Business Service Areas
Closing Costs
Understanding Closing Cost
Mortgage closing cost can be grouped into 5 categories. Lender Fees, Title Fees, Government Fees, Third-Party Fees, and Pre-paid Items.
Lender Fees:
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Origination Fee - A fee charged by a lender/broker as compensation for providing you with a mortgage loan.
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Discount Fee - "Points" you can pay to buy down an interest rate. The more points you pay, the lower the interest rate.
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Application Fee - Lenders/Brokers may charge this fee up front to offset the cost of processing your loan
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Processing Fee - a fee to cover the costs to process your loan.
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Underwriting Fee - A lender/broker fee charge to determine if the lender is willing to lend you money based on your application for a mortgage.
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Administrative Fee - Similar to the Processing Fee, this is a fee to cover the expenses of processing your loan.
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Document Preparation Fee - A fee to prepare your specific loan documents to be signed at closing.
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Courier Fee - this fee may or may not be charged by a lender/broker. It covers the cost of sending your loan documents to different parties.
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Wire Transfer Fee - This fee may or may not be charged by a lender/broker. A wire transfer is the way lenders provide your loan funds to the closing agent for disbursement to various parties.
What is a Closing Disclosure?
A Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It included the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).
Your lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. The three days also gives you time to ask your lender any questions before you go to the closing table.
Page 1: Information, terms, projected payments costs at closing
Page 2: Closing cost details including loan costs and other costs
Page 3: Cash needed to close and summary of transaction
Page 4: Additional information regarding your loan
Page 5: Loan calculations, disclosure information and contract information
Title Insurance
Title insurance is crucial for any home buyer because it protects you and the lender from the possibility that your seller doesn't -- or previous sellers didn't -- have free and clear ownership of the house and property and, therefore, can't rightfully transfer full ownership to you.
"Having no title insurance exposes transacting parties to significant risk in the event a title defect is present. Considering a homebuyer searching for the house of their dreams only to find, after closing, unpaid property taxes from the prior owner. Without title insurance, the financial burden of this claim for back taxes rest solely with the buyer. they will either pay the outstanding property taxes or risk losing the home to the taxing entity. Under the same scenario with title insurance, the coverage protects the buyer for as long as they own or have interest in the property."
Read more about Title Insurance: CLICK HERE
Unlike car, life and health insurance which protect against potential future events and is paid for with monthly or annual premiums, a title insurance policy insures against events that occurred in the past of the real estate property and the people who owned it, for a one-time premium paid at the close of the escrow.
How is a Title Insurance Created?
Darely Law Firm begins a title search. All closing documents are recorded upon escrow's instruction. When recording has been confirmed, demands are paid, funds are disbursed, and the actual title insurance policy is created.
What does Title Insurance Cover?
Title Insurance protects against claims from defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the insurance policy.
Wills
Probate & Will lawyer for Middle Georgia
A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution.
Darley Law Firm can help you create the will, update the will, and ensure that it remains in line with the specific requirements. Wills are subject to core requirements in order to be valid.
Requirements of a Will:
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Legal Age: The testator must be a minimum of 14 years old
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Testamentary Intent: You must clearly express your intention to make a particular document function as your will.
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Testamentary Capacity: The testator must be of "sound mind" and memory to create a valid will.
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Signature: You must sign your will. The signature is your attestation that this is your will and that you agree with its contents.
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Witnesses: At least two adult witnesses must sign the will in your presence.
Everyone should have a will. Whether you and your spouse have young children and want to ensure their protection in the event of your untimely death or you ware entering a second marriage and have blended family concerns to consider, it is important that you make your wishes known. By planning for the future, you can designate who receives your assets and avoid future problems or misunderstandings in your family. At the Darley Law Firm, we can help you prepare your will and ensure that your will meets all core requirements. We will meet with you individually, and together we will discuss your options and consider the best path to help you reach your goals.
Estate Planning
Estate Planning in Warner Robins & Dublin, Georgia
Your estate is made up of everything you own -- your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and after death.
At the Darley Law Firm , we can assist you to determine the best plan for you and your family, incorporate strategies and documents that address specific concerns such as providing more protection from creditors, reducing taxes, or managing eligibility for government benefits
Some Elements Involved in Estate Planning:
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Will: a legal document that expresses a person's wishes as to how their property is to be distributed at death
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Power of Attorney: Power of Attorney is the authority to act for another person in specified or all legal or financial matter
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Advanced Directive: Advanced directive is a written statement of a person's wishes regarding medical treatment, made to ensure those wishes are carried out should the person be unable to communicate them to a doctor.
Estate planning is recommended for all ages, no matter the amount of property and wealth you own. Jacob Darley at Darley Law Firm can advise strategies for Estate Planning in Warner Robins and Dublin, Georgia that work best for you and your family.
LLC Formation & Operating Agreements
Many entrepreneurs are aware they may need an LLC, but are unsure of how to navigate through the different steps necessary. We provide a streamlined service in which we complete all the necessary formation steps on your behalf as well as offer the optional service of being your new companies Registered Agent to establish further legitimate authenticity in the professional nature of your organization.
No matter the type of service your business provides, it will inevitably require contracts and operating agreements of some sort whether it be a speciality designed invoice for your clients or an agreement between employees. Our professionally trained staff can create the records and documents you need such as: Bill of Sale, Rental Agreements, Property Leases, Affidavits, Letters of Cancellation, etc.
Corporation Formation & Bylaws
Corporate bylaws are an important legal document that serve as the operating manual for a corporation. They are a set of detailed rules adopted by the board of directors after the company has been incorporated. Corporate bylaws are important to have in place because they specify the internal management structure and how the company will run. While your bylaws do not need to be filed with any government entity, it is important to note that your corporation cannot legally exists until its board of directors has formally adopted the bylaws.
At the Darley Law Firm, we will help you navigate corporation formation and composing bylaws that fit your needs.
Corporate Resolutions
Corporate resolutions are written legal documents created by a company's board of directors often in the form of board meeting minutes, although its structure and form can vary. Corporate resolutions provide a written framework as to how a board of directors can act under various circumstances and details any corporate action. These are important because they provide a paper trail of decisions made by the board and executive management team. Common corporate resolutions include the following:
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Officers that are authorized to act on behalf o the corporation
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Real estate acquisition
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Procedures for applying for loans or issuance of debt to raise capital such as corporate bonds
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How to add board members
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Executive management team changes
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Compensation for executive management including salaries, bonuses, etc.
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Changes to health benefit plans
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Procedures for purchasing major assets
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Mergers, acquisitions, joint ventures or strategic partnership agreements
Once the board of directors votes and approves the action item, the corporate resolution will serve as official documentation of the new procedure or policy.