What happens at closing in Georgia
Closing in Georgia happens at an attorney's office and usually takes about an hour. Here is everything that happens in it.
The days before closing
- Your lender issues the Closing Disclosure at least three business days before closing. Compare it with your Loan Estimate and ask about anything that changed.
- The closing attorney's office tells you the exact amount to bring. Confirm wiring instructions by phone — see wire fraud.
- Do the final walkthrough, usually within a day of closing.
- Set up utilities and homeowners insurance to start on closing day.
What to bring
- Valid government photo ID for every buyer signing.
- Your closing funds, wired in advance or as a certified or cashier's check — whichever the attorney's office specifies.
- Anything your lender or the attorney asked for in writing.
- Your checkbook, in case of small last-minute adjustments.
What you sign
Georgia uses a security deed, not a mortgage. You will sign a promissory note — your promise to repay — and the security deed, which conveys an interest in the property to the lender as security for the loan until you pay it off. Functionally it is what most people call a mortgage.
You'll also sign the Closing Disclosure, the settlement statement, various lender and attorney affidavits, and tax and compliance forms. The seller signs the warranty deed transferring the property to you. The attorney walks through each document; ask questions as you go.
How the money moves
Your funds and the lender's loan go into the closing attorney's escrow account. The attorney pays off the seller's loan, pays the agents, the title insurer, any taxes and other costs on the settlement statement, and sends the seller their net proceeds.
Closing is not complete until the lender's funds are released — usually the same day. Recording of the deed and security deed with the county follows.
When you get the keys
Possession follows your contract. Often you get keys at closing once funding is confirmed. If the contract gives the seller time after closing to move out, possession transfers on that date instead.
After closing
- Keep your closing package somewhere safe.
- Change the locks and garage codes.
- Apply for the homestead exemption with your county by April 1.
- Watch for your first loan statement — and for mail offering a copy of your deed for a fee. Your recorded deed is a public record you can get from the county.
Reading the settlement statement
The settlement statement and Closing Disclosure list every charge. Check that the purchase price, earnest money credit, any seller contribution and any repair credit match your contract and amendments. Property taxes are usually prorated: the seller pays for the part of the year they owned the house, the buyer for the rest, and because Georgia property taxes are typically paid at year end, that often shows up as a credit to you from the seller.
Your closing costs will include lender fees, title insurance, the closing attorney's fee, recording fees, Georgia's intangible recording tax on the loan, and prepaid items such as insurance and an escrow deposit for future taxes.
What can delay a closing
Most delays are avoided by answering every request from the lender and the attorney's office the same day it arrives.
- Lender conditions not cleared — a missing document or verification.
- A title issue that needs a release or an heir's signature.
- Closing funds not received in time.
- A Closing Disclosure change that triggers a new waiting period.
- Repairs not completed, or a problem found at the walkthrough.
- Insurance not bound.
Closing week, day by day
| When | What to do |
|---|---|
| Five to seven days out | Confirm homeowners insurance is bound and sent to the lender; schedule utilities |
| Three business days out (at least) | Receive and review the Closing Disclosure |
| Two days out | Get the final amount due; verify wiring instructions by phone |
| One day out | Send the wire, then call to confirm receipt; do the final walkthrough |
| Closing day | Bring ID; sign; wait for funding; get keys per the contract |
Questions to ask at the table
- Does every credit in my contract and amendments appear on the settlement statement?
- How were property taxes prorated, and who pays this year's bill?
- When is my first loan payment due, and where do I send it?
- What is in my escrow account, and what will it pay?
- When will the deed and security deed be recorded, and how will I get copies?
Common questions
How long does closing take in Georgia?
The signing usually takes about an hour. Funding and recording can take longer, often the same day.
What is a security deed?
The document Georgia uses instead of a mortgage. It gives the lender a security interest in the property until the loan is repaid.
Can I close remotely in Georgia?
Sometimes arrangements can be made for a buyer who can't attend. Ask the closing attorney's office early; it depends on the lender and the documents.
When can I move in?
When your contract says possession transfers — often at closing after funding, sometimes a few days later if the seller negotiated time to move.
Why am I paying into an escrow account at closing?
Most lenders collect your property taxes and homeowners insurance monthly and pay the bills for you. At closing they collect a starting balance so the account can cover the first bills when they come due. The amounts are on your Closing Disclosure, and your lender reviews the account each year.
Read next
General information for Georgia home buyers, not legal, tax or lending advice. Loan programs, rates, limits, tax rates and insurance terms are set by lenders, agencies, counties and insurers and change — confirm current figures with them, and have your closing attorney review anything you sign.