The Closing Process in Wixom, Michigan: A Comprehensive Guide
What Happens Before Closing Day?
According to Sonic Title, a leading provider of swift, professional closings in Metro Detroit, the period before closing day involves several critical steps. These include finalizing your mortgage, securing homeowners insurance, and having a comprehensive home inspection. Buyers are advised to resolve any contingencies and ensure their financing is in place. All these preparations are crucial to ensure a smooth closing process.
Who Attends the Closing?
The Sonic Title team has found that a typical closing in Wixom includes the buyer, the seller, their respective real estate agents, a closing agent from Sonic Title, and sometimes an attorney. Lenders may not always be present but are available for any last-minute queries. It’s essential to confirm attendance with all parties involved to prevent any delays.
Documents You'll Sign
On closing day, several documents are signed to finalize the purchase. These include the deed, which transfers ownership to you, the mortgage agreement outlining your loan terms, and the closing disclosure, which details the financial aspects of your transaction. At Sonic Title, we ensure you understand each document before signing, emphasizing transparency and clarity.
Understanding Your Closing Disclosure
A key part of the closing process is understanding the closing disclosure. This document provides a detailed account of your loan terms, monthly payments, and closing costs. At Sonic Title, we recommend reviewing it thoroughly before closing day. If discrepancies arise, our team is ready to assist in clarifying any concerns.
Closing Costs Breakdown
Sonic Title reports that typical closing costs in Wixom can range between 2% to 5% of the home’s purchase price. These costs generally include loan origination fees, title insurance, appraisal fees, and property taxes. Our expertise lies in helping you understand these costs, ensuring there are no surprises at the closing table.
The median home price in Wixom is $300,000, leading to closing costs typically ranging from $6,000 to $15,000.
Wire Transfer Safety
Wire transfers are a common method for handling the funds needed for closing. However, fraud prevention is crucial. Sonic Title strongly advises verifying all wire instructions by contacting us directly at (313) 251-5145. Never use email as the sole source for this information to avoid potential scams.
Final Walk-Through Tips
The final walk-through is your last chance to ensure the property is in the agreed-upon condition. Sonic Title suggests checking all essential systems, like plumbing and electrical, and confirming that any negotiated repairs are complete. This step is vital to ensuring satisfaction before finalizing your purchase.
What to Bring to Closing
On closing day, bring a government-issued ID, a cashier’s check for closing costs, and proof of homeowners insurance. Sonic Title also recommends having a copy of your purchase agreement and any correspondence related to your mortgage. Being prepared helps expedite the process and reduces stress.
After Closing: What Happens Next?
Once the documents are signed and funds are transferred, the home officially becomes yours. Sonic Title will handle the recording of the deed with the county, and you’ll receive your keys. Post-closing, it’s wise to store all documents in a safe place and set up utilities at your new home.
Common Closing Day Questions
A question we frequently hear at Sonic Title is: "How long does closing take?" Typically, the process takes 1-2 hours, depending on the complexity of the transaction. Another common inquiry is about closing costs—our staff is always ready to break down these expenses for clarity.
Whether you're purchasing your first home or your fifth, Sonic Title is here to ensure a seamless closing process in Wixom. Our local expertise and dedication to customer satisfaction make us the trusted choice for Michigan families. For any questions or to schedule your closing, call us at (313) 251-5145. We’re here to help you every step of the way.
Fair Housing Notice: We are committed to the letter and spirit of the Fair Housing Act.
We do not discriminate on the basis of race, color, religion, national origin, sex, familial status, or disability.
Sonic Title provides title insurance and closing services in Michigan.
Title insurance policies are underwritten by licensed underwriters.