CHECKLIST FOR BUYERS:

WHAT TO EXPECT AND WHEN TO EXPECT IT

Staying informed with proper communication and timely attention to the details below are the keys to a successful closing experience. Upon full execution of the contract:

CHOOSE A TRUSTED LENDER & FULFILL LOAN REQUIREMENTS

CHOOSE HOME OWNERS INSURANCE PROVIDER

KNOW YOUR

DEADLINES

1-2 WEEKS PRIOR TO CLOSING

FOLLOW UP WITH LENDER AND CLOSING ATTORNEY

1-3 DAYS PRIOR TO CLOSING

CLOSING DAY

AFTER CLOSING

  • Provide the lender with a fully-executed contract.

  • Lock in rate and loan terms and understand time limit before terms expire.

  • Satisfy all underwriter conditions including timely return all requested items and be prepared with tax returns, pay stubs, bank statements, employment history, etc.

  • Once your application has been submitted, do not make any large purchases or apply for any new loans or credit cards. Changes to your financial situation prior to closing could delay closing and put you at risk for failing the underwriting process.

  • Don't wait. Upon selecting your provider, be sure to forward proof of coverage and invoice to the lender and closing attorney's office asap. 

  • Confirm with your agent or lender if a policy of flood insurance is required. Although a flood policy may not be required, McManamy Jackson strongly recommends obtaining a flood policy due to our geographical location on the coast.

  • When does your rate lock expire?

  • How long is your due diligence period for inspections?

  • When does the contract expire in the event there is a delay in closing?

Notify the closing attorney immediately if the following apply:

  • One or more of the buyers will not be attending the closing. Arrangements for a mail out or Power of Attorney (POA) will need to be made in advance. POA's must be approved by the lender.

  • Should your spouse not be on the loan, but you wish for them to be on the title of the property.

  • Ensure there are no outstanding items necessary for closing that could cause a delay.

  • Review your loan estimate - Be prepared to bring appropriate funds for closing if necessary.

  • Review the funding policy to ensure proper funds are obtained for closing.

Follow up with lender and closing attorney:

  • Confirm the closing package is being prepared by the lender and sent to the closing attorney.

  • Review your final Closing Disclosure.

  • Make final arrangements to obtain funds needed for closing.  See funding policy.

Perform final walk-through of property:

  • Ensure the property is in the same condition as when you went under contract.

  • Verify the completion of any repairs or items that were to be addressed during the inspection period.

Follow up with insurance agency:

  • Confirm your homeowners policy and flood, if applicable, are effective the day of closing.

What to bring to closing:​

  • Two forms of identification: (1) a government-issued ID with a photo (Driver's License, Passport, Military ID, etc. (2) no picture required (Insurance Card, Work ID, Social Security Card). Credit or debit cards cannot be accepted.

  • Certified funds or proof of wire confirmation. Also, please bring a personal checkbook in the event of any last minute changes requiring additional funds at closing.

  • If an individual is signing as Power of Attorney, that individual must bring the original POA to closing for recording.

  • Any documents required by the lender.  For example, the Settlement Statement for the sale of your last home.

Helpful tips:​

  • Arrange the transfer of house keys, gate keys, garage door openers, etc. with the seller or  agent.

  • Be sure to update mailing address with the US Postal Service, family & friends as well as financial institutions and other bills.

  • Transfer or start utilities, cable/internet services, etc. in your name to avoid disruption of services.

What to expect from McManamy Jackson Hollis:​

  • Buyers will be provided at closing with a signed copy of the Settlement Statement.

  • Fully Executed Closing Package will be sent via email or uploaded to the secure portal typically within 48 hours after closing if all conditions of the closing have been met.

  • Recorded Deeds will be provided to the parties when returned to our office from the Clerk of Court. Recording times vary by county, but typically you will receive within 4-6 weeks after closing.

File for Homestead Exemption:​

  • If the property purchased will be your primary residence, be sure to file for your Homestead Exemption.  You can visit the GA DEPARTMENT OF REVENUE website regarding Homestead Exemptions for more information and filing procedures.

Be aware of the following:

  • Monthly Payment - Although you may have a fixed rate mortgage, escrowed property taxes, homeowners insurance or mortgage insurance can adjust causing changes to your monthly payment.

  • Loan Servicing - Often times your loan will be serviced by a different bank than the one you closed with. Be sure to look out for notices that change where you send your monthly mortgage payment. Also, be sure to find the first payment letter in your closing package to ensure timely and accurate payment.

  • Marketing Scams - New buyers will often receive phone calls and mailings from companies stating they will provide a copy of recorded documents.