This is it! After searching, and negotiations, the day has come to complete your walk through and close on your new home or condo!
The Final Walk Through
Depending on when the Sellers move out of your new home or condo (it might also be vacant) you will want to do a Final Walk Through. Why? It may have been weeks, or even months since you were inside of the home or condo you are purchasing! If it was occupied by the Sellers, you want to make sure they did not damage anything after your home inspection or during their move out!
If you had repairs done as part of your Home Inspection, we will have looked at these prior to today to make sure they were done as agreed upon.
This is our D-Day! We will meet at the closing attorney’s office and you and I, along with the Seller and the Seller’s Agent will sign all the documents necessary for you to become the new owner! As the Buyer, if you are obtaining financing, you will have the most things to sign at the closing table. If you are a first-time buyer, I try to get you a copy of the closing documents so you can review them in advance. They are lengthy, and often times, the closing attorney does not want to review them with you. Your closing documents are a result of your “loan package” coming from your lender or mortgage broker to the closing attorney. It your lender has delayed getting everything done, it may not be possible to get a copy to you in advance of the closing.
The HUD-1 or Closing Statement
Required by law, the HUD-1 is a recap of all the monies and expenses that are part of your closing.
The HUD-1 will detail all of your expenses with regard to purchasing the home or condo. It will also show credits to you from the Seller, such as if they agreed to buy you a home warranty, or pay money towards your closing costs.
Funds Needed For Closing
Once the HUD-1 has been completed you will know the exact amount of money you have to bring to closing. You probably already had a good idea of the amount from your lender. But it can always change. In the state of Georgia, any closing funds over $5,000 have to be wired to the closing attorney. They cannot be brought, even in certified funds.
Pursuant to O.C.G.A. Section 44-14-13, funds for closing must be remitted as follows:
$1.00 – $1,000.00 = a personal check is fine (GWM policy)
$1,001.00 – $5,000.00 = wire or certified check (no personal checks allowed)
$5,000.01+ = WIRE ONLY (as required by the statute
The actual closing should not take more than an hour, but there are times when funds have not reached the closing attorney and checks to the Seller (hopefully they are making some money on the sale) and the agents for their marketing fees cannot be issued until the funds are in the closing attorney’s account.
CONGRATULATIONS on the purchase of your new Intown Atlanta home or condominium! I hope you enjoy many years in your new home!