Residential Closing Process

residential closings

what happens at the closing:

Your closing attorney will certify title to you and your lender and will orchestrate the signing of numerous documents. Usually the purchaser(s) or borrower(s) will sign a:

  • Promissory Note– The “IOU” which specifies the borrowed amount, interest rate, and the time in which the debt will be repaid.
  • Mortgage – The instrument that puts the lien on the property and allows the lender to foreclose on the property if the borrower fails to repay the debt. The mortgage is recorded in the County courthouse.
  • Closing Disclosure and other lender documents.

The seller will sign a deed transferring title to the property to the purchaser. The Settlement Statement, also known as a Closing Disclosure, will provide all details of the transaction, including the amount that the purchaser/borrower needs to bring to the closing and the amount of the seller’s sale proceeds. We usually generate an ALTA statement for review. It reads easier than the Closing Disclosure. Read below for important information regarding your closing. Please note that all signing parties must bring a driver’s license and another form of photo id to the closing. 

We are required to have immediately available funds in the form of a cashier’s/certified check or a confirmed wire transfer.

  • Funds:
    We accept cashier’s checks and wires from borrowers. Our wiring instructions may be obtained over the phone at 864-370-9040. All borrower or seller wiring instructions must be brought to closing, verified, and signed in front of the supervising attorney.
  • Powers of Attorney (POA):
    We will happily prepare a Power of Attorney for any party that is unable to attend the closing. All POAs must be signed in the presence of a witness and a notary public who will affix a notary seal. We require that the document is sent to us upon completion along with a copy of the party’s driver’s license for review. The original POA is to be mailed or couriered to us prior to closing. Many lenders require the POA in advance for approval, so please let us know as soon as possible if a POA might be required. Our fee for preparing a POA is $100.00.
  • Mail-aways:
    We can mail out or email out closing papers to buyers and/or sellers who are unable to attend the closing for an additional fee. Sufficient notice is imperative in order to prepare the documents and have them returned to our office by the closing time. We also require that you send a copy of your driver’s license. Please contact our office as soon as possible if your closing will be a mail-away. Mail- aways are subject to a $100.00 fee.
  • Corporations/Companies/Trusts:
    If the title to the property is vested in the name of a corporation, company, or trust, we require a copy of all pertinent documents, including the Operating Agreement, Articles of Organization, Articles of Incorporation, Bylaws, Trust Agreement, etc., as well as tax identification numbers. These items are required in advance or we will be unable to close.
  • Agents:
    Please be sure to provide us with all contract agreements and the commission split well in advance of the closing date. If there is a Homeowner’s Association involved, please provide us with the best contact information for the HOA asap, to avoid rush fees.
  • Other Special Circumstances:
    If your closing will involve a 1031 Tax-Free Exchange or any other special circumstances, please let us know as soon as possible. If you are an out-of-state investor or a foreign seller, please also alert us as we will need to make sure we address any tax implications before the closing.




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