Michigan Real Estate | Michigan Homes For Sale

PPR Title Agency

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What is Title Insurance?

Title Insurance is protection against a loss arising from problems in connection with the title to your property prior to your ownership and after the transaction of the purchase closing.

Why do I need Title Insurance?

When you purchase a home, you expect to enjoy certain benefits from the ownership. For example, you expect to be able to occupy and use the property as you wish, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell or use the property as collateral to secure a loan. Title insurance is designed to cover these rights that you expect when you purchase a home, and the seller is obligated to provide this to you.

What is the cost of Title Insurance and who is responsible for the cost?

The cost for Title Insurance depends on the sales price and the mortgage amount. The Owner’s Policy is a one-time fee. However, a Mortgage Policy is issued when and if the owner refinances because the lender requires that the mortgage always be insured. The seller is responsible for paying the Owner’s Title premium and providing an Owner’s Policy to the buyer at closing which is based on the sales price. The buyer is responsible for paying the Mortgage Policy premium and providing a Mortgage Policy to the lender if he/she is obtaining a mortgage. If there is no mortgage, there is no Mortgage Policy premium paid by the buyer. The cost of Title Insurance is mandated by the State of Michigan and is not a negotiable fee.

If you list your home with Prudential Preferred, REALTORS®, your agent will be able to provide you with a search of your property to confirm that you have clear title to close on the transaction and that no issues will arise to prevent you from getting to the closing table.