1. Is the closing date on my contract absolute?
a. No, it is a guide line and the actual date will depend on many factors. Including under writing and title work… Actual closing date may not solidify until a week before.
2. Will I get EMD back?
a. The Ernest Money Deposit is a credit at closing. It does get returned if contract contingency is not met.
3. When do I need insurance and utility?
a. Shop for insurance after the inspection and transfer your utilities as soon as you have a closing date and time.
4. What is title insurance?
a. Title insurance is the verification of the sellers ability to transfer title and shows any liens, easement or other issues.
5. What are mineral rights?
a. Mineral rights are the right to minerals below the surface of the land. In Michigan they are often owned by the state, timber companies or mining companies.
6. What can I do with my waterfront? What zoning that I can do?
a. Property usage can be regulated by local zoning ordinances, restrict covenants, EPA, and waterfront depends on body of water and shoreline.
7. Will I get keys at closing?
a. Yes, unless seller has occupancy after closing as per purchase agreement.
8. What will my taxes be?
a. One can expect your taxes to be higher than what the seller is paying. We recommend checking https://treas-secure.state.mi.us/ptestimator/ptestimator.asp
9. What is a walk thru?
a. Actually walking thru the home with your agent typically done 24-72 hours prior to closing unless seller has (per contract) post-closing occupancy.
10. Who pays commission?
a. Commission is a cost to the seller who is able to claim it as a deduction and the total commission pays both the sellers agent and the buyer’s agent.
11. Why would a buyer need a buyer’s agent?
a. A buyer’s agent will work for the buyers best interest and will provide home information from all agents and companies in the MLS.
12. What is the MLS?
a. A cooperative agreement between local real estate companies that allows agents to provide information and show listings from any participating company.
13. Do I need an attorney?
a. Michigan does not require an attorney to handle a closing or be involved. Every situation is unique and your REALTOR or banker can recommend if and when one is needed.
14. What is a pre-approval?
a. The banks preliminary approval of your financial ability to purchase. Often required to see homes and may have a limited time frame.
15. When and how do I contact an agent?
a. Once you have your agent, they can guide you in the preferred method of contact (email, text or call). Agents often work outside the typical 9-5 hours and are usually available by text and email. Work with your agent to facilitate the best communication.