Q: Why can’t I pay with a check or money order?
A: Under the Georgia “Good Funds” law, closing attorneys cannot accept funds over $5,000 in any form other than a wire transfer. Please note that an ACH is not a wire transfer. For amounts under $5,000, Campbell & Brannon can accept a Cashier’s, Certified, and Personal Check.
Q: What is Title Insurance and why do I need it?
A: Title insurance is an insurance policy protecting your ownership rights to your property. It is a one-time payment made at the time of closing and the policy protects you from financial loss should your ownership rights be compromised. The policy also covers the legal fees to defend your title in court. For more information about title insurance, click here
Q: Why is my loan payoff more than the amount listed on my most recent loan statement?
A: Mortgages are paid in arrears, which means your monthly statement reflects the payments made for the previous month. Your payoff amount will include the principal balance shown on your loan statement plus any interest accrued during the month in which closing occurs. Campbell & Brannon also accounts for an additional 2 business days’ of interest after closing to provide your lender processing time and ensure no additional interest is owed after closing.
Q: I have an escrow account with my lender. What happens with the money in escrow after my loan is paid off?
A: The money in your escrow account is yours! Once your lender receives and processes the payoff, your lender will send you a check for the amount currently in your escrow account.
Q: How long will my closing take?
A: Campbell & Brannon knows how time consuming moving can be and we strive to make the closing process as quick and enjoyable as possible. While no two closings are alike, most closings at C&B take an hour or less.
Q: What if my driver’s license is lost or expired and I don’t have a passport?
A: Lenders require that closing attorneys verify the identity of borrowers, which requires the provision of a government issued photo ID. If your license is lost or expired, you will need to contact the Georgia Department of Driver’s Services immediately to obtain a new or updated license.
Q: I am going to be out of the country at the time of closing. What do I do?
A: Lenders generally require that all parties be present at the time of closing. However, we understand that the unexpected can occur. If you will not be able to come to closing, please notify us immediately so that we can help find a solution and prevent any possible delays.
Q: How and when should I file for my Homestead Exemption?
A: To qualify for the Homestead Exemption, you must own the property as of January 1st of the year in which you are seeking the exemption. This means new home owners will want to file for the exemption between January 1st and April 1st in the year immediately following their purchase. Visit your county’s website for instructions on how to file as each county’s process is slightly different. For more in depth information on filing for homestead, click here.
Q: What is a survey and should I get one?
A: A survey is a certified map of your property from a licensed surveyor. The survey will provide the boundaries of your property, the exact location of the home and any improvements on the property, and the existence and location of any easements. Campbell & Brannon highly recommends that if you are purchasing a home, you obtain a survey, since it is the only surefire way to know exactly what it is you are purchasing.
Q: What do I do if I think I have been the victim of wire fraud?
A: If you think you have been the victim of wire fraud, you will want to act fast. Campbell & Brannon has created a Wire Fraud Immediate Action Plan so that you can quickly take the appropriate steps to report the fraud and hopefully retrieve your funds.