Special offer

Intown Atlanta Real Estate Buyers Guide -- Walk and Closing Day

By
Real Estate Broker/Owner with MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living 272617

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

Final Walk Through and Closing Day Intown Atlanta Real EstateDepending 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.

Closing Day!

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. If 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!

Looking for a particular article in our Intown Atlanta Real Estate Buyer's Guide? Here's the entire series!

Finding the Right Agent

Your Lender, Your Loan, Don't Lie

Desire vs. Require

Let's Go Shopping -- Looking For Your New Home

Making The Offer (The Contract)

Contingencies In The Contract

Inspections, Oh My!

Walk and Close, Oh Happy Day!

Comments (12)

Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Excellent advice for Atlanta buyers;  these are the details many buyers do not know, but need to. 

Aug 22, 2014 12:16 PM
Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

This is a great explanation of what happens at the end of another successful transaction Thom.  I'm going to tweet it out to the world if you don't mind.  

Aug 22, 2014 11:04 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The close of escrow is up there for personal rewards...Everyone should do this

Aug 22, 2014 11:48 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Great series, Thom Abbott - and each of these posts can be saved and sent to the buyers when needed. (In fact, links to the posts should be sufficient, too.)

Aug 23, 2014 02:36 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I hear Atlanta  isstill pretty bustling with culture despite the economy. What's your take on it?

Aug 23, 2014 04:31 PM
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

A good idea to have a buyer's guide!

Very helpful and informative.

Aug 23, 2014 04:34 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Anyone looking to buy a home in your area should call you to be their agent.

Aug 23, 2014 08:10 PM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Good advice dripping off this blog post.

Aug 23, 2014 11:21 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Great tips for Atlanta buyers!  If someone is buying in that area, they should definitely contact you.

Aug 23, 2014 11:38 PM
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Susan Haughton --- I've been able to send this series to many new buyers!

Amanda and Jared Christiansen, YOUR Fort Wayne Realtors -- Tweet, Tweet Tweet!

Richie Alan Naggar Author PEARLS SERIES of books ---it certainly makes me happy, and it does a Buyer and Seller too!

Praful...Indeed!

Laura: Market has cooled a bit, but still moving along. We just need some new condo construction in Midtown, but all we are getting is apartments.

Pete: Thanks!

@Gita -- Send them my way!!

Andrew...Thanks!

Kat....it would be my wish!!

 

Aug 24, 2014 12:12 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Thom Abbott great info here, it's really important for buyers to understand funding and what must be wired and when.  I hate when I'm on the selling side and a buyer whips out a checkbook at closing.  Ummm, nope.  

Aug 24, 2014 08:55 AM
Terri Poehler
Realtor - Coral Springs, FL
Coral Springs Real Estate Agent

Thom, good job on this! Very detailed and nothing left out.

Aug 27, 2014 12:26 PM