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FOR SALE BY OWNER PACKAGE
PEAK TITLE AGENCY, CO.
39300 W. Twelve Miles Rd.|Ste. 120| Farmington Hills, MI 48331 P: 734.294.0300 |F: 734.661.6065
Email: orders@peaktitleco.com
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
BOTH PARTIES TO SIGN AND RETURN TO TITLE COMPANY PRIOR TO SCHEDULING A CLOSING
FOR SALE BY OWNER COST INFORMATION
Peak Title Agency, Co. Fees
Document Preparation Fee: $300.00 — Seller Charge
Owner's Premium: Based on Sales Price — Seller Charge
Note: $240.00 non-refundable deposit required at time of title application
Delivery/Wire Fee: $20.00 for overnight delivery or wire for each payoff or any
Instrument requiring confirmed delivery — Seller Charge
Mortgage Premium: Based on Mortgage Amount — Buyer Charge
Closing Fee: Mortgage Transaction: $520.00
Cash/Land Contract: $325.00
Buyer Charge unless VA mortgage then seller must pay
County Recording Fee: Wayne County: $15.00 for the first page + $3.00 each additional
All Other Counties: $14.00 for the first page + $3.00 each additional
Plus tax certification fees where appropriate
Note: Recording Fees apply to both buyer and seller — the amount will vary
based on the documents necessary to complete the transaction. Michigan State and County Transfer Tax: (Seller Charge)
-State Transfer Tax: $7.50 per thousand + $3.75 for every $500.00 or fraction thereof -County Transfer Tax: $1.10 per thousand + $0.55 for every $500.00 or fraction thereof
PEAK TITLE AGENCY , CO WILL REQUIRE THE FILE TO BE COMPLETE PRIOR TO SCHEDULING A
CLOSING, AND WILL REQUIRE NOT LESS THAN (5) FIVE BUSINESS DAYS ADVANCE NOTICE PRIOR
TO SCHEDULING A CLOSING. CLOSING TIMES ARE SUBJECT TO AVAILABLILITY.
Upon receiving an offer, the seller(s) and purchaser(s) must provide the following to Peak Title Agency, Co.:
1. Purchase Agreement (fully executed by seller(s) and purchaser(s))
2. Signed Payoff Authorization on any outstanding mortgage(s)/equity line(s) secured by the property.
3. Completed For Sale By Owner Information Sheet.
4. Original Executed Escrow Agreement if Peak Title Agency, Co. is holding Earnest Money Deposit
I understand and accept the terms of this agreement.
Seller Signature: _______________________________________________________ Date:________________
Purchaser Signature: __________________________________________________ Date: ________________
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
For Sale By Owner Order Form
In order to better serve you, please fill this out completely.
PROPERTY ADDRESS:
Number Street City/Town/Village County
LEGAL DESCRIPTION: (If known)
SELLER(S):
Last Name First Middle Marital Status Social Security #
Mailing Address (If different from property address) Phone
Current Mortgage Company Phone Loan #
Home Equity Line of Credit (if applicable) Phone Loan #
Attorney Name (if applicable) Attorney Phone Attorney Fax
Last Name First Middle Marital Status Social Security #
Mailing Address (If different from property address) Phone
Attorney Name (if applicable) Attorney Phone Attorney Fax
NEW MORTGAGE: Company Name Mortgage Amount
Company Address Phone
Loan Office or Contact Person Fax
Sale Price: Anticipated Closing Date: _________________________________________________________________________________
Deposit Amount: ___________________________________ Held By: PEAK TITLE AGENCY, CO.
Home Warranty Co: _________________________________________ Premium Amount: __________________ Paid By: _______________
Are there Mandatory Homeowner / Condominium Association dues: Yes ___________ OR No _________
Association / Management Company Name Phone Number Contact Name
Attachments: ( ) Purchase Agreement ( ) Mortgage Payoff Authorization Letter(s)
( ) Prior Title Insurance Policy ( ) Other ____________________________________________________
Additional Instructions
BUYER(S):
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
REQUEST TO CLOSE ACCOUNT
Date:
RE: Acct. # Name
Address
Dear Sir or Madam:
Enclosed please find a check in the amount of $ _______________
Please apply this to the above names account and CLOSE THE
ACCOUNT to any future advances and release any liens that may
be held on the above named address. Thank you.
Sincerely,
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
CLOSING COSTS
Sellers May Typically Pay:
All costs required and necessary to clear title.
Owners title insurance.
County Revenue Stamps (based on $1.10 per thousand on the sales price).
State Revenue Stamps (based on $7.50 per thousand on the sales price).
