What documents will I be asked to sign at my real estate closing?

On Behalf of | Apr 17, 2020 | Residential Real Estate Closings

If you’ve put in an offer on a Georgia home that’s been accepted, then you may soon need to select an Augusta real estate attorney to handle your closing. That lawyer will be responsible for making sure that all documents are ready for and signed at the closing and that everything is properly filed with the local clerk of court. There are certain documents that you should expect to pass in front of you at the closing.

One of the first documents that you’ll be given to review is a Closing Disclosure. Federal law requires mortgage companies to turn this over to you at least three days before your scheduled closing date.

This form details the fees and costs that you’ll be responsible for paying at the closing. You’ll need to let your attorney know if it contains any errors. If it doesn’t, then you’ll need to move forward in setting up a wire transfer or in procuring a cashier’s check to cover the costs that you owe.

Another document that you should expect to sign at your closing is a Master Promissory Note. It contains the terms of your loan, including how long your repayment period is, the interest rate that you’re locked in at, the address where you should send mortgage payments to and details about what happens if you default on your loan. You’ve committed to repaying the mortgage loan once you’ve signed this document.

You should also expect to sign two different deeds at the closing. One of these will transfer the property ownership from the seller to you. The deed of trust will assign the mortgage to you. You essentially consent to your lender foreclosing on your home if you stop making payments for it.

Another document that you should expect to sign at the closing is an escrow disclosure statement. It details how much of your monthly mortgage payment goes to certain costs like property taxes and insurance.

You may also have to sign a declaration acknowledging the payment of property transfer taxes as well.

Many of the documents that you’ll be expected to sign at your Georgia closing are standard ones. There may be some that are unique to the area where you plan to reside though. An attorney in Augusta can let you know what you should expect to sign and advise you of the implications of doing so.