Post-Closing Practices

We know this busy season of real estate can be hectic, but it's never bad idea to take a moment to look back at some basics. 

We recently went back over the closing process, but what happens after the papers are signed and the keys have been exchanged? 

The work doesn't stop there, so here's a synopsis of what happens post-closing, including what we handle after you've signed, and what you should do too! 

Our job

• Disbursement - Many checks are often disbursed at the closing table, but any wires and checks not given out at closing will be distributed afterward. The closer will get the file back and review it to ensure all documents have been properly executed in compliance with the bank's requirements, and checks will be mailed out to the appropriate location and wires will be sent out by the closing attorney. 

• Deeds and Recording - The warranty deed is signed at closing and shows that a clear title has passed from the seller to the buyer. A security deed is signed when a mortgage loan is taken out in Georgia, and shows the terms of the loan and places a lien on the property until the mortgage is paid. Both of these deeds must be recorded with the Clerk of Superior Court in the respective county where the property was sold to show the transfer of ownership.After closing, our post closer will review the deeds and check the legal descriptions for accuracy before sending them to the clerk's office with checks for recording fees. Once received, the clerk will stamp the original and record a copy of the documents in the public records/deed books. The stamped and recorded original is returned to our office. The buyer will receive a copy of the stamped warranty deed for their records, and a copy of the stamped security deed will be sent to the lender. 

• Documentation - Part of the post-closing process is sending documents from closing to various parties involved in the closing. This can include homeowner's associations that need a copy of the warranty deed, to agents who need copies of the closing disclosure. We will ensure that all parties receive the necessary documents they need to record your closing. 

What you can do

• Little Red Book - At closing, you will receive one of our famous red booklets, a staple of Perrie & Associates. This book is all of the documents you signed at closing, condensed down into 8.5 x 11. Keep this book! It is so important for you to keep your closing package in a safe place. It's great to have for your records in case anything may come up. If it does, you've got all your information and all the terms of your closing right there at your fingertips.
  
• Check the mail - As we noted above, you will be receiving some documents or checks through the mail after closing. Don't forget to be on the lookout for this paperwork - and be sure to check your bank account if you will be receiving a wire.
  
• Homestead Exemption - In the new year following your closing, it will be time to think about taxes. From January through April, home buyers who purchased a property in the last year can apply from a homestead tax exemption.
  A homestead exemption is a reduction on the homeowner's property taxes, and the amount of the deduction is determined from the assessed value of the home. To qualify, homeowners need to apply with their county tax office. Each county has a different deadline between January and April, so be sure to check with your tax office on when to apply. 

We pride ourselves in continuing to a source of support for everyone who has closed with us. We maintain secure, electronic copies of all documents related to every file we have closed to date. For any questions regarding post closing, please email postclosing@perrielaw.com, or ask for our post closing department.