Tax Proration (if prorated in arrears).
Payoff of current mortgages, or any other liens on the property (including
but not limited to delinquent taxes, judgments, tax liens, etc.).
Closing fee on VA loans.
Final utility bills.
Payoff of special assessments, unless they are being assumed by the buyer.
Purchasers May Typically Pay:
Appraisal Fee
Credit Report
Flood Certification
Prepaid Interest
Document Preparation
Escrow for Home Owners Insurance
Escrow for Property Taxes
Mortgage Title Insurance
Recording of Deed
Recording of Mortgage
Mortgage Report or Survey
Tax/HOA Prorations (if prorated in advance)
There could also be various closing costs required by the lender. The lender of your
choice should provide you with a Good Faith Estimate of closing costs.
Peak Title Agency, Co. charges a closing fee, which can be paid by the Seller or the Buyer or
can be split between the parties. PLEASE NOTE on a VA loan, the Seller must pay the closing
fee.
THIS IS ONLY A GUIDELINE; YOUR FINAL BOTTOM LINE WILL BE DETERMINED
BY THE DATE OF CLOSING AND THE COST YOU AGREED TO PAY.
The information contained herein is for informational purposes only. This information
should not be relied upon for legal advice.
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
BUYER'S SETTLEMENT STATEMENT
The Buyer's Settlement Statement is an outline of the credits and charges from a Buyer's perspective.
Buyer's Charges
1. Sale Price
The Buyer is charged for the purchase price according to the Purchase Agreement and any
addendums.
2. Tax/HOA Prorations
The Buyer is charged for the HOA, Summer, and Winter tax prorations. These prorations are
computed based on the terms of the Purchase Agreement. Typically, prorations are done on a
tax "due-date" basis. On a due-date basis, taxes are paid for the year in advance. For
example, when summer taxes are due in July, the tax bill is actually for July 1st through
June 30th of the following year. The Buyer is charged for the taxes for the portion of the
upcoming and/or current year that he/she will be the owner of the home.
Buyer's Credits
1. Earnest Money Deposit
The Buyer is credited for the amount of the deposit previously paid.
2. First Loan Credit
The Buyer is credited the amount of the new mortgage.
WATER/SEWER ESCROW AGREEMENT
This agreement describes the terms and conditions under which the water/sewer escrow will be held
and disbursed.
OCCUPANCY ESCROW AGREEMENT
This agreement describes the terms and conditions under which the occupancy escrow funds will be
held and disbursed.
SAMPLE PURCHASE AGREEMENT
This Purchase Agreement is a binding contract between the Buyer and Seller. It provides a blueprint
of the transaction with regard to the major terms and provisions of the sale.
The Seller and Buyer must work together to arrive the terms of the Purchase Agreement.
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
These terms often include: purchase price
type of sale (sale with new mortgage, cash sale, land contract, etc.)
earnest money deposit occupancy terms
personal property included with the sale (washer, dryer, etc.)
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
SELLER'S SETTLEMENT STATEMENT
The Seller's Settlement Statement is an outline of the credits and charges from a Seller's perspective.
Sale Price
The Seller is given a credit for the purchase price according to the Purchase Agreement and any addendums.
1. HOA/Tax Prorations
The Seller is credited for the HOA, summer and winter tax prorations. These are computed based on the terms of
the Purchase Agreement. Typically, prorations are done on a tax "due-date" basis. On a due-date basis, taxes are
paid for the year in advance. For example, when summer taxes are due in July, the tax bill is actually for July 1st
through June 30th of the following year. The Seller is credited the taxes for the portion of the upcoming and/or
current year that he/she is no longer the owner of the home.
Seller's Charges
1. Water/Sewer Escrow
In order to account for the Seller's final unpaid water bill, we will hold a minimum of $300.00 from the Seller's
proceeds for payment.
2. Occupancy Escrow
If the Purchase Agreement allows, the Buyer is entitled to rent the property to the Seller from the date of
closing until the Seller vacates the property. The amount held for occupancy escrow is typically 1/30th of
the Buyer's mortgage payment plus taxes and insurance, per day of occupancy. If there is no mortgage, it is
a mutually agreed upon price.
3. Earnest Money Deposit
The Seller is charged for the amount of the earnest money deposit they have previously received from the
buyer if that deposit is held in the Seller's personal account. Peak Title Agency, Co. may also hold the deposit and
will transfer the funds to the closing table.
