What Happens at the Closing:
Your closing attorney will act on behalf of your mortgage 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.
- Security Deed – The deed that allows the lender to foreclose on the property if the borrower fails to repay the debt. The Security Deed 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 statement, 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.
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.
- Funds: Campbell & Brannon accepts personal, certified, and cashiers checks from borrowers for amounts up to $5,000. Any additional funds required for closing, including funds brought by the seller, must be wired. We will provide our wire instructions via a secure platform called CertifID.
- 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. The original POA is required at 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 $75.
- Mail-Outs: 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-out.
- 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 Incorporation, 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 Campbell & Brannon with all contract agreements and the commission agreement 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.
- 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.