Warner Robins, GA and Dublin, GA Real Estate Attorney Darley

Real Estate Services

Real Estate Closing Attorney

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A real estate closing takes place to transfer the title or Deed to the property from the current Seller(s) to the new buyers(s). Having a real estate lawyer and closing attorney on your side is essential to expedite and streamline the process. 

Things that occur during real estate closing:

  • The Buyer(s) delivers the funds for the purchase price and closing costs or the balance of their down payment and the amount of closing costs in the form of a certified check or through their banking institution, a wire transfer to the attorney's office.

  • The Seller(s) execute a Deed containing the legal description of the property which delivers title to the property to the new owner(s)/Buyers(s).

After the Closing:

  • The real estate attorney sends the Deed to be recorded in the County Courthouse where the property is located within the State.

  • The attorney will complete the file by disbursing the funds remaining to send checks to the vendors listed on the HUD/Closing Statement.

  • Should any matter remain, the attorney's office will compete the necessary documents to correct any issues. 

  • The attorney sends the Deed to be recorded in the records of the County Courthouse where the property is located within the State. 

  • The recorded Deed and other documents will be forwarded to the appropriate parties. 

 

Mortgage Loan Closings Costs

Understanding Closing Cost

You will need a trusted lawyer to help guide you through the home loan process. Real estate closing attorney Jacob Darley will help you understand everything about mortgage closing costs. Mortgage loan closings can be grouped into 5 categories.  Lender Fees, Title Fees, Government Fees, Third-Party Fees, and Pre-paid Items. 

Lender Fees:

  • Origination Fee - A fee charged by a lender/broker as compensation for providing you with a mortgage loan. 

  • Discount Fee - "Points" you can pay to buy down an interest rate.  The more points you pay, the lower the interest rate.

  • Application Fee - Lenders/Brokers may charge this fee up front to offset the cost of processing your loan

  • Processing Fee - a fee to cover the costs to process your loan.

  • 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. 

  • Administrative Fee - Similar to the Processing Fee, this is a fee to cover the expenses of processing your loan. 

  • Document Preparation Fee - A fee to prepare your specific loan documents to be signed at closing. 

  • 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. 

  • 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 closings 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 loan closings. 

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

 

Mortgage Refinance 

What is Mortgage Refinance?

Mortgage refinance is when a homeowner takes out a new loan to pay off the original loan.  Homeowners do this for several reasons: to take advantage of lower interest rates, reduce monthly payment, change the loan term or to cash out part of the equity.  

How does Refinancing a Mortgage work?

Refinance attorney Jacob Darley can help you understand the ins and outs of refinancing a mortgage.  The process is similar to when the homeowner first applies for a loan.  Begin by comparing interest rates and terms with different lenders in relation to your current loan and decide if the cost/benefit of refinancing would be more favorable to you.  Be mindful of any prepayment penalties and additional closing costs.  

Various Mortgage Refinancing Options:

Rate-and-Term Refinance Loan - The goal of a rate-and-term refinance loan is to change the loan term, interest rate or, in some cases, both without any changes to the amount of the loan.  If the goal is to save money on monthly payments or switch from an adjustable rate to a fixed rate, this option is best. 

 

Cash-Out Refinance Loan - This loan involves cashing-out a portion of your home's equity.  This option will result in a higher loan amount with the difference equal to the amount that was cashed out. Be mindful, this could result in a higher monthly payment and interest rate. 

Cash-In Refinance Loan - This loan involves the homeowner bringing additional money to the table thereby lowering the new mortgage balance.  This option is to be considered when the homeowner wants a lower interest rate, is interested in getting rid of mortgage insurance or if the borrower is underwater on the mortgage.

 

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?

 

Warner Robins, Georgia real estate attorney Jacob Darley will 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.