To answer you a bit more directly, you always have the State of Michigans cut, the Transfer Tax (cost 8.60 per thousand ...so about $100 in your case, and usually the buyer wants title insurance unless they're willing to take a quick claim deed. Sellers usually pay both of these cost along with deed preparation. You can contact a Title Company and they can prepare most of these type of things for you..Fees vary by company. (A realtor can not do these things, we go through title companies for this aspect of each sale). Attorney's can do some but not all and would also have to seek out a title company.
Buyer would usually pay filing fees and related matters...

As has been stated, you sometimes can save yourself some hassles by having a professional help you..but if the budget doesn't allow..title company can lead you thru it.

Hope that helps, if you need the name of a title company contact me anytime at Thompgroup@gmail.com

Josh
I would recommend professional representation to protect your interests, especially because you do not have expertise in this area. Legal liability should be on your list of questions.

I do not practice in MI, nor am I an attorney, so this is not legal nor professional advice.

Most lawsuits are filed by buyers who think that the seller did not disclose a material fact. Your concern should be to make sure that you are not sued in the future by this buyer. In California ALL home sellers, regardless whether they have professional representation or not, are required to complete all state and local mandated disclosures. If you have not expertise in this area, then I strongly recommend hiring a professional to help you.

Of course, since I'm a Realtor, I'd advise hiring one. At the least hire an attorney since. at some point, you will be signing many legal documents and you need someone (Realtor or attorney) on "you side". All closing costs are negotiable, but traditionally your costs will include providing the buyer with title insurance at your cost. This doc, among other things(and simplified), "proves" that you are the true seller and that you are giving "good" title to the buyer. Unless the purchase agreement states otherwise, you pay transfer taxes - amount depends upon the purchase price. Your current loan will be discharged at closing and your lender may charge you a fee to provide that documentation. Buyer costs typically include costs related to their obtaining a mortgage. If you "hire" a Realtor, they will charge a commission for handling all of the above PLUS they can assist you with establising the RIGHT price for your home and they will NEGOTIATE on your behalf. Taxes should be prorated and you should get some $ credited to you to help offset some of the above.

There are specific documents that need to be singed by both parties in order to ensure that you have an accurate and complete closing. As Andy said, you should solicit the help of a transaction coordinator which could be either an agent or an attorney in this case to handle the Seller(you) interests and the Buyer interests. Please let em know if I can be assistance to you.
Liz

ELIZABETH TINTINALLI
REAL ESTATE ONE
313.617.2699 CELL
313.273.2640 WORK
313.731.0105 FAX
http://WWW..LIZINDETROIT.COM
lt@lizindetroit.com
tintin72@mac.com
tintinalli@realestateone.com

It depends. You both have costs.
I've acted as a transaction coordinator before to help both sides do what is needed to record the sale.

When you have a moment, give me a call on the number on the website below.

I'd be happy to answer any questions you have.