Detroit Real Estate

If you have never closed on a home this is what happens at the closing table on your metro Detroit home purchase. 

1. The mortgage papers are signed.  It is the banks paperwork, if you don't sign all the documents you don't get the loan.
2. The HUD is part of the mortgage paperwork.  It is the one of the most important pieces that you sign.  It breaks down the closing costs, tax pro-rations for both the buyer and seller.
3. The note is part of the mortgage paperwork.  It breaks down the loan amount, the interest rate, and the length of time.
4. The mortgage is usually 15 pages of legal mumbo-jumbo.  Basically it says you owe the bank and how the bank can the home back if you make your payments. 
5. The warranty deed is signed conveying the property from the seller to the buyer.
6. Real estate documents and title company documents.
7. Money is exchanged
8. Keys are exchanged.

As I tell people if you don't sign the documents you can't close on the house, or buy on the house.  Usually you should go over the HUD with your mortgage person.  You can ask real estate agent and your mortgage person to send the documents you are going to sign to you via email.  Usually this can be done.  This makes it easier because you can read over the paperwork and ask questions.

Russ Ravary your Livonia real estate agent serving Wayne, Oakland, Livingston, Macomb, and Washtenaw Counties