Avoiding Last Minute Closing Problems

Use this checklist to avoid last minute glitches at the Closing table.
MILLS & ASSOCIATES
1.  "Good Funds"– Georgia Good Funds Legislation requires funds to be
presented at closing in excess of $5,000 to be in the form of “Certified
Funds”. Please make certain your Purchaser is aware of this requirement.
a. Some law firms have a lower threshold, as low as $100. Check
with the Closing Attorneys office.
b. Certain Escrow Account funds from other lawyer’s accounts can
 be accepted. Check with the Closing Attorney if this is the
 situation.

2.  Powers of Attorney. If one of the Buyer’s or Seller’s cannot attend
closing, sometimes a Power of Attorney can be used. The form must meet
certain requirements. Always check with the lender to be sure they will
allow a power of attorney.

3.  Contract Amendments. Often  an amendment to the contract
changing the Purchase price is not given to the Lender and Closing
Attorney. Any change to the Purchase Price must be given to the Lender
well in advance of closing and to the Closing attorney as well.

4.  Insurance – The purchaser must procure Hazard Insurance in an
amount not less than the loan amount. The Lender and the Closing
Attorney will need the premium amount to calculate escrows. The Original
Policy should be brought to closing.

5.  Earnest Money – In those instances where the Earnest Money held is
greater than the Holder’s share of commission, the Broker holding the
Earnest Money will need to bring the balance to closing.
ATTORNEYS AT LAW
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