First Time Homebuyers

Purchasing your first home can be intimidating. We understand and have the experience to help! We suggest the following:

  • Our area has many excellent realtors and lenders who can help. Expect patience and a track record of success. Don’t be afraid to ask “getting-to-know-you” questions and check references.
  • Purchasing a home or land can be daunting. Our job as realtors, lenders and lawyers is to help you find your home and to reduce the stress of the property search, contract agreement, and closing procedures.
  • Our goal is to meet your expectations so don’t be afraid to say “Hey, y’all, I’m a first-time homebuyer and I want to understand what I need to do.”
  • Ask questions about everything! Check with your team and let them know you are interested in the progress. Be proactive. Below are few key terms and you can check our FAQ page.

Important Terms to Learn:

Closings require two forms of identification — one must be government issued. Government identification such as a Driver’s License or Passport, plus an additional identification such as credit card or health insurance card. Buyers, sellers, and borrowers refinancing the property all must establish proof of their identity. This is a safeguard against fraud and is a requirement of the law firm and the title insurance companies insuring the transactions.

Georgia law (O.C.G.A Section 44-14-13, the “Good Funds” law) requires all funds to be received by the closing attorney in excess of $5,000.00 be in the form of a wire transfer. For amounts in between $1,000.00 and $5,000.00, a certified check issued by a local bank will be accepted. If you have any questions regarding these requirements, please contact your realtor, lender, or us to avoid any delay in the disbursement of your closing.

Personal checks will be accepted for less than $1,000.00, at the discretion of the closing attorney. Since the vast majority of our closings require a wire transfer, the office handling your closing will send that office’s wiring instructions well in advance. If you are the buyer and arranging funds in advance of our preparation of your closing disclosures, we recommend discussing the estimated amount due at closing with your lender, then wiring that amount to us. Certified checks, if applicable, should be payable to “The Merritt Law Firm Trust Account”.

A clear title is necessary for any real estate transaction. Title companies must do a search on every title in order to check for claims or liens of any kind against them before they can be issued. Title insurance protects lenders and buyers from financial loss due to defects in a title to a property. The most common claims filed against a title are back taxes, liens, and conflicting wills. A one-time fee paid for title insurance covers pricey administrative fees for deep searches of title data to protect against claims for past occurrences.

Buyers or persons refinancing their homes: Your lender will contact your insurance company in advance of closing and request evidence of insurance with instructions for payment of the premium by fax. If you receive these originals, please bring them to closing.

We are committed to helping you with your dream of owning a home, selling your house, or refinancing your home. The normal process of buying, selling or refinancing can be stressful, and the closing is often the culmination of finalizing several expected, last-minute checklist items. A light spirit and a good sense of humor will go a long way towards making closing process feel less stressful.

Typical Closing Documents Include:

The settlement statement outlines the monetary aspects of the transaction.

The Consumer Financial Protection Bureau (CFPB) requires lenders to provide a Buyer’s Closing Disclosure to the borrower at least three business days in advance of closing. There is also a separate Seller’s Closing Disclosure, which is prepared and delivered by our law firm.

The warranty deed will transfer title from the seller to the buyer.

The Note is the lender’s agreement regarding interest rate, term, late charges, pre-payment options.

An expression of the interest rate “revised” (the APR) to reflect loan costs such as lender fees and private mortgage insurance. This form states the “APR” or the “Annual Percentage Rate” as calculated by the lender.

Lenders use these forms to collect information about social security number and to authorize them to access actual filed tax returns from the IRS under certain circumstances.

Loans often require monthly deposits to a tax and insurance escrow account. This document details the initial deposit and an estimation of the balance in the account the first year.

Each loan will have a host of lender forms relating to the specific loan product such as disclosures. There will be many general explanatory forms as well. Each lender and loan product has a slightly different set of forms.

Both buyer/borrower and seller will swear that there are no impending matters that could affect the title to the property.

Surveys, termite letters, well and septic inspections are all discussed in hold harmless documents.

CONTACT INFOMATION

The Merritt Law Firm, PC | Attorneys at Law | 155 S Main St, Madison, GA 30650
Phone: (706) 342-9668 | Fax: (706) 342-9843 | Email: ecurry@themerrittlawfirm.com
HOURS: MON-FRI: 9am – 5pm, WED: 9am – Noon

DISCLAIMER

The information contained in this website is for general information purposes only. The information is provided by The Merritt Law Firm, PC, Madison, Georgia and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose.