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Home Buyer
Frequently Asked Questions?



General Questions

Who pays the closing costs?

It's negotiable, but it depends on many factors, including: market conditions, your offer price, and terms of the contract.

How soon do I need to apply for a loan once the contract is accepted?

Within 3-5 days of the acceptance date. Preferably before you look for a property.

How much earnest money should I submit with the offer?

Approximately 1-2% of the purchase price.

When can we close on the home we are purchasing?

Generally 20-60 days after acceptance of the offer.

Do I get the property inspected?

Yes, we highly recommend it!

What if something turns up during the inspection?

You have the right to negotiate the repair or remedy, or withdraw the contract.


At the Closing

What is a closing?

the closing is a meeting conducted by a title company who transfers the title from the seller to the buyer. You will have an opportunity to discuss all aspects of the closing in detail before the meeting.

In Michigan, What do I need to bring?

You should bring the following:

  1. A picture I.D. for each purchaser.
  2. Receipt for the first year's premium of the Home Owner's Insurance Policy for the new property.
  3. Additional documentation that the lender may require, such as proof of sale of an existing residence, deposit verifications, proof of sale of a car, or copies of tax returns.
  4. Certified funds for money due at closing, in accordance with Michigan law and the law firm's policy. The title company will advise the moment.
  5. Your Title Agent will receive the loan package from the Lender in time to provide you with figures prior to Closing. The figures are on a Settlement Statement called a HUD-1. In the event your figures change before the actual closing, the title agent will probably accept a personal check for the difference at the closing table.

Other Questions?

If you have any other questions, please contact me.

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