Buyer Seller

Buyer Information

 

Funds:

All funds due in an amount greater than $5000.00 must be wired to McCalla Raymer Leibert Pierce, LLC’s escrow account. All funds due in the amount between $500 and $5000 must be in the form of a cashier’s check made payable to McCalla Raymer Leibert Pierce, LLC or in the form of a wire transfer. All funds due in the amount less than $500 may be in the form of cash or a personal check. From time to time the final Closing Disclosure or HUD-1 (in the case of a cash purchase) may change and it would be advisable to bring your checkbook to closing.  When wiring your funds, we recommend calling our office to verify the account and routing numbers.

 

Powers of Attorney (POA):

If you cannot attend closing and would like to use a Power-of-Attorney, we will need advance notice prior to closing.  We are happy to provide a specific POA for your transaction if you can not attend in person. We can also review an existing POA to determine if it meets the requirements for a POA for a real estate transaction in the State of Georgia.  We will require a copy of the buyer’s valid driver’s license with the POA. The original POA must be delivered on or before closing. The buyer will also need to be available during the actual closing transaction in order for us to confirm that the POA has not been revoked and that the seller is alive and well at the time of the closing transaction. In the event the buyer is also obtaining a loan, the lender must agree in advance to the use of a POA and may even require use of the lender’s own POA form. Always communicate with your lender if you will not be available on the actual day of closing.

 

Mail-Away:

We can mail or e-mail the buyer’s closing documents if the buyer is unable to attend the closing in person and the buyer does not want to use a Power of Attorney. We need advance notice in order to prepare the documents and send the documents to the buyer prior to the buyer signing and final closing date. The buyer may have to execute the documents at their local attorney’s office or at a Title Company location in order to have the documents properly notarized and witnessed. If the buyer is obtaining a loan, the buyer will be required to sign the closing documents at a title company office. Please be sure to give us plenty of notice for us to find a title company location near you for the closing. We will be required to send the closing package directly to the title company for you to sign at their office.  We must have the original signed and properly witnessed and notarized documents before the closing is complete.

 

Corporations/LLCs/Trusts:

If the buyer is an entity such as a Corporation, Limited Liability Company, Trust, Partnership, etc., we will require the entity governing documents prior to closing in order to review and confirm who has the proper authority to sign for that entity to purchase the property. We may have additional requirements upon review of the entity documents. All Corporations and Limited Liability Companies must be in Good Standing in the state of formation and if operating as a foreign entity in Georgia must be in Good Standing in Georgia as well.

 

Title Insurance:

Title insurance is a form of indemnity insurance which insures against financial loss from defects in title to real property. In the majority of transactions, the lender will require Lender’s Title Insurance at the closing. The Owner’s Title Insurance policy is optional in Georgia. Please review the links below for detailed explanation of what the Owner’s Title Policy covers and why it is extremely important to consider purchasing this policy at closing.

http://www.oldrepublictitle.com/newnational/resources/primer/whyownerspolicy.asp

http://www.firstam.com/title/resources/reference-information/title-insurance-reference-articles/why-are-there-separate-title-policies-for-owners-and-lenders.html

http://www.stewart.com/en/insurance/title-insurance.html

 

 All signing parties must bring two (2) forms of valid I.D. including a driver’s license.

 

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