Enter Loan amount and this tool with output the title insurance charges for the a basic loan policy as well as the expanded policy.
Enter sales price and this tool will output the title insurance charges for the owner's insurance policy.
Calculate Michigan title insurance fees for buying, selling, and refinancing residential real estate. If a mortgage is being taken out on this property, simply enter the loan amount to calculate the lender’s title insurance policy fee. Enter the Sales price of the real estate to calculate the owner’s title insurance policy fees.
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Calculating title insurance rates in Michigan does not have to be difficult. Using our simple title insurance calculator tool you simply enter the loan amount for the Lender's title insurance policy and the Sales Price of the home to calculate the Owner's title insurance policy. The calculations automatically appear below!
Title insurance is an insurance policy to protect against losses due to claims of ownership, encumbrances, liens, and obligations placed against the property.
Typically title companies will charge fees in addition to the title insurance policy. Standard fees include a settlement closing fees to handle the paperwork and notarizing of documents, and recording fees which cover the costs of recording the documents at register of deeds. Other fees may include abstract title search fees, notary fees, attorney fees, courier fees, chain of title fees, and wire fees.
Lenders title insurance (mortgagee protection) is an insurance policy issued to cover the lender against losses due to title issues. Owners title insurance is an insurance policy issued to cover the new owner for losses due to title issues.
Traditionally the buyer is responsible to pay the lender’s title insurance fees and the seller is responsible to pay the owner’s title insurance fees. These fees, however, may be paid by either party if agreed to differently in the purchase contract. These are one time fees paid at the closing of the sale and not reoccurring annual fees such as home owners insurance.
If a loan is being taken out on the real estate then the lender will require that title insurance is purchased to insure that it is free of debts, liens and obligations placed on the real estate prior to this transaction.
Ultimately, the person paying for the insurance policies has the right to choose whom to select for the title insurance services. If a sales agreement specifies the title company then both parties are contractually bound to use the agreed upon company.
Typically, the fees are split between buyer and seller, therefore, each party can select what title company they chose to purchase their title insurance through. If the buyer and the seller choose to purchase title insurance and close through separate companies, this is called a split closing.
Eagle title insurance, also known as expanded title insurance, provides the same benefits of standard insurance policy but also adds extra protections after the policy is issued at closing. These extra coverages can include protections against forgery, encroachments, adverse possession, easements, building permit and zoning violations, subdivision violations, restrictive covenant violations, structural damage for mineral abstraction, encroachment of boundary walls and fences etc.
NOTE: Title fee rates calculated based on Stewart Title Insurance Company. Effective rates as of August 31st, 2020. This tool is intended to be used for illustrative purposes only. Estimates are not guaranteed and may be different based on issuing agent and individual circumstances. Consult your local title agent a fee quote. Riverbank Finance LLC does not offer insurance policies and makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions.