Detroit Real Estate

Cash real estate closings don't take long at all.  Basically in Michigan there are only 5-10 documents that you have to sign when you are buying a house cash.

The title company closer will go over the buyer's statement which is a breakdown of all your costs.  They will show you the deed to make sure your name is spelled right.  (You won't get the deed at closing as the title company will take it to the County to get the deed recorded).

Then there is the property transfer affadavit and the Homestead exemption forms that you will have to take to the local city hall or township hall.  These documents put the property in your name at the local city and let's the city know if you are eligible for the homestead exemption (which gives you a reduction in your Michigan property taxes).

Then the rest of the documents usually are what I call CYA documents.  "cover your #ss" documents are documents that the title company makes you sign acknowledging that the house is being sold as is, that they have no responsibility, and that you can't sue them because of the house condition known or unknown.

So sometimes a cash home closing can take less than 15 minutes

My quote of the day is:

He who asks is a fool for five minutes, but he who does not ask remains a fool forever.

                                   Chinese Proverb