Realty On Main-Sell My Alpharetta Home

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Who Chooses The Closing Attorneys When Closing A Home?

We often get the question who or how did our particular closing attorney get selected? The answer varies depending on the type of transaction. The bottom line is the client always has the right to choose a closing attorney if they so choose however it is typically to your advantage to allow either the agents or your lender to choose.

Here are some examples of different types of closings:

1. PURCHASE with NO seller paid costs:

In the event the seller is not paying any of your closing costs typically the agent(s) will select the closing attorneys. They do this as they have a well-established working relationship with the attorney and know they will get the job done. It?s a trust issue AND they know the fees will be reasonable. Since the relationship is typically long standing the attorney will work hard to make sure all is done in a timely fashion so as to maintain the relationship.

2. PURCHASE with seller paying closing costs:

In the event you?ve asked your seller to pay some or all of your closing costs it is typical that the seller would then choose the closing attorney. In this example the sellers real estate agent is who would choose the attorney not the seller themselves. Reason for this is same as #1 above. Relationship, expectations can be met, and costs are a known quantity so no surprises.

3. REFINANCE with a closing attorney:

Typically the lender will choose the closing attorney (with the clients permission of course). As a lender we typically reach out to excellent closing attorneys and negotiate a lower rate. The closing attorneys want the business and the lower rate means less costs for you the buyer. These savings can be as much as $400 per transaction.

As a consumer you have the right to choose your closing attorney. If you have a long standing relationship with an attorney just let your agent or lender know. If not we always suggest allowing us as your agent or lender give you some suggestions as we will typically know who does a great job.

To speak with a great Mortgage Company that we have great success with contact:

Max A Kallos
404-277-5884 phone
678-298-8947 fax

Recognized in ?Atlanta? Magazine as a Five Star Mortgage Professional


FHA vs. Conventional Loan…What Is The Difference And What Is Best For You?

FHA is a government insured loan (meaning the government actually backs the loan in the event of default). FHA only requires 3.5% down which is a huge plus especially for first time home buyers. Most banks will lend on FHA loans as long as credit is over 640 (some banks will go lower) and some level of credit is established.

Typically banks want to see 2-3 tradelines (credit card, car payment, student loan payment, etc) for 12 months. This shows them you?ve managed credit/debt. The rates tend to be as good or even better than conventional. The down side is with new rules as of 2013 the monthly PMI never goes away as long as you have the loan. PMI is calculated at a rate of 1.35%…so on a $100,000 loan the PMI is $1350 a year?.or $112.50 a month. That?s a big payment to add on to your mortgage.

Mortage Rates This Year Read More