Services for Lenders
Successful, efficient closings for you and your borrowers — following ALTA best practices.
Experience across every loan type
Our experienced staff has closed nearly every type of real estate financing transaction imaginable. We follow American Land Title Association (ALTA) best practices to protect you, your borrowers and your funds.
From order to closing
- Purchase agreement signed. The binding contract between buyer and seller sets the purchase price, transaction type (cash, new mortgage or land contract), deposit, post-closing occupancy and included personal property.
- Title order placed. Title insurance is ordered through our online order page. The buyer provides lender contact information and loan amount; the seller provides a signed Payoff Authorization Form and any HOA/condominium status letter.
- Title commitment issued. The commitment shows proposed coverage for the buyer and lender, current owners, liens, easements, restrictions and the requirements to be satisfied at or before closing.
- Closing package delivered. When everyone is ready, contact our Closing Department at 586-772-7020 or packages@chircotitle.com. Closing documents are sent to all parties for review.
- Closing. Held at a time and place convenient for all parties.
What’s in the closing package
Seller Settlement Statement
Shows every credit and charge affecting the seller’s net proceeds. Credits: sales price, tax prorations. Charges: water/sewer escrow, occupancy escrow, title insurance premium, county and state transfer tax, mortgage payoff (if applicable) and document preparation fee.
Buyer Settlement Statement
Shows the credits and charges that determine what the buyer owes at closing. Credits: earnest money deposit, mortgage loan amount. Charges: sales price, tax prorations, recording fees and closing fee.
Bill of Sale
Transfers ownership of personal property on the premises, such as appliances and window treatments.
Water/Sewer Escrow Agreement
Unpaid water and sewer bills can become a municipal lien on the property, so funds are held in escrow until a final meter reading is taken and the final bill is paid. A minimum of $200.00 is typically withheld from the seller’s proceeds — your purchase agreement should address this.
Occupancy Escrow Agreement
When the seller stays in the home for a short time after closing, part of the seller’s proceeds is held to ensure rent is paid to the buyer. The agreement sets the number of occupancy days and the rent amount.
1099-S Report
Federal law requires the sale, including the gross sales price, to be reported to the IRS. The seller must provide a Social Security Number at closing.
Payoff Statement
Once we receive a signed Payoff Authorization Form, we obtain payoff statements for secured liens — mortgages, land contracts and other encumbrances — showing the amounts needed to pay them in full.
Title Transfer Document
Usually either a Warranty Deed, which conveys the seller’s title, or a Land Contract, an agreement to convey title once the contract is paid off.
Property Transfer Affidavit & Principal Residence Exemption
The buyer signs the Property Transfer Affidavit, which is filed with the local assessor’s office. Michigan lowers property taxes on one principal residence, so buyers typically file to claim the exemption on their new home and sellers file to rescind it on the home they sold.
What borrowers should bring
- Your homeowner’s insurance policy
- Certified or bank checks for the balance of the purchase price
- A valid driver’s license or state identification card
- Anything else listed in your closing package or requested by your lender
Forgetting a required item can delay your closing — call us if you’re unsure what you need.
Ready to get started?
Order title work online or call our team — we close deals throughout the entire State of Michigan.