Welcome to our blog!

View our webpage at http://chalkerclosing.com/

Welcome all. This is the first post to our all new blog. We're settling in here at our new offices at 3550 Busbee Parkway, Suite 100, Kennesaw, Ga, 30144. Our new offices are beautiful. Come by the Kennesaw location and take a look. Free cokes to the first 100 realtors, mortgage bankers, mortgage brokers, home buyers or home sellers. Mention that you heard Chalker & Chalker has the lowest closing fees in metro Atlanta real estate law. We still have a Woodstock/Towne Lake closing location offering the same great fees.

FIRM HISTORY:
Chalker & Chalker is comprised of the father and son closing attorney team of Ken Chalker, Sr. and Ken Chalker, Jr. Ken Chalker, Sr. was admitted to the practice of law in 1966. For over 42 years he has been practicing real estate law in the Cobb, Cherokee, Fulton, Bartow, Gwinnett and Dekalb County markets. He may very well be the most experienced real estate attorney practicing in Georgia today. He began as an associate with Cochran, Camp & Snipes in Smyrna, Georgia. He later moved his office to the square in Marietta, Georgia before moving to Roswell Road around 1985. He recently relocated to Busbee Parkway in Kennesaw, Georgia. As an interesting note his uncle, L.C. Chalker, was mayor of Kennesaw in the 40s. Shiloh Methodist Church at Wade Green Road was founded by the Chalker family. Chalker Elementary School off Bells Ferry Road is named after L.C. Chalker who was also an early educator in Kennesaw. His great grandfather was injured in the civil war at the battle of Kennesaw Mountain. Ken Chalker Sr's. roots run deep in the Cobb County and metro Atlanta region.

Ken Chalker, Jr, was born in Fulton County and his family moved to Smyrna when he was six months old. He was educated in the Cobb County public schools and played youth sports in Smyrna where he was a Smyrna Roadrunner. Ken Jr. attended the University of Georgia while Herschel Walker was a student and witnessed some great UGA football while he was there. He graduated from Mercer Law School, cum laude in 1988 and immediately began practing law with his dad in Marietta. In 1990 he relocated his practice to Woodstock where he eventually opened two offices on Highway 92 and Towne Lake Parkway. In 1999 he sold the firm to three other attorneys who renamed the company Kane, Thomas, and Brown.

Ken, Jr. briefly established a practice in Rome, Georgia in 1999 but quickly decided that Marietta and Woodstock were two dear to leave. He quickly reestablished a Towne Lake office which was recently closed to merge the Marietta and Woodstock offices into the Kennesaw office which is roughly located between the other two locations.

Together Ken Chalker, Sr. and Ken Chalker, Jr. offer over 60 years and thousands of real estate transactions of experience. We are one of the ten oldest real estate closing firms in metro Atlanta.

OUR BUSINESS PHILSOPHY- LOW FEES AND EXCEPTIONAL SERVICE

In December of last year, to deal with an overall business slowdown in the Atlanta market) we began offering lower priced closings than almost every closing attorney in metro Atlanta. (Please visit our fee schedule at kenlchalkersr.com). Many of the larger closing firms have dramatically increased fees to make up for the slowdown. In addition, most of these firms have fee sharing arrangements with major real estate companies, mortgage companies and/or builders so that they are paying referral fees in many cases to the real estate companies. In other cases they are paying very high rental rates to the realtors or mortgage companies to maintain offices in their buildings. Anytime a realtor asks you to sign a controlled business arrangement disclosure this should be a giant red flag that by using these services you are paying much more than you have to. As the consumer you have an absolute right to choose a closing agent who will provide great service and discount closing fees.

While our fees are lower than most firms, our customer service is far superior to most. With many of the larger firms you encounter an attitude that they are doing you a favor by closing your transaction. If you want to speak to an attorney, forget it. At our firm my cell phone is printed on my business card. You can speak to me at almost any time. We strive to turn around title orders within 48 hours of receipt. Our paralegals are knowledgeable and friendly. We never forget that you are the reason we are here, not an interruption to our busy schedule.

This is the first post on the blog and I will strive to update and expand it with useful and important information.
Check back here for news and updates about our firm!

Ken Chalker, Jr. - Attorney

Chalker & Chalker Real Estate Attorneys

Communities Served.

1. Cobb County
2. Cherokee County
3. Bartow County
4. Gordon County
5. Gilmer County
6. Fulton County
7. Dekalb County
8. Paulding County
9. Gwinnett County
10. Atlanta
11. Marietta
12. Smyrna
13. Kennesaw
14. Canton
15. Woodstock
16. Holly Springs
17. Ball ground
18. Dallas
19. Hiram
20. Decatur
21. Roswell
22. Alpharetta
23. Cartersville
24. Emerson
25. Acworth
26. Jasper
27. Ellijay
28. Adairsville
29. Lawrenceville

Our main focus is on the Cherokee County and Cobb County, Georgia real estate closing markets.

MANY OTHER AREAS SERVED CALL FOR MORE INFORMATIONS

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CURRENT MARKET CONDITIONS

I read in this week's AJC that mortgage orders were down 61% from February. I can believe it. This is the worst market I have seen in over 20 years of doing this. We will survive as a firm due to our low fees, I can not imagine how the big dollar firms are staying around. For the indefinite future I will taking on a limited number of litigation matters. My prediction is that the real estate market is at least one year away from turning around.

