Real Estate Laws & Customs - Chicago Title

Page 25 REAL ESTATE LAWS & CUSTOMS BY STATE MICHIGAN Title Insurance Rates Filed Form of Conveyance Warranty Deed; Quitclaim Deed; Covenant Deed; Trustee’s Deed; Personal Representative’s Deed; Sheriff ’s Deed State Encumbrance Forms Mortgage Customary Closing Entity Title or escrow company; attorney; others Commitment Issued? Duration? Yes. 6 months. When is Invoice Issued? With commitment Deed Transfer Tax? Yes. State/County Real Estate Transfer Tax Mortgage Tax? No Leasehold Tax? No CUSTOMARY FEE SPLITS Owner’s Policy Premium Seller pays Loan Policy Premium Buyer pays Title Search & Examination Included in premium Survey Charges Negotiable Deed Transfer Tax Seller pays Mortgage Tax Not applicable Closing Fees Divided equally; sometimes Buyer pays additional loan closing fees Recording Fees Buyer pays to record deed and mortgage. Seller pays for POA, LOA, etc.