FAQs

General


Should I use a blue or black pen?

You should use a blue pen. This way, we can tell that the document is an original and not a copy.


Real Estate


Buyers
How do I make sure Klosinski Overstreet LLP is my closing attorney?

In Georgia, it is important that the buyer chooses the closing attorney. Although it is negotiated as part of the contract, as a buyer it is important that you choose your lawyer. When you apply for your loan, look through the attorney check-list and choose Klosinski Overstreet. Your mortgage broker will contact us.

How long does a closing take?

Typically, a half-hour to 45 minutes by the time all transfer and loan documents are signed. However, it can take longer, depending on the number of documents and how closely the parties wish to review them, but closings rarely exceed an hour. Once in a while a last-minute complication will crop up, but this is rare.

What do I bring to closing?

One form of identification. Either a government-issued ID such as a driver’s license or passport.

What will I have to sign?

Typical closing documents include the settlement statement, promissory note, deed to secure debt, truth-in-lending statement, occupancy affidavit, identity affidavit and tax forms. Your lender may require other documents unless you are paying with cash. We will explain all documents and answer any questions.

How much money do I need to bring to closing?

We will email or call you and let you know how much to bring once we have the final number. As soon as we receive this information from your lender, we will prepare a settlement statement that will tell you the exact amount you need to bring. The timing of the statement depends on your lender – it could happen several days in advance or just before closing. We stay in close contact with lenders, with a goal of providing your settlement statement as quickly as possible.

Can I write a personal check?

Only if your closing costs are less than $5,000. Under Georgia law, closing attorneys cannot accept checks for more than that amount. Generally, though, most lenders insist that all closing costs be certified funds drawn from the bank you list on your loan application, and most attorneys won’t accept checks for more than $500.
Any funds needed for closing in excess of $5,000 must be sent via wire transaction. We’ll be happy to instruct you on how to do that.

Why is the amount I need for closing different from my loan estimate?

The loan estimate is just that – the lender’s best thinking as to what your closing costs will be. No matter how good your lender is, though, factors in the estimate can change daily, ranging from taxes to interest rates to the amount you’ll need in escrow.
If your estimate is significantly different from your actual costs, we can help figure out the source of the difference.

Should my attorney attend closing?

You are more than welcome to have your attorney review documents prior to closing or even attend the closing. Keep in mind, though, that while the closing attorney represents the lender, he also works to the benefit of all the parties involved. Because lender’s interests are closely aligned with those of the buyer and seller, most of the time the parties do not need separate attorneys.

Do I need title insurance?

It’s not required, though it is highly recommended. Title insurance protects the buyer against financial loss should there be an issue with the title to the property. Problems can include liens and judgments recorded just before closing, mistakes by the clerk of court or even identify theft. Any of these issues can be disastrous to the new owner.

Do you accept certified checks?

We cannot accept a certified check. We do, however, accept cashier’s checks.

When will I be able to see a settlement sheet identifying net proceeds?

The settlement statement will be sent to all parties once the office has everything for it i.e., the payoff statement, HOA closing letter, commissions, invoices, etc.

We will wire the payoff the same day as the closing if we have the lender’s funds and purchaser’s funds, as well as permission to disburse from the lender.

Why can’t I find my final figure to send a wire to the office for my closing?

This often happens 1 to 3 days before closing. Unfortunately, we don’t know what the number will be until that time. If you would like, you can get an estimate from your lender. Feel free to round up that number, as sometimes the number goes up (or down) after that estimate. Any overage that is wired in will be refunded to you via check.


Sellers
What do I bring to closing?

Two forms of identification, one must be a government-issued ID such as a driver’s license or passport. If you wish to have the money wired, bring either a copy of your bank’s instructions or a voided check.

How long does a closing take?

Typically, a half-hour to 45 minutes by the time all transfer and loan documents are signed. The process can take longer, depending on the number of documents and how closely the parties wish to review them, but closings rarely exceed an hour. Once in a while a last-minute complication will crop up, but this is rare.

What documents will I have to sign?

As seller, you sign far less than the buyer. Your paperwork includes the settlement statement, the deed, tax forms and a property owner’s affidavit.

When will I receive my money?

Checks are written as soon as Klosinski Overstreet has the funds in its trust account and the lender authorizes distribution. This usually happens pretty quickly after closing, though if the ceremony is in the late afternoon the funds might not be available until the next morning.

Can you wire the money to my bank?

Certainly, just bring the bank’s wiring instructions with you. Typically, the money will be in your account one to four hours after it’s wired.

Should my attorney attend closing?

You are more than welcome to have your attorney review documents prior to closing or even attend the closing. Keep in mind, though, that while the closing attorney represents the lender, he also works to the benefit of all the parties involved. Because lender’s interests are closely aligned with those of the buyer and seller, most of the time the parties do not retain separate attorneys.

Will you close short sales?

We have closed many such sales, which occur when a lender agrees to accept less than the full amount it’s owed on the property. Be sure to let us know that your closing involves a short sale and send us the approval letter from the lender. We’ll also work with you to present the short sale from the lender.

I have a loan payment coming up. Should I make the payment now or can I wait till the closing to pay off the loan?

It is advisable to make the payment now as sometimes disbursement is delayed due to matters beyond our control; however, we will make every effort to wire the funds immediately after closing.

What happens with the balance from the escrow that is in the house account?

One of two things typically happen,

1. You will recieve the escrow back once the loan is paid off (most lender’s use this process)
2. It will be applied to the payoff amount

Give your lender your new address as they will most likely send you a check.

Is it possible to sign paperwork the day before a closing?

Yes, you can sign all of the paperwork that our office prepares the day before the closing. However, you will need to be available to sign any documents the buyer’s lender may need for you to sign on the day of closing via e-mail or appoint an attorney-in-fact to handle that part for you.


Wills & Probate


My loved one recently passed away, and I need to transfer their property. What do I need to do?

You will most likely need to file a petition with the Probate Court in the county in which your loved one was living when they passed away. Through the probate process, an executor or administrator for the estate is appointed. Once appointed, that person can legally sign documents, such as a property deed, to transfer property that belonged to the deceased. Call us to make an appointment, and we can help you with the process. These are the items you should bring to your appointment:

The original Will if your loved one had one
Death certificate
Deeds of property to be transferred or vehicle titles
A list of heirs/next of kin with their addresses