This can be a confusing topic. When dealing with northern Michigan real estate, there are no "set-in-stone" standards of who pays closing fees or what they are. Typically, when dealing with real estate professionals, I can give you a rough idea of what expenses are involved when purchasing and selling property in Michigan.

The buyer is coming to the table with a set price on a piece of property. Usually, that is all the buyer will need to bring with the exception of possibly recording the deed which will be $15 per page fee, (so most real estate deeds are 1 page). The seller will have to pay a closing fee. This may fall in the $250 range. Some real estate companies have in-house closing, but for the most part, this expense is paid to a title company. Title insurance, taxes & real estate commissions make up the bulk of closing fees during a northern Michigan real estate transaction.

Whether you're in Traverse City, Gaylord, Petoskey or Charlevoix, these real estate expenses tend to be of a universal nature.

When dealing with a common and customary real estate company, most closing fees are that of the sellers. I've seen where buyer's sometimes believe that the seller is responsible for the buyer's mortgage fees. Well, mortgage fees of the buyer, which would be similar to the gas money it takes the seller to get to closing and the moving of the buyer's furniture in the home would fall in the same ball park as a traditional buyer's expense. Mortgages fees can vary greatly, which is primarily correlated with the buyers credit.

When you are uncertain of any fees associated with a real estate closing, all you need to do is call your professional Realtor and ask them for a type of "Good Faith Estimate" of closing costs. As a seller, you'll know almost exactly what you'll be walking away with at closing. And as a buyer, you will be told exactly how much money (certified funds) you'll need to bring to closing.