Buying a Home in Ann Arbor
Buying a home is a major event, involving a number of important documents. From a legal standpoint, there are three stages in the buying process.
- Sales Contract. You’ll probably start with the sales contract created by the Ann Arbor Area Board of Realtors. The contract contains several key provisions for you to focus on. Pay special attention to the contingency clauses. You’ll likely want to make your purchase contingent on a satisfactory report from a home inspector. And you’ll want to be able to cancel the deal if you don’t qualify for a mortgage loan.
- Title Insurance Review. You’ll receive a title insurance commitment that discloses important information. You can learn, for example, if there are restrictions that might interfere with your enjoyment of the property. Suppose you find that you won’t be allowed to fence in the backyard. You want to be able to get out of your purchase if you find unacceptable restrictions.
- Closing Papers. Ask to see the closing documents in advance. Verify that the names are correct on the deed, and that the promissory note and HUD Settlement Statement contain accurate numbers. After the closing, you – or someone authorized by you – will need to file the Property Transfer Affidavit and Principal Residence Exemption Affidavit with the proper municipal office.
The attorneys at the Ann Arbor firm of Hamilton, London, & Davis can guide you through the legal complexities of a home purchase.