Closing Transactions in Michigan
At its most basic, closing is when one person transfers ownership of real property to another. However, getting your clients safely from contract to closing can sometimes be daunting. Even when all goes smoothly, the closing process is often complex, and keeping all your "docs" in a row keeps you busy.
This two-hour course covers topics related to closing, from basic best practices to special cases. Course highlights include:
- Closing methods in Michigan
- Closing preparations for licensees
- Contracts consummated at closing
- The Real Estate Settlement Procedures Act (RESPA), TILA-RESPA Integrated Disclosures (TRID), and their impact on closings
- Buyer and seller adjustments, such as prorations, debits, and credits
- Tax implications for closing
- Title transfer issues for distressed properties
- Activities and scenarios to reinforce key concepts
State Requirements For Michigan
Michigan State Requirement Details for Real Estate Continuing Education
Renewal Date: Every three years from date of issuance
Hours Required: 18 hours
- 6 hours – Legal Update
- 3 hours – Fair Housing
- 9 hours – Elective
Note: 2 hours of legal education courses involving statutes, rules, and court cases are required in each year of a license cycle.
*Effective 2/13/2024 all real estate professionals must complete one hour of Fair Housing in each year of the license cycle.
For those renewing within the first year of the effective date of the law, if selected for a Continuing Education Audit, the Department will take into consideration the shortened window for you to comply with the new law. For those renewing more than 1 year after the effective date of the law (after February 13, 2025), if selected for a Continuing Education Audit, the Department will use its discretion but would expect that at least one hour of this new training is completed for each license cycle year since the law went into effect.
Department of Licensing and Regulatory Affairs (LARA) - Board of Real Estate Brokers and Salespersons
Street Address: 611 W. Ottawa, Lansing MI 48933
Mailing Address: PO Box 30004, Lansing MI 48909
Telephone: 517.241.0199
Fax: 517.241.9416
Street Address: 720 N. Washington Ave., Lansing, MI 48906
Telephone: 844.642.6633