CLOSING MACOMB COUNTY OAKLAND COUNTY REAL ESTATE
ON TIME
WITHOUT COMPLICATIONS
In addition to the stress involved in the actual house
hunting process, there is also the stress associated
with closing real estate in Macomb County and
Oakland County. To help reduce the level of
frustration, I've provided some tips and information.
To begin with, once a contract has been signed to buy a
house, now the settlement portion, also known as the
closing, starts. This settlement, or closing escrow, is
when the title of ownership is transferred from the
seller to the buyer.
However, before you can go into the settlement process a
few things need to take place.
Secure Financing
In order to close a house in Macomb County or
Oakland County, you must first secure financing, which means
taking out a mortgage loan. The lender will require
specific financial information such as a credit report,
proof of income, current expenses, current appraisal,
property survey, and in some cases, an inspection to
check for termites, radon gas, etc. Because of
competition among lenders, approval should not take more
than a few days.
Homeowners Insurance
You will be required to purchase hazard insurance or
what's called homeowners insurance, which protects the
lender should anything happen to the house such as fire,
flooding which requires a special policy) or some other
type of disaster as covered by the policy.
Choosing a Settlement Agent (Title Company)
As soon as possible, you will need to find an
experienced and reputable settlement agent and then
provide the name to your Macomb County or
Oakland County real estate realtor.
Most realtors will provide you with names of settlement
agents that they have worked with in the past and will
set this up for you. Make sure you obtain all settlement
costs and associated fees. If you feel more comfortable
in having an attorney get involved with the settlement
phase, you should do so one to two months in advance
since they will also need time to look at the property
and review all documentation.
The settlement agent will require information from both
buyer and seller to include a copy of the contract and
the names and contact information of any other parties
involved in the sale or purchase of the house. In
addition, you will need to provide the settlement
realtor with a paid receipt showing you have secured a
minimum one-year hazard or homeowner policy.
It is your responsibility as the buyer to stay in
contact with the settlement agent and make sure they
order specific things such as a property survey, title
insurance, title examination or search (to ensure there
are no other liens on the property), and a payoff notice
of the seller's mortgage. You should also consider
purchasing homeowner's title insurance. In addition,
it's important to confirm that the seller has conducted
any required inspections (termite, structure, etc.).
Property Condition
It is recommended that you set some basic minimum
standards as to what condition you expect of the
property the day you move in. For instance the seller or
the neighbors could start using the back yard as a trash
dump. You may also want to include some statements in
your offer like the roof doesn't leak, there are no
broken or cracked windows, sump pumps are in working
order, there are no plumbing leaks and the yard has been
kept up.
Closing Costs
Within a couple of days before the settlement, you
should receive an estimate summarizing all settlement
costs to include pro-rated homeowner dues, utilities,
etc. To help the process move along smooth and quickly,
it's a good idea to request copies of the basic
settlement forms a few days before the actual settlement
since there is usually a lot of information to read
through and this provides you a good opportunity to
thoroughly read everything and come prepared with
questions.
Walk-Through
Prior to the settlement being finalized, you will need
to do a walk-through inspection of the property with a
licensed inspector, to ensure there are no major
problems. If there are problems found, you will need to
notify your real estate agent immediately.
Settlement Day
In addition to a loan commitment letter, you will also
be required to bring with you to the settlement a
certified or cashier's check for the down payment plus
any other costs due as outlined to you relating to the
settlement. These extra costs might include escrow for
property taxes and insurance, recording fees, first
payment due, etc. It's probably also a good idea to
bring your personal checkbook or extra cash with you
just in case there are any other fees that come up that
you weren't aware of.
The settlement agent is responsible for explaining
everything to you in detail. They should also double
check all figures to ensure there are no errors.
If everything checks out, you will do a final review of
the documents, sign the documents, and pay the money.
Once that's done, the settlement is complete and the
keys to the property are handed over to you. Finally,
you will receive a copy of the recorded deed and title
insurance policy, if purchased.
If for any reason, you are unable to attend the
settlement in person, be sure to notify the settlement
realtor in advance, so a Power of Attorney can be
prepared.
Now the only thing left to do is move and enjoy your new
home!
I have created this website for one reason and that is
to help you to make an informed decision.
If you have any questions or if I can be of any help
with your real estate purchase or sale, please do not
hesitate to call me.
Best wishes,
Brian LaDue
"Lakeside Property
Shop"
(586) 873-2242 Macomb County
(248) 787-8644 Oakland County
agent@brianladue.com
OFFICE LOCATION:
14072 North Lakeside Blvd A
Shelby Twp. MI 48315 |
