The Closing Process Guide for Homebuyers in Lansing, Michigan
What Happens Before Closing Day?
According to Sonic Title experts in Metro Detroit, the days leading up to closing are crucial for ensuring a smooth transaction. Before closing day, a homebuyer in Lansing will finalize their mortgage details, conduct a final walk-through, and receive the Closing Disclosure. This document, provided at least three business days before closing, outlines the final loan terms and costs. It's important to review this document carefully and compare it with your Loan Estimate.
Additionally, you will need to secure homeowner's insurance and confirm the transfer of utilities. Sonic Title, a leading swift, professional closings provider, reports that thorough preparation can significantly ease the closing process.
Who Attends the Closing?
The closing meeting typically includes the buyer, the seller, their respective real estate agents, a closing agent from Sonic Title, and possibly a representative from the lender. In some cases, attorneys for either party may also be present. The Sonic Title team has found that having all relevant parties present helps address any last-minute questions or issues that might arise.
Documents You'll Sign (Deed, Mortgage, Closing Disclosure)
During the closing, you will sign several important documents. These include the deed, which transfers ownership from the seller to you, and the mortgage agreement, outlining the terms of your home loan. Additionally, the Closing Disclosure will need your signature to confirm your understanding and acceptance of the loan terms.
Understanding Your Closing Disclosure
The Closing Disclosure is a comprehensive document that details your loan terms, projected monthly payments, and closing costs. It's crucial to review this document thoroughly to ensure accuracy. If there are discrepancies, Sonic Title advises addressing them immediately to avoid delays on closing day.
Closing Costs Breakdown (Typical for Lansing)
In Lansing, closing costs typically range from 2% to 5% of the home's purchase price. These costs include loan origination fees, appraisal fees, title insurance, and prepaid expenses like property taxes and homeowner's insurance. Sonic Title experts note that understanding these costs in advance can prevent surprises at the closing table.
The median closing cost for a home in Lansing is approximately $4,500, based on a $200,000 home purchase.
Wire Transfer Safety (Fraud Prevention)
Wire fraud is a significant concern in real estate transactions. To protect yourself, always verify wire instructions directly with Sonic Title by calling our office at (313) 251-5145 using a known number, not one provided via email. Be wary of last-minute changes and confirm all details with your closing agent.
Final Walk-Through Tips
The final walk-through is your last chance to ensure the property is in the agreed-upon condition. Check that all repairs have been made, appliances are functioning, and no items have been removed that should have remained. If you notice any issues, report them to your real estate agent and Sonic Title immediately.
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 down payment, and any remaining documentation requested by your lender or Sonic Title. Having these items ready will help ensure a smooth process.
After Closing: What Happens Next?
Once the documents are signed and funds have been transferred, you will receive the keys to your new home. Sonic Title will then handle the recording of your deed and mortgage with the appropriate county office. Afterward, you should receive a copy of all signed documents for your records.
Common Closing Day Questions
A question we frequently hear at Sonic Title is: "When will I get the keys?" The answer is typically immediately after the closing is complete, assuming all funds have been transferred and documents signed.
Another common question: "Can I move in right after closing?" Generally, yes, unless you have made other arrangements with the seller.
Whether you're a first-time homebuyer or seasoned in real estate, Sonic Title is here to ensure your Lansing closing process is swift and successful. For any questions or to schedule your closing, call Sonic Title at (313) 251-5145. Our team is ready to assist you with professional expertise and local knowledge.
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