4. Owner's Policy
This charge to the Seller is for payment of the Title Insurance Policy which provides the Buyer with insured
proof of ownership. The price of the policy is determined by the sale price. The Seller may be entitled to a
discount of the cost of the new policy, if a copy of the title policy they received when they bought the home is
provided to the title company. Title insurance rates are regulated by the State of Michigan.
5. County and State Transfer Taxes
Commonly referred to as "stamps" or "revenue stamps", the transfer tax is calculated on the sale price of the home.
6. First Mortgage Payoff
This charge is to payoff the existing mortgage held by the Seller.
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
7. Overnight Delivery Fee / Wire
Peak Title Agency, Co. wires funds or uses overnight delivery services to transport mortgage payoffs, in order to insure timely delivery and to track the date of receipt in case of a discrepancy with the mortgage company.
8. Document Preparation Fee
Peak Title Agency, Co. charges a fee for preparing the various statements shown in this sample package.
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
SALE WITH A MORTGAGE
1. Execute a Purchase Agreement between buyer and seller. All fees and details of the
transaction should be addressed in your Purchase Agreement. Execute the Seller's
Disclosure and the Lead-Based Paint Disclosure.
2. Order title insurance from Peak Title Agency, Co.. When ordering, provide a copy of the signed Purchase Agreement with all addendums, any prior title insurance or an original
abstract (this will reduce your charges and quicken the order), and $240.00 to start the order
(this fee will be applied as a credit to your final title insurance bill or to the work fee if the file
is cancelled).
3. The buyer should call and schedule an appointment with the lender of their choice.
Take the originals of the signed documents from paragraph 1 to your lender and notify
the lender that the seller has placed the title insurance order with Peak Title Agency,
Co..
4. The lender will set the closing for a time and date agreed to by all parties. Some
lenders use title companies to close their loans, and some do not.
5. If Peak Title Agency, Co. closes your transaction, we will need a copy of the Purchase
Agreement and all addendums, lien payoff letters and authorization, and documentation
preparation assistance authorization when you schedule your closing. We will finalize all
payoffs (mortgages, taxes, and other liens), prepare closing statements, direct you in clearing
title, and calculate the tax prorations or other prorations according to the Purchase Agreement.
We will call all parties to discuss closing figures and upon request, will provide copies of the
closing documents for review.
6. The buyer's funds must be certified (certified check or money order) and made payable to
Peak Title Agency, Co.. The buyer must also obtain homeowner's insurance prior to the
closing and provide at the closing, to the lender, a copy of the homeowner's insurance binder
insuring the lender along with a one-year paid receipt.
7. At the closing, Peak Title Agency, Co. will disburse all of the sale proceeds, lien
payoffs, and deliver the appropriate documents to the Register of Deeds for recording.
8. After the closing, the buyer will receive the final policy of title insurance and the recorded
deed.
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
DISCLOSURE
Regarding Real Property Tax Prorating Options
During the course of your real estate transaction you will participate in negotiations leading to the creation of a formal Agreement to Purchase/Sell Real Estate. One of the many important provisions within this legally binding contract that must be negotiated between the parties is the paragraph that sets forth the parties agreement concerning who will
be responsible at closing for what portion of the current real property taxes. This decision assigning responsibility for current taxes is generally referred to as "tax proration". The language of the tax proration provision may have a significant impact upon the amounts due at closing. Over the past years various theories have been developed as to whether the annual tax bill is for the prior year's taxes or the following year's taxes. The purpose of this disclosure is limited to providing notice of this situation. There is no right or wrong option. Like all provisions within the contract,
the tax proration paragraph should reflect the agreement reached between the purchaser and the seller. The three most
common formulas used in Monroe County are:
The proration in advance formula assumes that the taxes are paid in advance. (This option tends to favor the seller and may result in property tax proration payment from the purchaser to the seller at closing.)
The proration in arrears formula assumes that the taxes are paid in arrears. (This option tends to favor the
purchaser and may result in a property tax proration payment from the seller to the purchaser at closing.)
There will be no property tax proration.
This formula makes no assumption and merely indicates that the purchaser will be
responsible for the next and all subsequent property tax bills on the subject property. (This option could
favor the purchaser or seller.)
This disclosure is not intended for and should not be used as a guideline for the negotiation of the real estate property tax proration paragraph in your Agreement to Purchase/Sell Real Estate. In negotiating any real estate contract you should seek the services of a qualified real estate professional.
The undersigned agrees that they have read and received a copy of this disclosure and will proceed with great care in
the negotiation of the real estate property tax proration paragraph of their contract. They also acknowledge their right to utilize legal counsel.
