Buyer Closing Statements.pdf
Caleb Taylor Petitioner V City Of Portage Respondent · 26-002829-TT
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Page 1
American Land Title Association ALTA Settlement Statement - Borrower/Buyer Adopted 05-01-2015 Sun Title Agency, LLC ALTA Universal ID: 1062800 925 S. Burdick Kalamazoo, MI 49001 File No./Escrow No.: Print Date & Time: Settlement Location: Property Address: Borrower: Seller: Lender: Settlement Date : Disbursement Date : Officer/Escrow Officer: 305812 February 23, 2025 6:04 pm Sarah Thomas 925 S. Burdick Kalamazoo, MI 49001 5023 Angling Rd Portage, MI 49024 Caleb R. Taylor and Abigail T. Taylor 730 Phillips St South Haven, MI 49090 Richard J. White, Sr. and Mary A. Parker-White 5023 Angling Rd Portage, MI 49024 Sturgis Bank & Trust Company ISAOA February 24, 2025 February 24, 2025 Description Borrower Debit Credit Financial Sale Price of Property 360,000.00 Deposit 4,000.00 Loan Amount 342,000.00 Prorations/Adjustments City/Town Taxes (Summer Bill)/$5,473.38 809.76 01/01/25-02/24/25 County Taxes (Winter Bill)/$743.92 110.06 01/01/25-02/24/25 Loan Charges to Sturgis Bank & Trust Company ISAOA
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Description Borrower Debit Credit Loan Charges to Sturgis Bank & Trust Company ISAOA (continued) Tax Monitoring Fee to Lereta 92.00 Prepaid Interest $63.25 per day from 02/24/25 to 03/01/25 320.63 Sturgis Bank & Trust Company ISAOA Impounds Homeowner's Insurance to Sturgis Bank & Trust Company ISAOA 1.000 Months at 134.33 $134.33/month Mortgage Insurance to Sturgis Bank & Trust Company ISAOA 1.000 Months at 131.10 $131.10/month Property Taxes to Sturgis Bank & Trust Company ISAOA 1.000 Months at $62.00/ 62.00 month County Taxes (Winter Bill) to Sturgis Bank & Trust Company ISAOA 9.000 Months at 4,105.08 $456.12/month Aggregate Adjustment to Sturgis Bank & Trust Company ISAOA 1.77 Title Charges and Escrow/Settlement Charges Closing Fee to Sun Title Agency, LLC 375.00 Delivery/Overnight Fee to Sun Title Agency, LLC 29.00 Lender's Title Insurance to Adventus Title Agency, LLC 1,148.60 Coverage: $342,000.00 Premium: $1,148.60 Version: ALTA Loan Policy (2021) Recording Processing Fee to Sun Title Agency, LLC 39.00 Commissions Admin Fee - Selling Agent to Keller Williams Kalamazoo Market Center 495.00 Government Recording and Transfer Charges Recording Fees to Kalamazoo County Register of Deeds 60.00 Tax Certification Fee to eRecording Partners Network 5.00 Miscellaneous Homeowner's Insurance Premium to Farmers Insurance 12 months 1,612.00 Debit Credit Subtotals 370,457.09 346,921.59
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Acknowledgement Wel/l have carefully reviewed the ALTA Settlement Statement and find it to be a true and accurate statement of all receipts and disbursements made on my account or by me in this transaction and further certify that | have received a copy of the ALTA Settlement Statement. We/l authorize Sun Title Agency, LLC to cause the funds to be disbursed in accordance with this statement. Borrower 7 Sm Caleb R. Taylor 1biail 7 Zul. Abigail T. Taylor / Sun Title Agency/LLC BY: /] Sarah Thi Escrow Offi
