Buyers’ Frequently Asked Questions

How do I initially contact the Real Estate Department of Klosinski Overstreet, LLP?

The best way to initiate contact is to call and talk with our real estate closer, Amy Eller. If you prefer you can email her at aeller@klosinski.com. If your questions require attorney consultation, she can arrange an in-office consult or a telephone conference with one of our attorneys.

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 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?

Two forms of identification. One must be 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?

As soon as we receive the 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.