Answers to Frequently asked Questions

(Q) I closed in June and it is now October. I just received a tax bill from the Cherokee County Tax Commissioner. Do I owe this bill?

(A) Yes you do. Near the end of every year we receive many calls asking why do I owe the county taxes for the entire year? At closing we pro-rate taxes based usually on the prior year's tax amount. The seller gives the buyer a credit for their pro-rated share of taxes through that date. For example if the prior years tax bill was $2000.00 and the loan closed on June 1 (exactly 1/2 year), the buyer would receive a credit on the front of the settlement statement for $1000.00. In essence the seller has paid the buyer $1000.00 up-front and then the buyer becomes responsible for the taxes.

If the taxes were to increase from the prior year there is a statement on the third page of the settlement statement that allows the buyer to request more money from the seller for their share of the taxes. For instance, taking the example above, if the actual taxes for the year in which the closing took place turned out to be $3000.00 then the seller should have paid the buyer $1,500.00 instead of $1000.00. The buyer would have the right to seek an additional $500.00 from the seller. Fortunately, taxes seldom make a drstic jump from year to year and most people ignore small increases.

If the closing occurred later in the year and the taxes had already been paid then the buyer would owe the seller the pro-rated share of taxes which they paid. Most metro Atlanta taxes are due around October 15, Cherokee County is December 15 and Fulton County is frequently due prior to October 15. Gwinnett County taxes are normally due in 2 installments of September 15 and November 15.

There are instances where it is difficult to estimate taxes for a current year. This is usually due to new construction where the taxes for the prior year were based on a lot only with no house built. In this instance we usually estimate annual taxes at 1% of the sales price or appraised value.

There, a lengthy answer to a meaty issue.

(Q) Who pays the closing costs in a real estate sale sale?

In Georgia real estate transactions the payment of closing costs are negotiable. If the contract is silent as the payment of closing costs the purchaser will be responsible for the costs. Almost all standard contracts state that the seller will pay the state of Georgia transfer tax which is a $1.00 per thousand based on the sales price. The seller who agrees to pay closing costs should always place a limit on the amount they agree to pay. Normal closing costs for an average size loan run about 3% of the loan amount.

(Q) Why should I use an attorney to close my Georgia Real Estate transaction?

The Supreme Court of Georgia has issued an opinion stating that it is unethical for a non-attorney to close a loan in the state of Georgia. This opinion covers re-finances as well as purchase deals. Now, if you are not an attorney this may not mean very much being that the State Bar of Georgia only has jurisdiction over attorneys. Many lenders have adopted the view that it is illegal for a non-attorney to close loans in Georgia. Others feel that it is OK for a Notary, who is not an attorney, to close loans. While I don't necessarily think that it is illegal for a non-attorney to close loans I believe that the consumer is much better served by having an attorney close thier loans.

The biggest reason is the ethical obligations imposed upon an attorney by the State Bar of Georgia and state law. When a borrower closes with a Notary it typically goes something like this. The buyer calls an 800 number of applies on line with any of a number of national lenders that we see on TV, read in the newspaper, and hear on the radio every day. The borrower applies for the loan with someone they never see and sometimes never talk to. Assuming that the lender is legitimate, and the loan is actually approved, the lender sends a Notary to your home or office.

In Georgia the requirement to become a Notary is to have two persons who live in the county sign a statement that the Notary is of good character. The Notary then pays a small fee and becomes a Notary. An attorney must attend 3 years of law school, pass a rigorous background check, and pass an extensive exam. I would estimate that at least half the persons who begin law school never become lawyers.

In pointing this out, I am not suggesting that these TV lenders and their bands of Notary Publics are out to scam anyone. I am sure that most have the best of intentions. My point is that if you have a problem with the transaction, that there is very little recourse against a voice on the telephone or the notary who showed up at your house one night. The lenders will discount this fact and claim that you are saving money by using the notary. As I will point out in further entries this is simply not the case. In fact, our discount closing fees, will usually be less expensive than a Notary closing and you receive a lot more for your money.

Many people state that real estate attorneys are not real lawyers and that what we do is easy. There is certainly some truth to the fact that we do not function like traditional lawyers with court appearances, etc. What we do however, is deal with MONEY, a lot of MONEY, your MONEY. Even in a routine refinance transaction you want to be assured that your loans are paid off and properly satisfied at the county courthouse. If you close with digimagicinternetlender.com and the local Notary you basically have no recourse if things go wrong. Many small and large items can go awry in a real estate transaction.

You should never close with anyone except an attorney who has been a full time real estate lawyer for at least five years. Like anything else, the real estate closing process takes time to learn. You don't need any rookies. Ultimately if you have a problem involving the unethical conduct of an attorney you can complain to the state bar and they will get the attorney's attention. Chances are the mega lender and Notary are long gone with no incentive whatsoever to straighten out the problem.

Georgia is an attorney closing state. Florida and Texas for example close with title companies and the fees they charge are regulated by the state. Even before our firm introduced the discount fee concept to Georgia and metro Atlanta real estate closings the average Georgia closing was less than half the cost of a Florida closing. In New York every closing has 3 or 4 attorneys present. I can only imagine what it costs there to close a loan. I have seen closing statements from all over the country and our fees in Georgia either match or beat the fees in other states.