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Closing Disclosure This form is a statement of final loan terms and closing costs. Compare this document with your Loan Estimate. Closing Information Transaction Information Loan Information Date Issued 2/21/2025 Borrower Caleb R Taylor and Abigail T Taylor LoanTerm 30 years Closing Date 2/24/2025 730 Phillips St Purpose Purchase Disbursement Date 2/24/2025 South Haven , MI 49090 Product Fixed Rate Settlement Agent Sun Title Agency of Michigan LLC File # 305812 Seller Richard J & Mary A. White Sr LoanType [Xl Conventional (J FHA Property 5023 Angling Rd OvAd Portage , MI 49024 Loan ID # 0010093797 Sale Price $360,000 i MIC # 6202946890 Lender Sturgis Bank & Trust Company #407562 0a Can this amount increase after closing? Loan Amount $342,000 NO Interest Rate 6.75% NO Monthly Principal & Interest See Projected Payments below for your $ 2, 218.21 NO Estimated Total Monthly Payment Does the loan have these features? Prepayment Penalty NO Balloon Payment NO Proiected P Payment Calculation Years 1-12 Years 13-30 Principal & Interest $2,218.21 $2,218.21 Mortgage Insurance + 131.10 + Estimated Escrow + 652.45 + 652.45 Amount can increase over time Estimated Total Monthly Payment $3,001.76 $2,870.66 A This estimate includes In escrow? Estimated Taxes, Insurance $652.45 KI Property Taxes YES & Assessments . amonth Xl Homeowner's Insurance YES Amount can increase over time See page 4 for details 0 Other: See Escropy Account on page 4 for details. You must pay for other property costs
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Closing Cost Details Borrower-Paid Seller-Paid Paid by Others (loancosts ~~} AtClosing Before Closing | AtClosing Before Closing A. Origination Charges $1,150.00 01% of Loan Amount (Points) | 02 Application Fee $225.00 i 03 Origination Fee $700.00 04 Underwriting Fee $225.00 05 | 06 | 07 | 08 | B. Services Borrower Did Not Shop For $790.35 01 Appraisal Fee to Midwest Appraisal Management $525.00 | 02 Credit Report - Joint to Factual Data by CBC Innovis $124.85 | 03 Drive Report to Dataverify $33.50] 04 Flood Certification Fee to Fzds $15.00 05 Tax Monitoring Fee to Lereta $92.00 06 07 08 09 10 | C. Services Borrower Did Shop For $1,591.60 01 Title - Erecording Fee to Sun Title Agency of Michigan LLC $39.00 | 02 Title - Lenders Coverage Premium to Sun Title Agency of Michigan LLC $1,148.60 | 03 Title - Overnight Fee to Sun Title Agency of Michigan LLC $29.00 | 04 Title - Settlement Fee to Sun Title Agency of Michigan LLC $375.00 05 06 07 08 D. TOTAL LOAN COSTS (Borrower-Paid) $3,531.95 Loan Costs Subtotals (A +B + C) $3,531.95] E. Taxes and Other Government Fees $65.00 01Recording Fees Deed: $35.00 Mortgage: $30.00 $65.00 $3,096.00 02 F.Prepaids $1,932.63 01 Homeowner's Insurance Premium (12 mo.) to Farmers Insurance $1,612.00 | 02 Mortgage Insurance Premium ( mo.) | 03 Prepaid Interest ($64.13 per day from 2/24/25 to 3/1/25) $320.63 | 04 Property Taxes ( mo.) 05 G. Initial Escrow Payment at Closing $4,430.74 01 Homeowner's Insurance $134.33 per month for 1 mo. $134.33} 02 Mortgage Insurance $131.10 per month for 1 mo. $131.10 03 Property Taxes $62.00 per month for 1 mo. $62.00 04 City Property Tax $456.12 per month for 9 mo. $4,105.08 05 06 07 | 08 Aggregate Adjustment $1.77 | | H. Other $495.00 012024 Summer Property Taxes to Portage Co. 39 03580 052 O $5473.38 02 2024 Winter Property Taxes to Portage City Treasurer 39 03580 052 0 $743.92
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Calculating Cash to Close
Use this table to see what has changed from your Loan Estimate.
Loan Estimate
Final
Did this change?
