FAQs

A closing (also called a settlement) is the final step in a real estate transaction. It typically takes place at a real estate attorney’s office where buyers, sellers, lenders, and agents meet to sign documents, transfer funds, and officially transfer ownership of the property.

Most closings are completed in about an hour. The length can vary depending on how many documents your lender requires, the number of parties present, and whether any last-minute questions arise. Because much of the preparation is done before the meeting, the actual signing process is generally efficient.

• A valid, government-issued photo ID (such as a driver’s license or passport).
• Any funds required for closing (submitted via secure wire transfer).
• Any additional documents requested by your lender or closing attorney.

Federal lending regulations require the closing attorney to verify each borrower’s identity with a valid, government-issued photo ID. If your driver’s license has expired or been lost, you will need to obtain a new ID from the Georgia Department of Driver Services or present a valid passport before closing.

McLain & Merritt makes every effort to provide the Settlement Statement to all parties prior to closing. However, because it requires final verification from both the lender and attorney, sometimes only an estimated version can be reviewed in advance.

Buyers typically sign:

• A copy of the loan application
• The Promissory Note (your agreement to repay the loan)
• The Security Deed (granting the lender a security interest in the property)
• Additional lender documents such as affidavits, escrow agreements, and disclosures

Sellers usually sign:

• The Warranty Deed (transferring ownership to the buyer)
• The Settlement Statement
• Tax forms and other standard closing documents

Buyers should wire funds at least one business day before closing using ClosingLock. This ensures the funds are received and cleared before the transaction.

Yes. If you are financing your purchase, the lender requires you to sign its documents in order for the closing to occur.

If you want your proceeds wired, provide your wire instructions through ClosingLock, our secure portal, before closing. This ensures your information is protected from wire fraud. For checks under $5,000, certified or cashier’s checks may be accepted.

Georgia’s Good Funds law requires that any amount over $5,000 brought to closing must be delivered by wire transfer. Personal checks, ACH transfers, and money orders are not permitted for these larger amounts. For payments under $5,000, we may accept a certified or cashier’s check. This law exists to protect both buyers and sellers by ensuring funds clear immediately and securely.

Title insurance is a one-time purchase at closing that protects your ownership rights to the property. It covers issues such as undisclosed liens, recording errors, or competing claims of ownership that may not appear in the initial title search. If a title dispute arises, your policy can help cover legal expenses and financial losses. Lenders require a policy to protect their interest, and we strongly recommend buyers also obtain an owner’s policy to safeguard their investment.

Mortgage balances are calculated in arrears, meaning interest accrues daily and is not reflected on your most recent statement. Your official payoff amount includes the principal balance plus accrued interest through the closing date. Lenders often add a couple of extra days of interest to allow time for processing, ensuring your account is fully satisfied without leaving a small unpaid balance.

If you have an escrow account with your lender, the remaining funds are still yours. Once the payoff is processed, your lender will return any balance to you, typically in the form of a refund check.

If you know in advance that you cannot be present, please notify us right away. In certain situations, arrangements such as a power of attorney or a mail-away closing can be coordinated. These solutions allow you to complete your transaction without unnecessary delays.

To qualify for the Georgia Homestead Exemption, you must own and occupy your home as of January 1 of the year you apply. New homeowners typically need to file between January 1 and April 1 of the year following their purchase. Filing is done through your county’s tax assessor’s office, and each county may have slightly different requirements.

A property survey is a detailed map prepared by a licensed surveyor that shows the exact boundaries of your property, the placement of improvements, and any easements. While not always mandatory, a survey is the only way to know with certainty what land and structures are included in your purchase. We strongly recommend buyers obtain one for added peace of mind.

Wire fraud is a serious risk in real estate transactions. At McLain & Merritt, we use ClosingLock, a secure portal for sharing wiring instructions, to help protect clients from cybercrime. If you suspect fraudulent activity, immediately contact your bank and our office so steps can be taken quickly to reduce potential loss.