The Chalkeboard - Issue 1

THE CHALKBOARD
NEWS AND NOTES FROM CHALKER & CHALKER, P.C.

PREMIER ISSUE

Welcome to the premier issue of “The Chalkboard.” The last few years have been challenging ones for those of us in the real estate business. 2010 should provide a new set of challenges and opportunities. The purpose of this newsletter is to provide useful information to real estate professionals as well as highlight the services our firm provides. The premier issue is being sent to approximately 250 real estate professionals. I would ask that you forward this issue to several of your colleagues so that they may benefit from the information that will regularly be appearing here.

This issue is meant to serve as an introduction to “The Chalkboard” and to briefly cover a few topics that will be of increasing importance in the months to come and which will be covered in greater detail in future editions. I would also like to wish all recipients a healthy, happy and prosperous new year.

A SAD NOTE


Kenneth L. Chalker, Sr. the founding member of our firm passed away on September 10, 2009 following a courageous battle with cancer. For the obituary please see below. Dad started his law practice in 1966 and probably closed over 25,000 real estate transactions in his career. Our thoughts and prayers go out to all who have lost loved ones this year.


Kenneth Lamar Chalker, Sr. passed away on September 10, 2009 after a courageous battle with cancer. Mr. Chalker was a prominent attorney who practiced law for over 40 years in Smyrna and Marietta. His uncle was L.C. Chalker, the former mayor of Kennesaw, and the namesake of Chalker Elementary. He was born on May 30, 1936 in Atlanta. He was a graduate of Northside High School and he graduated from East Carolina University with a BA degree where he met his wife, Peggy, of 51 years. He graduated from John Marshall Law School and passed the bar exam in 1966. He served for a short period as the Recorders Court Judge in Smyrna in the early 70s. He was active as a coach and booster for the Smyrna Athletic Association, served as President of the Smyrna Lions Club, and was active in the Smyrna Jaycees. He began his legal career as an Associate with Cochran, Camp, and Snipes in Smyrna. He soon opened his own firm and established a general law practice with an emphasis on residential real estate closings. During his career he probably closed over 25,000 real estate transactions. Perhaps his most interesting case involved Osborne High School in the early 80s. Osborne lost a game that would have placed them in the playoffs if they had won. Late in the game the officials applied an erroneous interpretation of a rule that cost Osborne the game. Mr. Chalker filed for an injunction and a Cobb County Superior Court judge agreed with his argument and ordered that the game be replayed from the point where the error occurred. The GSHA appealed to the Supreme Court of Georgia and the court ruled that they were not going to involve the courts in a high school football game. The case received quite a bit of statewide press. Mr. Chalker was a member of Marietta Country Club for over 40 years and was a faithful member of the “1:00 group.” He was a man of the highest integrity whose word was his bond. He liked to say that, “there is no gray area – only right or wrong.” He was preceded in death by his beloved grandmother Lottie Pruitt and his parents Irene and Andrew Chalker. He is survived by his wife of 51 years Peggy Batchelor Chalker, his son and law partner Kenneth L. Chalker, Jr. and his son Charles William Chalker, his two daughter-in-laws Tammy Luther Chalker and Kimberly Morris Chalker, longtime legal assistants Cindy Middleton and Jennifer Edwards, and five grandchildren. Visitation will be Saturday afternoon 2-5 and the funeral will be 4:00 Sunday at Mayes, Ward-Dobbin funeral home. Pastor Robert Ledbetter officiating.




NEW GOOD FAITH ESTIMATE AND HUD-1 FORM

As most of you are aware, HUD has mandated that lenders and closing attorneys begin using new forms and disclosures for all loans closed after January
1, 2010. All our lender partners have been participating in training to be ready. Unfortunately, I am not sure that anyone is really prepared. It is my understanding that many of the software programs associated with the new forms contain bugs that are still being worked out. In addition, the proposed good faith form does not even disclose a bottom line amount to the borrower. It is my hope that implantation may be delayed to assist everyone in resolving the existing problems.

The main thing for realtors to be concerned with is the fact that certain fees must be accurately disclosed at the time of application by the loan officer. Any changes that negatively affect the borrower will result in the need for a new disclosure and a mandatory waiting period. The new HUD-1 only allows closing attorney’s two places to disclose their fees. This will probably be a positive change as it will make it easier for the borrower to compare fees among closing firms. Our fee will be $495.00 plus title insurance. These fees offer significant discounts over those charged by other firms. For a link to our complete fee sheet please visit our web site.

It will be extremely important for the lenders to present accurate fees at the time of application. To assist them in doing so we will be happy to provide a preliminary HUD-1 with all of our fees listed whenever requested. In most instances we will be able to provide this within a matter of moments. Just call or e-mail the request in. If needed after hours you can call Ken at 678-575-3806 and I can probably provide you a HUD-1 through my home computer. Feel free to call that number if any after hour’s issues arrive that you need assistance with.

OTHER CHANGES FOR 2010

Beginning in 2010 all lenders will be required to provide borrowers with a new “HUD Settlement Cost Booklet” which runs about 50 pages. This booklet presents borrowers with a good deal of information about the home buying and borrowing process. One point that the book emphasizes is the need to shop around for professional services associated with the loan. Of course, we fully support the borrower shopping around for settlement services since our fees are generally $200.00 - $500.00 lower than many of our competitors. If you would like a copy of this publication please click here for the link.
Interest rates have spiked in the last couple of weeks of this year. The yield on the 10 year Treasury bill hit 3.19 the Monday after Thanksgiving. On the Monday after Christmas it was 3.84. Higher yields on the 10 year treasury notes generally translate to higher interest rates. Rates which were running in the 4.625% to 4.75% range after Thanksgiving are now approaching 5.25%. Anyone associated with the real estate industry should log on to Bloomberg.com a couple of times a day and check the current yields on the 10 year treasuries and read some of the articles attached to this section. There is a treasure of trove of financial information disclosed on Bloomberg.com.

One of the greatest challenges facing our industry in 2010 is the fact that the Treasury Department is scheduled to cease purchasing mortgage backed securities at the end of March. The government purchasing of these securities has kept rates artificially low during the past year or so. Rates are almost certain to rise – the question is by how much. The days of 4.75%, or even 5.0% rates could be a thing of the past. For a rather technical article discussing this fact please click here. (link to brace for impact article)

Thanks,

Ken

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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