Total Closing Costs (J)
$9,340.00
$10,455.32
YES
eSeeTotal Loan Costs(D)and Total Other Costs(l)
Closing Costs Paid Before Closing
$0
$0|
NO
Closing Costs Financed
$0
$0|
NO
(Paid from your Loan Amount)
Down Payment/Funds from Borrower
$18,000.00
$18,000.00]
NO
Deposit
-$4,000.00
-$4,000.00{
NO
Funds for Borrower
$0
$0|
NO
Seller Credits
$0
$0|
NO
Adjustments and Other Credits
$0
-$919.82|
YES
eSee details in Sections
Kand L
Cash to Close
$23,340.00
$23,535.50
Summaries of Transactions
Use this table to see a summary of your transaction.
BORROWER'S TRANSACTION
SELLER'S TRANSACTION
K. Due from Borrower at Closing
$370,455.32
M. Due to Seller at Closing
$360,000.00
01
Sale Price of Property
$360,000.00
01
Sale Price of Property
$360,000.00
02
Sale Price of Any Personal Property Included In Sale
02
Sale Price of Any Personal Property Included in Sale
03
Closing Costs Paid at Closing (J)
$10,455.32
03
04
Final Payoffs - See Addendum
$0.00
04
Adjustments
05
05
06
06
07
07
08
Adjustments for Items Paid by Seller in Advance
Adjustments for Items Paid by Seller in Advance
08 City/Town Taxes
to
09 City/Town Taxes
to
09 County Taxes
to
10 County Taxes
to
10 Assessments
to
11
Assessments
to
1
12
12
13
13
14
14
15
15
16
L. Paid Already by or on Behalf of Borrower at Closing
$346,919.82
N. Due from Seller at Closing
$203,955.77
01
Deposit
$4,000.00
01
Excess Deposit
02
Loan Amount
$342,000.00
02
Closing Costs Paid at Closing (J)
$35,072.65
03
Existing Loan(s) Assumed or Taken Subject to
03
Existing Loan(s) Assumed or Taken Subject to
04
04
Payoff of First Mortgage Loan
$167,963.30
05
Seller Credit
05 Payoff
of Second Mortgage Loan
Other Credits
06
06
07
07
08
Seller Credit
Adjustments
09
08
10
09
n
10
12
1
13
Adjustments for items Unpaid by Seller
Adjustments for items Unpaid by Seller
12
City/Town Taxes
1/1/25
to
2/25/25
$809.76
14 City/Town Taxes
1/1/25
to
2/25/25
$809.76
13 County Taxes
1/1/25
to
2/24/25
$110.06
15 County Taxes
1/1/25
to
2/24/25
$110.06Page 7
Additional Information About This Loan Assumption If you sell or transfer this property to another person, your lender [Xl will allow, under certain conditions, this person to assume this loan on the original terms. O will not allow assumption of this loan on the original terms. Demand Feature Your loan [J has a demand feature, which permits your lender to require early repayment of the loan. You should review your note for details. [Xl does not have a demand feature. Late Payment If your payment is more than 75 days late, your lender will charge a late fee of 5% of your overdue payment of principal and interest. Negative Amortization (Increase in Loan Amount) Under your loan terms, you [1 are scheduled to make monthly payments that do not pay all of the interest due that month. As a result, your loan amount will increase (negatively amortize), and your loan amount will likely become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property. [0 may have monthly payments that do not pay all of the interest due that month. If you do, your loan amount will increase (negatively amortize), and, as a result, your loan amount may become larger than your original loan amount. Increases in your loan amount lower the equity you have in this property. [Xl do not have a negative amortization feature. Partial Payments Your lender [Xl may accept payments that are less than the full amount due (partial payments) and apply them to your loan. [0 may hold them in a separate account until you pay the rest of the payment, and then apply the full payment to your loan. [ does not accept any partial payments. If this loan is sold, your new lender may have a different policy. Security Interest You are granting a security interest in 5023 Angling Rd, Portage, MI 49024 You may lose this property if you do not make your payments or satisfy other obligations for this loan. Escrow Account For now, your loan [Xl will have an escrow account (also called an "impound" or "trust" account) to pay the property costs listed below. Without an escrow account, you would pay them directly, possibly in one or two large payments a year. Your lender may be liable for penalties and interest for failing to make a payment. Escrow Escrowed $9,402.60 | Estimated total amount over year 1 for Property Costs your escrowed property costs: over Year 1 City Property Tax Homeowner's Insurance See attached page for additional information Non-Escrowed Estimated total amount over year 1 for Property Costs your non-escrowed property costs: over Year 1 You may have other property costs. Initial Escrow $4,430.74 | A cushion for the escrow account you pay Payment at closing. See Section G on page 2. Monthly Escrow $783.55 | The amount included in your total Payment monthly payment. 