What Is the Deal with Closings?
What is the deal with Closings?
The closing is when the buyer and seller come together to complete the sales transaction. In Georgia, closings are conducted by an attorney. At the closing, all required documents such as the deed and the mortgage documents are executed, money is exchanged, and legal title to the property passes to the buyer.
Closing day is a very important day, but it doesn’t have to be. Closings usually take about an hour, but sometimes they take longer, so plan ahead so that you can be on time and stay late if necessary. You may need to take off of work to ensure your attendance. If you are the seller and are unable to attend the closing, let your agent and the closing attorney know as soon as possible. They will have you either designate someone to sign under a power of attorney (POA), or conduct a mail away closing. Designating someone to sign under a POA is the recommended route.
Lenders do not generally allow buyers to sign using a power of attorney, except in some cases where two spouses are both on the loan, and one spouse is signing for the other. If you are the buyer, plan on being at closing.
Regardless of whether you are the buyer or seller, make sure to bring a valid (non-expired) government-issued photo ID.
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