For Sale By Owner
It is advised that you seek the assistance of a licensed Realtor or Attorney, but if you have decided to Sell or Purchase
as a For Sale by Owner, we are here to assist you.
Steps for a successful closing
1. Contact the municipal office where the property is located to determine their requirements for a sale of property. You may need a City Inspection and Certificate of Occupancy for closing. If a Certificate of Occupancy is required, it MUST be brought to closing.
2. Purchaser and Seller to complete a Contract to Purchase.
If your transaction is a Land Contract, please complete the Land Contract Addendum. We have provided a list of our
For Sale by Owner Fees and customary payees.
Note: Each transaction is different. Therefore, please use the Additional Conditions section, on Page 1 on the Contract to Purchase, to indicate anything of importance or out of the ordinary with regard to your transaction.
3. Seller to complete the Seller’s Disclosure Statement and provide a copy to the Purchaser.
4. If the property was built prior to 1978, Seller and Purchaser to review the pamphlet titled Protect Your Family From Lead in Your Home and sign the Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards. If your property was built in 1978 or later, the Seller can sign the Language for Seller’s Acknowledgment as a Waiver, stating that the regulations do not apply.
5. Contact the municipality of the property to inquire about any requirements prior to closing. In addition, if the property is a condominium, site condominium or within a homeowner’s association, you will need to provide the purchaser with a copy of the association’s bylaws. Prior to closing a status letter will also be required.
6. Collect the Earnest Money Deposit from the Purchaser. If you would like us to hold this deposit in escrow, please make the check payable to Michigan Title Insurance Agency, Inc. and complete the Earnest Money Escrow Agreement.
7. Please print and complete the FSBO Order Form and deliver to Michigan Title with the following:
a. A signed copy of our FSBO Order letter. Please read carefully prior to signing.
b. The completed Contract to Purchase and any addendums
c. A non-refundable deposit of $300.00, must be a cashier's check, which will be applied to the cost of your title premium at closing.
Upon receipt, we will begin your order. Processing takes from 7-10 business days.
8. When title is complete, our representative will contact you with any further requirements to clear title and then your closing can be scheduled with a lead time of no less than 3 business days.
9. Copies of all real estate closing documents will be emailed to all parties for review prior to closing. At this time, Purchaser may want to secure their homeowner’s insurance. For a New Mortgage, show the Lender as Loss Payee. On a Land Contract, show Land Contract Holder as Additional Insured. On a Cash transaction, we do not require homeowners, but advise Purchaser to obtain a policy.
10. At closing, any funds needed for closing should be wired or in the form of Certified Funds payable to Michigan Title Insurance Agency, Inc. All documents will be executed and we will disburse all funds for items such as taxes, payoffs, recordings, proceeds, etc.
11. Following a successful closing Seller and Purchaser may need to deliver transfer forms to the City Clerk and will need to contact the Water Department to set up a Final Water Reading.
12. Once Final Water Bill is received forward to our Post Closing Department for payment and escrow balance release.
If, at any time during the process, you have any questions or concerns please feel free to contact us.
© 2017 Michigan Title Insurance Agency, Inc.