0 will not have an escrow account because [J] you declined it [1 your lender does not offer one. You must directly pay your property costs, such as taxes and homeowner's insurance. Contact your lender to ask if your loan can have an escrow account. No Escrow Estimated Estimated total amount over year 1. You Property Costs must pay these costs directly, possibly in over Year 1 one or two large payments a year. Escrow Waiver Fee In the future, Your property costs may change and, as a result, your escrow pay- ment may change. You may be able to cancel your escrow account, but if you do, you must pay your property costs directly. If you fail to pay your property taxes, your state or local government may (1) impose fines and penalties or (2) place a tax lien on this property. If you fail to pay any of your property costs, your lender may (1) add the amounts to your loan balance, (2) add an escrow account to your loan, or (3) require you to pay for property insurance that the lender buys on your Beha, which likely would cost more and provide fewer benefits than what you could buy on your own.
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an Calculations Total of Payments. Total you will have paid after you make all payments of principal, interest, mortgage insurance, and loan costs, as scheduled. | $819,349.13 Finance Charge. The dollar amount the loan will cost you. $475,550.68 Amount Financed. The loan amount available after paying your upfront finance charge. $339,814.77 Annual Percentage Rate (APR) Your costs over the loan term expressed as a rate. This is not your interest rate. 7.16% Total Interest Percentage (TIP). The total amount of interest that you will pay over the loan term as a percentage of your loan amount. 133.588% Questions? If you have questions about the loan terms or costs on this form, use the contact information below. To get more information or make a complaint, contact the Consumer Financial Protection Bureau at www.consumerfinance.gov/mortgage-closing Other Disclosures Appraisal If the property was appraised for your loan, your lender is required to give you a copy at no additional cost at least 3 days before closing. If you have not received it yet, please contact your lender at the information listed below. Contract Details See your note and security instrument for information about ewhat happens if you fail to make your payments, ewhat is a default on the loan, esituations in which your lender can require early repayment of the loan, and othe rules for making payments before they are due. Liability after Foreclosure If your lender forecloses on this property and the foreclosure does not cover the amount of unpaid balance on this loan, [Xl state law may protect you from liability for the unpaid balance. If you refinance or take on any additional debt on this property, you may lose this protection and have to pay any debt remaining even after foreclosure. You may want to consult a lawyer for more information. [1 state law does not protect you from liability for the unpaid balance. Refinance Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan. Tax Deductions If you borrow more than this property is worth, the interest on the loan amount above this property's fair market value is not deductible from your federal income taxes. You should consult a tax advisor for more information. Contact Information Lender Mortgage Broker Name Sturgis Bank & Trust Company #407562 Address 113-125 Chicago Rd, Sturgis, MI 4909 NMLS ID 407562 Mil License ID Contact Larry Morrow Contact NMLS ID 533599 Contact Mi License ID Email Imorrow@ sturgisbank.com Real Estate Broker (B) | Real Estate Broker (S) | Settlement Agent Sun Title Agency of Michigan LLC 1410 Plainfield Ave NE, Grand Rapids, MI 49505 0069799 Lawrence Duthler 0379812 orders@ suntitleagency.com
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Addendum BORROWER'S TRANSACTION K. Due from Borrower at Closing 04a Payoff to Genisys Cu for Revolving Account (POC: $1,010) 04b Payoff to United FCU for Revolving Account (POC: $4,456) Loan Disclosures Escrow Account Escrow Escrowed Property Costs over Year 1 Mortgage insurance Property Tax