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Select a Title Company
The title company you choose will provide the lender's title insurance policy and closing services for you. If you have a preferred title company you would like to use, please let me know as soon as possible. If you don't have a preference, I can provide my recommendations to you.
Title insurance is insurance that protects lenders and/or property owners against claims against the legal ownership of the property. Unlike other types of insurance that cover you for future items that can come up, title insurance covers you from past issues that the title company may have missed.
In Michigan, Title Insurance is regulated and costs the same no matter which company you use, however, each company will have different service fees.
A title insurance policy will protect against problems in the title such as:
Undisclosed and unrecorded mechanic's liens
Misrepresentation and identity theft - someone impersonating the owner
Acts of forgery on the deed or will
Easements
Disputes regarding boundary lines
Exercise of rights for water and mineral extraction
Encroachments
Life estates
Contested deeds and wills
The appearance of undisclosed heirs
Misrepresentation of civil status (i.e. saying one is single when in fact he is married or divorced). The spouse may have an interest in the policy by virtue of their legal union.
In the purchase agreement we use, the seller is responsible for providing buyers with an ALTA Homeowner's Policy of Title Insurance and the seller will choose the title company they purchase the policy from. Buyers who are financing will be required to pay for a lender’s policy and can choose their own title company to use. An owner’s policy will protect the owner for as long as they own the home while the lender’s policy will protect the lender for the life of the loan.
Within 10 days of an executed contract, sellers are required to provide a title commitment from their title insurance company for buyers to review. You will then have 3 days to review and make sure everything is satisfactory.
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Monique Hanson is a REALTOR® serving the greater West Michigan area. Monique helps people buy and sell homes in Kent, Muskegon, and Ottawa Counties. You can contact Monique by calling or texting 616-805-9177 or emailing hello@moniquehanson.com.
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