Date:
Purchaser: Seller:
Purchaser: Seller:
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
Lead Paint Disclosure (Sale) Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards
Lead Warning Statement
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is
notified that such property may present exposure to lead from lead-based paint that my place young children at risk of
developing lead poisoning. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in
residential real property is required to provide the buyer with any information on lead-based paint hazards from risk
assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk
assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.
Seller's Disclosure (initial)
(A) The residential dwelling located on the property was built (choose one below and put initials by choice):
in 1978 or thereafter (if you initial this line please disregard (B) and (C) below and sign and date where
indicated on the bottom of this form).
prior to 1978.
(B) Presence of lead-based paint and/or lead-based paint hazards (choose one below and put initial by choice):
known lead-based paint and/or lead-based paint hazards are present in the housing (explain on a separate
sheet of paper, sign it and attach it to this form).
Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.
(C) Records and reports available to Seller (choose one below and initial by choice):
Seller has provided the purchaser with all available records and reports pertaining to lead-based paint and/or
lead-based paint hazards in the housing (list documents on a separate sheet of paper, sign it and attach it to this
form).
Seller has no reports or records pertaining to lead based paint and/or lead-based paint hazards in the
housing.
Purchaser's Acknowledgment (initial)
(D) Purchaser has received copies of all information listed and on any attached sheets above.
(E) Purchaser the pamphlet Protect Your Family from Lead in Your Home can be found online at
http://www.hud.gov/offices/lead/outreach/leadpame.pdf
If you have trouble with the online file please contact First American Title.
(F) Purchaser must choose either (I) or (II) below and put Purchaser's initials next to the choice made:
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
(I) The obligations of Purchaser under the purchase and sale agreement are contingent upon Purchaser
obtaining a risk assessment or inspection of the property for the presence of lead-based paint and/or
lead-based paint hazards at Purchaser's expense prior to midnight of the tenth calendar-day after
Purchaser executes this addendum. This contingency will automatically terminate at that time unless,
prior to that time Purchaser (or Purchaser's agent) delivers to Seller (or Seller's agent) a written consent
addendum listing the specific existing lead-based deficiencies and corrections needed, together with a
copy of the inspection and/or risk assessment report. Seller may, at Seller's option, within 5 days after
receipt of Purchaser's proposed addendum, elect in writing to provide Purchaser with a credit for the
costs of correcting the condition(s) at the time of settlement. If Seller does not elect to provide
Purchaser with a credit, or if Seller makes a counter-offer Purchaser shall have 5 days to respond to the
counter-offer or remove this contingency and take the property in "as is" condition or the purchase and
sale agreement shall become void. Purchaser may remove this contingency at any time by written notice
to Seller.
_____ (II) Purchaser waives the opportunity to conduct a risk assessment or inspection of the property
for the presence of lead-based paint and/or lead-based paint hazards.
Agent's Acknowledgment (initial)
(G) ____ Agent has informed the seller of the seller's obligations under 42 U.S.C. 4582 (d) and is aware of
his/her responsibility to ensure compliance.
Certification of Accuracy
The following parties have reviewed the information above and on any attached sheets and certify, to the best of their
knowledge, that the information provided by the signatory is true and accurate.
Seller Date Seller Date
Purchaser Date Purchaser Date
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
JUST • A • REMINDER
It is the Seller's responsibility to obtain a FINAL water bill or current actual reading at the time of vacating or
immediately after closing.
Notify the post office and all correspondents of your change of address. The post office can provide a change of
address kit for you.
We recommend that the new owners change the locks on all outside doors.
You may wish to change the address on your driver's license by visiting the Secretary of State's office; at the same
time, don't forget to obtain a new voter registration card.
It is the purchaser's responsibility to inform the municipality of a change in ownership in order to establish a
homestead tax basis. You may be asked to bring a copy of the Warranty Deed to the Treasurer's office, so it's a good
idea to call before you go.
P: 734.294.0300
F: 734.661.6065
39300 W. Twelve Mile Rd.| Suite 120|Farmington Hills, MI 48331|www.peaktitleco.com
ESCROW AGREEMENT
(Earnest Money Deposit)
File Number:
Date:
Property Address:
Depo s i t ed wi th P eak T i t l e Agency, Co . , a s Escro wee , i s a check in the amo unt o f
$ _____________________________ (the "Funds"), representing the earnest money deposit of Purchaser under a purchase agreement
with the seller covering the referenced property. This Escrow Agreement shall be null and void if the check presented to Escrowee
hereunder is not honored upon deposit.
