Q: What does Eastern Closing Services, LLC do?
A: Eastern Closing Services, LLC is able to assist you in many ways. If you are a buyer and need assistance in closing your purchase, or you are refinancing a mortgage, we can help with the closing of the transaction. Plus, we can assist with your closing or refinancing of an investment property or business property. Need to know your title? We can do a limited or a full title search to look for mortgages, judgments, liens, etc. that affect your title. Eastern Closing Services, LLC also can issue title insurance to protect you and your property. Eastern Closing can also close private loans where an individual is lending money. Need assistance with something not mentioned, don’t hesitate to ask us. You may call us or send us an email with your questions or comments.>/p>

Q: I am buying a house, so which do I do first, get a real estate agent or find a mortgage company?
A: Actually you can do either. If you already have a mortgage company in mind, you can get from them what is called a “Prequalification Letter” saying that you are prequalified for a mortgage loan of such and such amount, subject of course to certain conditions. Take that information to a real estate agent who can then assist you in finding homes in your price range. No need to look for houses in a price range where you cannot qualify for a loan. If you know a real estate agent, go with them first and they will have several loan officers that they can recommend to you. Do you need assistance in finding either one? We can give you names and contact numbers for both.

Q: What do I need to bring to a closing?
A: If you are getting a loan to purchase or refinance your present lender, your loan officer should alert you about how much you need to bring to closing in the way of funds and any other documents or forms that your lender might need. At a minimum, be sure to bring a photo ID for each person having to sign at the closing.

Q: I am selling my property, so what do I need to bring to that closing?
A: Again, be sure to bring photo ID for each person who will be signing any deeds, etc. at the closing. If the names do not match the names on the title, then documents showing a divorce, name change, etc. need to shown to the closing entity to explain why the names on the deed do not match that on the photo ID. If you need to bring funds to the closing, check with the firm closing the transaction to find out what their requirements are for bringing funds. And bring any warranties or other documents that the contract required you to bring to the closing.

Q: Do I need an attorney at the closing?
A: It is not required in Georgia for you to have your own attorney at the closing. Whether it be for a purchase or a refinance, the closing attorney will represent the lender, if there is one. Therefore, the attorney will not represent you at the closing. It is always recommended that you have an attorney represent your interests in the transaction. If the purchase is a “cash” deal, then the attorney will generally represent the party, buyer or seller, who pays the attorney’s fee. But, always check with the closing firm to make sure prior to you going to the closing.

Q: My real estate agent explained the contract to me, so do I need an attorney to review it?
A: Nothing against real estate agents but remember, they are not attorneys. It is always advisable to have an attorney to read and review with you the real estate contract that you are about to sign. Do not sign the contract and then have an attorney review it. It is then a bit too late to correct any omissions or errors. This applies whether you are a buyer or a seller.

Q: If I need to bring money, any special requirements on that?
A: Most law firms and closing entities have a guide line as to what type of payment they will accept at a closing. Most firms require that any monies over five thousand dollars ($5,000.00) need to be wired into their escrow account. For amounts under that, check with the firm as to their guide lines.

Q: I am an investor and I need to refinance an investment property. Any difference between me and a borrower refinancing their primary residence?
A: Investor loans, although not as plentiful as in the past, still exist. The requirements for getting a new loan change very frequently, therefore engage the services of a loan officer that deals with investment properties.

Q: I am going to be out town on the day of my closing, what do I do?
A: You will need to use what is called a Power of Attorney (POA) where you appoint someone to act in your stead and execute the documents as if you were at the closing. Although most lenders do allow the use of a POA, some do not, therefore check with your loan officer to see if that is permitted. If permitted, your lender may require you to use a form approved by them so you will need to coordinate that between your lender and the closing firm. If you are a seller, you will arrange to use a POA with the closing firm. You can also have the required documents emailed or overnighted to you where you will then sign and return the executed documents to the closing firm. There will be some forms that will need to be witnessed and/or notarized so make sure you arrange to sign in front of them.

Q: I want to review my documents early. Can that be arranged?
A: Yes, it can. All you need to do is to alert your loan officer that you wish to see the documents early so that can be coordinated with your lender. Be sure to allow enough lead time. Don’t wait until the day before your closing to announce that you need the documents right now.

Q: Why don’t I need a termite letter or survey on my deal?
A: Many lenders these days do not require a wood infestation report (termite letter) or a survey of the property you are purchasing for you to get a loan. It is always highly recommended to obtain a termite letter and/or survey as part of your due diligence of the property. Not necessary in many cases but could save you many dollars in the future.

Q: Ok, I read “due diligence”. What is that?
A: Most real estate contracts have provision for the buyer to do “due diligence” on the property which could mean getting a home inspection, a termite letter, having a survey done and there are many things which can be included in due diligence. Most contracts do not specify what is due diligence but do specify a deadline by which the due diligence period ends and what happens if you the buyer find something you do not like. Read the contract carefully before you sign to make sure you understand what you are signing and what it means.

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