This is a guide for Sellers and Buyers when selling or buying real estate. It is a great tool to educate you about the selling or buying process and also includes information on the real estate closing. State specific information about certain issues is included with the package.
Michigan LegalLife Multistate Guide and Handbook for Selling or Buying Real Estate
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Start Digging and Become Knowledgeable about Your Home. When you are just thinking about selling your home, start digging for information. Prepare your home for prospective buyers. Determining a Price. Marketing Your Home. Negotiating Offers. Closing On Your Home.
Closing costs: ~1-3% While the buyers will typically be responsible for the lion's share, sellers should expect to pay between 1-3% of the home's final sale price at closing. Based on the average home value in Michigan of $186,000, that roughly translates to $2,000 to $6,000.
It depends on how long you owned and lived in the home before the sale and how much profit you made. If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000.
Will You Have to Pay Taxes When You Sell Your Home in Michigan? If you're a typical home seller in Michigan, you do not need to report your capital gain to the IRS after the sale.
Capital gains in Michigan are taxed as regular income at the state rate of 4.25%.
Start Digging and Become Knowledgeable about Your Home. When you are just thinking about selling your home, start digging for information. Prepare your home for prospective buyers. Determining a Price. Marketing Your Home. Negotiating Offers. Closing On Your Home.
THE OFFER. When making a purchase you need to make an offer to the vendor. If the property is being sold through a real estate agency, the agent will usually prepare the offer on your instructions. If the property is being sold privately, you will need to instruct a lawyer to prepare the offer.
The state transfer tax rate in Michigan is $3.75 for every $500 of property value, or 0.75% of the transferred property's value. In addition to the state tax, each individual county levies an additional transfer tax of $0.55 per $500.
Property transfer tax is an assessment charged by both the State of Michigan and the individual county. When you transfer real estate, they charge a fee as a percentage of the sales price. The seller is responsible for this fee unless it is otherwise agreed to be paid by the buyer.