Ann Arbor Real Estate Market: Title Insurance Video - Why a Seller Pays? www.KathyToth.com
The video below presented by Tom Richardson of Liberty Title Company discusses why the seller pays for title insurance in Michigan. Title insurance indicates that the seller is transferring clear and marketable title to the property. Title insurance provides protection from past events, which may or may not be a matter of public record. In Michigan, the Seller pays the owners title policy equal to the sale price. All liens including mortgages and taxes will be paid at the closing to prevent issues below (not all inclusive list):
- Missing heirs claims (Grandma Moses comes forward)
- Falsely personating ownership of the property
- Forgery
- Forced removal of existing structures
- Clerical errors
- Confusion due to similar names
- Unsatisfied claims on property, not shown on title search
- Fraud in execution of documents
- Deeds executed under expired or false powers of attorney
- Incorrect disclosure of marital status of former owners
- Improperly probated wills and trusts
- Mental incompetence
- Survey irregularities
- Unrecorded liens (tax, construction)
To determine what your title insurance will cost in Michigan, use the Ann Arbor Real Estate title insurance premium calculator.
Many sellers are bringing funds to closing. Make sure that you contact the title company in advance to arrange wire transfer or certified funds. Talk to your Ann Arbor Real Estate agent about making your final mortgage payment as closing approaches since this will impact your payoff letter from your lender. To find you're your current Ann Arbor area Washtenaw home value, click here.
If you would like to learn more about this or search Ann Arbor Real Estate, or just request your free EBook. We are eager to help you with all your Ann Arbor Real Estate questions and needs.
Related Post:
What is Title Insurance?
Why Does a Buyer Pays Title Insurance?
Kathy Toth and Team
www.KathyToth.com
Keller Williams Realty
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