The Closing Process
WHAT IS A CLOSING?
The closing process is the final step in buying or selling real estate. Different states have varying ways of handling the closing process. In Georgia, real estate closings occur with the assistance of a real estate attorney who specializes in real estate transactions. Customarily, the closing attorney is responsible for examining the title to the property, preparing the closing loan documents, conducting the closing, recording the closing documents, issuing title insurance and dispersing the lender's and/or purchaser's funds. In a real estate transaction where a lender provides financing, the closing attorney represents only the lender. While the closing can be conducted in any number of ways, the closing attorney coordinates all parties to ensure compliance with contractual obligations generated by the Purchase and Sale Agreement, the lender's requirements and compliance with state and federal regulations.
WHO DOES WHAT?
From the seller's perspective, the closing process is usually much more straightforward than the buyer's closing process. Once all parties have accepted the Purchase and Sale Agreement, a copy of that agreement is transmitted to the designated closing attorney and the closing is scheduled.
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