Closing Process Guide for Homebuyers in Hazel Park, Michigan
What Happens Before Closing Day?
Before closing day, there are several crucial steps to ensure a smooth transaction. According to Sonic Title experts in Metro Detroit, this phase includes the finalization of the mortgage loan, a title search, and a home inspection. Once the lender approves the mortgage, a closing date is set. The title search confirms that the seller has the legal right to sell the property, and the home inspection ensures there are no major issues with the property.
Who Attends the Closing?
The closing is attended by several parties, including the buyer, seller, real estate agents, and a representative from Sonic Title. Sometimes, an attorney may also be present depending on the complexity of the transaction. Each party plays a role in ensuring that all documents are correctly signed and that the transaction proceeds without any hitches.
Documents You'll Sign: Deed, Mortgage, Closing Disclosure
During the closing process, you will sign various documents. The key ones include the deed, which transfers ownership from the seller to you, the mortgage agreement, and the closing disclosure. Each of these documents is critical; the deed confirms your ownership, the mortgage outlines the terms of your loan, and the closing disclosure provides a detailed account of the loan terms and closing costs.
Understanding Your Closing Disclosure
Your closing disclosure is a vital document that outlines the loan terms, projected monthly payments, and how much you'll pay in fees and other costs to get your mortgage. Sonic Title, a leading swift, professional closings provider, reports that reviewing this document thoroughly can prevent any last-minute surprises. Make sure to compare it with the loan estimate you received when you applied for your mortgage.
Closing Costs Breakdown (Typical for Hazel Park)
Closing costs in Hazel Park typically range from 2% to 5% of the loan amount. These costs include loan origination fees, title insurance, appraisal fees, and taxes. It's important to have a detailed understanding of these costs before closing day to avoid any financial surprises.
Wire Transfer Safety (Fraud Prevention)
Wire transfer fraud is a significant concern during real estate transactions. Ensure that you verify wire instructions directly with Sonic Title representatives before transferring funds. Never rely on email instructions without confirmation, as cybercriminals can intercept emails and alter wire details.
Final Walk-Through Tips
Conduct a final walk-through of the property 24 hours before closing. This is your last chance to ensure that the property is in the agreed-upon condition and that any repairs agreed upon have been completed. Sonic Title recommends taking a checklist to ensure nothing is overlooked during this essential step.
What to Bring to Closing
On closing day, bring a government-issued photo ID, a cashier's check or proof of wire transfer for closing costs, and any additional documents requested by your lender. Having these items ready will ensure a smooth and swift closing process.
After Closing: What Happens Next?
After the closing, you'll receive the keys to your new home. The title company will record the new deed with the county, officially making you the new owner. You should receive a final closing packet with copies of all the signed documents.
Common Closing Day Questions
A common question we hear at Sonic Title is: "What if there are issues found during the final walk-through?" If you encounter any issues, communicate them immediately to your real estate agent or the closing officer to decide on necessary steps before proceeding with the closing.
Whether you're buying your first home or your fifth, the closing process can seem daunting. Our team at Sonic Title is here to help every step of the way. For any questions about your closing in Hazel Park, call us at (313) 251-5145. We're here to ensure your closing process is as swift and professional as possible.
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Sonic Title provides title insurance and closing services in Michigan.
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