for the current tax year, the homeowner must have owned the property on January 1 and filed the homestead application by the same date property tax returns are due in the county. Property tax returns are required to be filed by April 1. Homestead applications that are filed after this date will not be granted until the next calendar year. (O.C.G.A. § 48-5-45) Failure to apply by the deadline will result in loss of the exemption for that year. (O.C.G.A. § 48-5-45) Click this link for more information on when homestead applications should be filed with the county.
The home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a $2,000 exemption from state, county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The $2,000 is deducted from the 40% assessed value of the homestead.
LENDER RESOURCES
Aldridge Pite, LLP has extensive experience representing lenders of all sizes, from large institutional lenders down to small community banks. Just as every lender relationship is important to us, every closing is important to us. Each relationship and closing is managed with critical emphasis on quality and proactive communication. The vast experience of our attorneys and staff enable us to recognize and resolve timely the unique issues that arise in the closing context, including complex title issues. We look forward to the opportunity to work with you on your next closing and to that end, you may find the following information helpful.
Title
For metro-Atlanta counties, our average title examination turn-around time is typically five business days. Title examinations in non-metro counties may take longer, as may a title examination on a property with significant title issues.
Closings are normally scheduled between the hours of 9am and 5pm Monday through Friday, excluding holidays observed by our firm. Exceptions may be made for the convenience of the parties and additional fees may apply.
We are your “one stop shop” for closings anywhere in Georgia. We accomplish closings statewide through our local counsel network of experienced real estate attorneys. We function as the settlement agent and manage the entire series of events that make up the closing. We do not accomplish closings through the use of “witness only” attorneys or notary networks.
REAL ESTATE AGENT RESOURCES
Aldridge Pite, LLP recognizes the essential role that you, as the real estate agent, play in each and every real estate transaction. We also recognize that the partnership between you and the closing law firm is vital to a successful closing. We value the trust placed in us by your referral and work diligently to ensure every closing is smooth and processed timely. Our experienced attorneys and staff timely recognize and resolve the unique issues that arise in the closing context, including complex title issues. Every agent relationship is important to us just as every closing is important to us. In preparation for your next closing with Aldridge Pite, LLP, please provide the following items as far in advance of the closing date as possible. We look forward to seeing you soon at our closing table.
Listing Agent
1. Fully executed contract with all amendments and commission agreement.
2. Completed Seller Information and Authorization.
3. All invoices to be paid on the settlement statement.
4. Termite letter with paid receipt or invoice.
5. Seller specific items (e.g. power of attorney, divorce, death, non-English speaking needs)
6. Ensure seller funds are wired in advance of closing, if $5,000.00 or greater.
Selling Agent
1. Fully executed contract with all amendments and commission agreement.
2. Earnest Money confirmation – who is holding?
3. Lender information.
4. All invoices to be paid on the settlement statement.
5. Termite letter with paid receipt or invoice.
6. Homeowners Insurance Declarations page with paid receipt or invoice.
7. Survey request, if any.
8. Owner’s Title Insurance policy preference: Enhanced versus Basic?
9. If more than one buyer, how do they want to hold title: Joint Tenants with Right of Survivorship vs Tenants in Common?
10. Buyer specific items (e.g. power of attorney, non-English speaking needs)
11. Ensure proper buyer funds are received prior to or at the closing:
– Greater than $5,000 must be wired;
– Greater than $1,000 but less than $5,000 can be a Certified, Cashier’s or Official bank check;
– Less than $1,000 can be a personal check, business check or cash.
SELLER RESOURCES
Aldridge Pite, LLP works diligently with all parties to the transaction to ensure the closing process is smooth and efficient. Based on the vast experience of our attorneys and staff, we proactively recognize and resolve the unique issues that arise in the closing context, including complex title issues. In each transaction we endeavor to provide comprehensive communication and timely closings. As you prepare for your closing with Aldridge Pite, LLP you may find the following information helpful. We look forward to the opportunity to work with you.
What To Bring To Closing
1. Driver’s License or other government issued photo ID.
2. Ensure proper funds have been wired to AP at least 3 hours prior to closing. In the event the amount you owe is less than $5,000, you have the option of bringing a certified (cashier’s or official) bank check with you to closing. We do not accept credit cards for funds due at closing.
3. Any documents required by your contract (e.g. original termite inspection report, original inspection reports for well/septic)
4. The original executed Power of Attorney for any seller not able to attend the closing. The executed Power of Attorney must have been reviewed and approved by AP prior to closing.
5. If you own the property you are selling in a company or trust, we will need additional information from you. Please send your trust agreement, operating agreement, and/or articles of incorporation as far as possible prior to closing for review.
6. If you are not a Georgia resident, state tax withholding may be required at closing. Your closing attorney will review with you during the closing.
