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What do home sellers need to know about the closing statement? The closing statement, also referred to as the settlement statement or combined statement, is divided into two sections: the seller’s side on the left and the buyer’s side on the right. Let’s delve into the details of the seller’s side.
The first thing that you’ll see on the closing statement is the closing price, which is fairly straightforward. Next, we encounter prorations, a common practice in Michigan. Taxes on home sales are typically paid in advance, with city and township taxes covering the period from July 1 to June 30, and county taxes spanning from December 1 to November 30. For example, let’s say you closed on February 12. In this case, you would receive credits for the taxes paid from February 12 to July 1 for city and township, and from February 12 to December 1 for county taxes.
After prorations, there will be various fees and charges borne by the buyer’s side. Noteworthy among these are government recording and transfer fees, including costs for a certificate of trust, death certificate registration, Washtenaw County transfer tax, and state deed tax. Additionally, the seller is responsible for paying the selling agent’s commission, title fees such as an electronic storage fee, title owner’s policy, tax certification fee, and wire/courier fee to court title.
If you have any questions about this topic, please call or email me. I’d love to help explain the closing statement further.
