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The title company verifies that the seller has the legal right to sell the property to a buyer. A title company can issue a policy, called title insurance, that protects homeowners and lenders from conflicts (like title claims) that may arise from the property's previous owners.

Title insurance protects home buyers against covered title defects, such as a previous owner's debt, liens, and other claims of ownership. It's an insurance policy that protects against past problems, whereas other insurances usually deal with future risks.

Home buyers typically cover costs for lender's title insurance as they are the one who is taking a loan from the mortgage lender. The person who pays for owner's insurance can vary. Sometimes, the seller could pay for the title policy as an offering to help with the sale of their property.

Who is responsible to pay title insurance fees in Michigan? 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.

Payment of this premium can be a negotiable item between the buyer and the seller, but in Southern California the fee for the CLTA policy is customarily paid by the seller while in Northern California, the buyer usually pays this fee. Payment for the ALTA policy is almost always paid by the home buyer.

Follow these key steps to starting a title company. Research the title company requirements for your area. ... Prepare for the title insurance exam. ... Research surety bonds and E&O insurance. ... Choose the right title insurance underwriter. ... Get licensed. ... Bonus: Get the right tools for the job.

The role of a title company is to verify that the title to the real estate is legitimately given to the home buyer. Essentially, they make sure that a seller has the rights to sell the property to a buyer. Let's take a look at what title companies are, the services they provide and insurance they offer.

Title insurance protects you from problems with an ownership title when you buy real estate. These may be problems that existed before the purchase, such as: (1) unpaid property taxes, (2) fraud or forgery of previous paperwork, or (3) a spouse or unknown heir who claims they own the property.

They'll depend on which state you live in. Some states have fixed premiums; that means you'll have roughly the same title insurance cost no matter who you buy from. Other states let the title insurance providers set the premium cost, so you can shop around for the best price.

Transnation Title Agency is committed to our customers and their communities across Michigan and beyond. We know how exciting ? and confusing ? real estate transactions can be, and we are here to make sure your closing is easy and enjoyable.