Who pays closing costs?
It ‘s negotiable, but it depends on a many factors, including: market conditions, your offer price and terms of the contract.
How soon do I need to apply for a loan once the contract is accepted?
Within 3-5 days of the acceptance date.
How much earnest money should I submit with the offer?
Approximately 1-2% of the purchase price.
When can we close on the home we are purchasing?
Generally, 25-60 days after acceptance of the offer.
Should I get the property inspected?
Yes, we highly recommend it!
What if something turns up during the inspection?
You have the right to negotiate the repair or remedy, or withdraw the contract!
What’s a closing?
The closing is conducted by an attorney who transfers title from seller to buyer. You will have an opportunity to discuss all aspects of the closing in detail before the event.
What do I need to bring to the closing?
Here’s what you’ll need:
- A picture I.D for each purchaser.
- Receipt for the first year’s premium of a Home Owner’s Insurance policy.
- Additional documentation the lender may require, such as proof of sale of an existing residence, deposit verifications, proof of sale of a car, copies of tax returns.
- Certified funds for money due at closing, in accordance with Georgia law and the law firm’s policy. The closing attorney will advise the amount.
Your attorney will receive the loan package from the Lender in time to provide you with figures prior to closing. The figures are on a Settlement Statement (HUD-1). In the event your figures change before the actual closing, the attorney will probably accept a personal check for the difference at the closing table.