Closing Tips

Confirm the Accuracy of the Community Association Disclosure

With increasing frequency I have received calls from agents regarding the seller’s failure to disclose certain fees on the Community Association Disclosure (“CAD”). These calls are coming just a few days before closings as the settlement statements are distributed to the parties. Those conversations are going something like this:

The selling agent says:
“The seller stated there was no transfer or capital contribution fee.”

The listing agent says:
“The seller had no clue there was a transfer or capital contribution fee.”

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Important Questions Every Listing Agent Should Ask

As you know, there are many facets to the closing process. Some you can control and some you cannot. Many of the issues you cannot control on the selling side, however, can be well managed if addressed early. By asking some basic questions up front, a listing agent is the best person to initially identify some of these issues. While a few of the questions that should be asked are personal in nature, knowing the answers will allow you to help your seller (and the closing attorney) prepare for a smooth closing.
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I recently learned of a new scam going on and wanted to pass this on. Several clients in other parts of Georgia have fallen victim to this. First, the buyer receives an email from his/her agent or the closing attorney with the law firm’s wiring instructions. Next, someone hacks into the law firm’s or agent’s email account and sends the buyer “updated” or “corrected” wiring instructions. I’m sure you see where this is going. Please make sure that you mention to your clients that if he/she receives an email with “updated” or “corrected” wiring instructions to contact the closing attorney by phone to verify the accuracy of the wiring instructions.

On a happier note, I want to wish you and your family a happy and safe holiday weekend. Also, I want to take this opportunity to thank everyone who has allowed me and my team to be a part of your closings this year. Wishing you a busy and prosperous 2nd half of the year!

If you have any questions regarding this post or have any other questions regarding real estate closings, trusts and estates, probate and LLC formations please call me on my cell anytime at (912) 484-1996 or email me at jgerber@brannenlaw.com (even nights and weekends).

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It goes without saying that you MUST select a great closing attorney (and staff) and real estate professional when putting together your TEAM to purchase a home. Do NOT, however, take your selection (or for realtors your lender recommendations) lightly.  The fact is a great lender can make all the difference when it comes to finalizing your TEAM.

What many people do not realize is that the lender is more than the loan officer (also known as the loan originator or the person you know at the bank that is sooooo nice). While the loan officer generally is the face of the lender in many instances and plays a critical role, there are two other components to a lender that cannot be ignored – the underwriting and closing department. Below I will briefly address the role of each of the three members of the lending team that you MUST research before selecting a lender.Continue Reading