The funds deposited hereunder are to be held by Escrowee in escrow for delivery under the following terms and conditions:
1) upon written direction of Seller and Purchaser, the escrowed funds shall be applied toward the purchase price of the property at
closing, or;
2) upon written direction of Seller and Purchaser, the escrowed funds shall be disbursed by Escrowee as so directed, and;
3) unless written instructions to disburse are furnished to Escrowee on or before _______________________________ then Escrowee
shall, at its option, continue to hold such Deposit until written instructions to disburse are received, or it shall initiate an interpleader
action in a court of competent jurisdiction and deposit all of the escrowed funds for determination by the court of the proper disposition
of such escrowed funds. Upon any such deposit with the court, this escrow shall terminate, and;
4) in the event of any dispute regarding this escrow, Escrowee may, at its option, continue to hold such funds until joint written
instructions directing the disbursement of the escrowed funds are furnished to Escrowee by Seller and Purchaser, or it may initiate an
interpleader action in a court of competent jurisdiction and submit the deposit for determination by the court of a proper disposition.
Upon submission of the deposit to such court, this escrow shall terminate and the Escrowee shall be relieved of any further liability
hereunder.
Upon making such delivery, and performance of any other services included above, Escrowee will thereupon be released and
acquitted from any further liability concerning the deposit, it being expressly understood that such liability in any event is limited by
the terms and conditions set forth herein. By acceptance of this deposit, Escrowee is in no way guaranteeing the sufficiency of the
deposit, and Escrowee shall incur no liability for the failure of any financial institution used by it as an escrow depository. Escrowee
shall not be responsible for the payment of any interest on the escrowed funds unless directions to invest are accepted in writing by
Escrowee.
In the event of an interpleader action or other litigation affecting its duties relating to this deposit, Seller and Purchase r jointly
and severally agree to reimburse Escrowee for any reasonable expenses incurred, including attorney fees.
In the event that any funds held in escrow remain unclaimed beyond six (6) months after the termination date recited in this
Agreement, Escrowee shall be entitled to a reasonable administrative fee to be deducted from the escrow proceeds.
Any change in the terms and conditions hereof may be made only in writing signed by all parties or their duly authorized
representatives.
For its services as herein set forth Escrowee is to be paid the sum of $ ____________________ by Purchaser.
Seller(s): Purchaser(s):
Peak Title Agency, Co.
By: ________________________________________
Authorized Signature
39300 W. TWELVE MILE ROAD │ STE. 120│FARMINGTON HILLS MI 48335
O: 734-294-0300 │ F: 734-661-6065
www.peaktitleco.com
PAYOFF REQUEST
TO: ________________________________________
NAME OF BANK
ACCOUNT #: ___________________________________
MORTGAGORS: ________________________________ ______________________________
Print Name SS #
________________________________ ______________________________
Print Name SS #
PROPERTY ADDRESS: ________________________________
________________________________
PAYOFF CALCULATED THROUGH: _____________
I ___________________________________________________ give permission to Peak Title Agency
Co., to order and receive our mortgage payoff on our behalf.
PLEASE CALCULATE A PAYOFF ON OUR LOAN INDICATED ABOVE AND FAX A COPY TO
PEAK TITLE AGENCY AT 734-661-6065. IF YOU HAVE ANY QUESTIONS OR NEED FURTHER
INFORMATION, PLEASE CONTACT THE CLOSING DEPARTMENT (734-294-0300).
THANK YOU FOR YOUR IMMEDIATE ATTENTION AND COOPERATION.
BY:
MORTGAGOR DATE
BY:
MORTGAGOR DATE
39300 W. TWELVE MILE ROAD │ STE. 120│FARMINGTON HILLS MI 48335
O: 734-294-0300 │ F: 734-661-6065
www.peaktitleco.com
HOA INFORMATION
Seller: _______________________________________________________________________
Property Address: ______________________________________________________________
Please provide the following information to Peak Title at your earliest convenience:
1. Name of Association: ____________________________________________________
2. Contact name at association: _______________________________________________
3. Phone: ______________________________ Fax: _____________________________
4. Mailing Address for payment of dues: ________________________________________
________________________________________________________________________
5. Amount of dues $______________ Monthly _____ Quarterly_____ Annually_____
6. Are the association dues paid in advance? YES NO
7. Amount of penalty, if not paid by __________________: $______________
8. Dues cover from (Date) __________________ to (Date) _________________________
9. Is water included in the association dues? YES / NO
10. Has a Lien been placed on the property? YES / NO
11. Dues are current (Please check one): Paid in full: Still owing:
12. Current amount owing: $_____________ which is due by: ______________________
13. Seller’s Email Address: ______________________ Phone _____________________
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