Dewrell Sacks, LLP - Atlanta Real Estate Lawyers & Attorneys

Dewrell Sacks closes over 250 Atlanta real estate transactions per month, $360 million annually.

We are approved counsel for virtually every major lender in the Southeastern United States.

Our transactions are fast, efficient and trouble free. Our goal is total client satisfaction.

We are conveniently located near Interstate 285 & Northlake Mall area in Northeast Atlanta.

Order Title Online. Immediate title order receipt generated. 48-72/hr turn around time.

Forms and Links:

Buyers Checklist
Sellers Checklist
The Closing Process

BUYERS CHECKLIST:

The following checklist should help make the closing of your new home smooth:

1. Homeowner’s Insurance: Your new mortgage lender will require that the first year of your homeowner’s insurance policy be paid by the time of closing. You can either pay your agent directly prior to closing or we can collect the amount at the time of closing. If you pay for the policy prior to closing, please bring a copy of the paid receipt with you to closing. In either case, you will need to bring the declarations page for your policy to your closing. Your insurance agent will let you know what you should bring.

2. Funds to close: You will need to bring a certified check with you for your funds to close. Georgia law prohibits us from accepting a personal check for over $5,000. We recommend that you have the certified check made payable to yourself. You can endorse it over to us at the closing. You may contact our office prior to closing to determine the amount you should bring. If we have not completed the calculations, your lender should have prepared a good faith estimate that you can use to get your certified check. If you bring too much money, we will gladly refund the difference. If you don’t have enough, you can write us a personal check, so long as it doesn’t exceed $5,000. Don’t forget to bring your checkbook, just in case. You can also have your funds wired into our escrow account. If you wish to do this, please contact our office so that we can send you wiring instructions. Wires do not pass through the Federal Reserve system immediately, so please try to have the wire sent one day prior to closing to ensure that it is here in time.

3. Identification: Please bring your driver’s license or other government issued photo identification with you.

4. Underwriting conditions: Your lender will let you know if you need to bring any underwriting conditions to closing. These would include: copy of the closing statement showing you sold your current home, W-2 statements, check stubs, gift letters, etc. Receipt of one of these types of items may be a condition for closing your loan, so check with your loan officer to be sure.

5. Powers of Attorney: If one of the parties to the transaction cannot attend the closing, please call our office to discuss the options available. The most common one is to appoint someone as Power of Attorney to sign on their behalf. If you already have a Power of Attorney drawn up, please fax it to our office prior to closing so that we can approve the format. If necessary, we will be more than happy to draw one up for you.

6. Purchase and Sale Agreement: Please bring a complete copy of the Purchase and Sale Agreement with all addendums attached. If you are using a real estate agent, they should have an extra copy to bring with them. If you have made a late change to the agreement, (i.e. Sellers agree to reduce the price in lieu of making requested repairs) please let our office know. We want to be sure we have all the correct information in our file prior to your closing.

7. Utilities: Don’t forget to have the utilities turned on in your name.

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SELLERS CHECKLIST:

The following checklist should help make the closing of your home smooth:

1. Identification: Please bring your driver’s license or other government issued photo identification with you. If you are selling in the name of a corporation, please bring your corporate seal and a corporate resolution authorizing you to sell the property.

2. Inspection Reports: Please bring the original termite inspection report to closing. The termite inspection should be dated no more than 30 days prior to the closing date. Also, let us know if you have already paid for this report, or if you want us to pay for it out of your proceeds. If any other inspections were required, such as septic or well inspections, please bring those reports as well.

3. Powers of Attorney: If one of the parties to the transaction cannot attend the closing, please call our office to discuss the options available. The most common one is to appoint someone as Power of Attorney to sign on their behalf. If you already have a Power of Attorney drawn up, please fax it to our office prior to closing so that we can approve the format. If necessary, we will be more than happy to draw one up for you.

4. Forwarding Information: Please bring your forwarding address and phone number in case we need to reach you after the closing.

5. Title Issues: If the property has been part of any court proceedings, (i.e. divorce, bankruptcy, probate) please let us know immediately. There may be additional legal work to be done before you can transfer the property.

6. House keys: If your buyer is taking possession on the closing day, don’t forget to bring any keys and garage door openers you may have.

7. Utilities: Don’t forget to have the utilities taken out of your name.

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THE CLOSING PROCESS:

As you will find out, there are several persons working behind the scenes to ensure your transaction closes on its scheduled date and time. Not only are your lender and real estate agent working diligently for the closing, the Closing Attorney and his or her staff of professionals is hard at work on the final stage of the process: preparing the closing. The goal of the Closing Attorney is to make the process of closing on your home a smooth, friendly and professional experience.

Your lender or real estate agent will call to schedule the closing with the Closing Attorney at a time and date agreed upon by the parties involved. The Closing Attorney will assign the file to the Pre-Closer who works with the agents, lender, buyer and seller in obtaining the information required to get the file to the closing table. The Pre-Closer will order taxes, title and a survey, if needed, on the file. Several information-gathering tools are utilized to determine if there are any outstanding loans, homeowners dues, repairs to collect for, a home warranty, or other information needed by the Closing Attorney to prepare the Settlement Statement. The Pre-Closer will contact the buyer to obtain the Hazard Insurance information. The Seller will be contacted to find out whom the payoffs are with and who performed the termite inspection. Once the title is back and all issues resolved, the lender will prepare a closing package for delivery to our office.

Once the Closing Attorney receives the lender's Closing Instructions and/or their Closing Package, the entire file is sent to the Closing Department for the Closing Secretary to begin preparing the Settlement Statement, the package and other documents required to close the transaction. The Closing Secretary will prepare the Settlement Statement based upon the lender's loan instructions, the terms of the contract, real estate agents' commissions, and any other relevant information needed to provide a concise and accurate Settlement Statement for the parties. Once this is completed and reviewed by the Closing Attorney, it will be sent to the Lender for review and approval. Upon approval, each party will be forwarded a copy of the Settlement Statement. Keep in mind all Settlement Statements are technically considered Drafts and not final until Closing as last minute changes do occur, e.g. collecting of Homeowners Dues or additional taxes for the escrow account.

At closing, the Closing Attorney will collect the original Hazard Insurance binder and paid receipt from the buyer; the original termite letter and bill from the seller; and any other documents needed. All Closing Attorneys require photo identification for their file from both the buyer and seller. Next, the Closing Attorney will explain the documents requiring your signature starting with the Settlement Statement then the loan documents: Promissory Note, Security Deed, Loan Application, etc.

There may be as many as 50 pages to sign at closing depending on the type of loan. The seller will then execute the Warranty Deed and other documents required by the Closing Attorney. All documents must be executed by the buyer and seller as directed by the Closing Attorney to insure uniformity and consistency in execution. Funds will be collected from the buyer and checks will be disbursed. The average closing lasts approximately one hour, but can take a few minutes longer if the buyer is taking out a first and second mortgage. If you are refinancing, the loan will not fund until after the rescission period expires. The rescission period varies from three to seven days, depending on the lender. Refinance transactions generally disburse 14 days after closing.

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