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Home sellers in Michigan typically pay the "owner's title insurance policy and the home buyer pays the "lender" or loan policy. Title insurance rates must be filed and approved by the Michigan Insurance Bureau.What is Michigan title insurance?
In Michigan, the owner’s title insurance premium is customarily paid for by the seller as part of their closing costs. The mortgage or lender’s policy is paid for by the buyer and is included in their good faith estimate of closing costs.How do you calculate lender title insurance?
The cost of title insurance is basically dependent on the value of the property. You can easily calculate the cost of title insurance by multiplying the rate per thousand to the purchase price of the house. The rate per thousand is provided by the insurance company.What is a title policy and why is it important?
A title policy also protects a buyer from the discovery of existing tax liens on a property, non-disclosed restrictions on the property’s use, mistakes in the public recording of the exchange of ownership, and even fraud and forgery. The title insurance policy covers the purchaser for up to the amount that the property was purchased for.