Real Estate Title
Providing top quality Title Insurance in Michigan
We focus on the needs of the customer and respond in detail and quickly. We will do everything to help our customers.
What is Title Insurance? Why is it important?
What is title insurance?
Title insurance is a type of insurance that protects property owners and lenders from financial loss due to issues with the title of a property. These issues might include things like unpaid taxes, liens, or other legal problems that weren’t discovered during the initial title search.
Why is it Important?
Title insurance is important in the event of a lien or legal problems that may arise that could lead to a loss of the property. Title insurance acts like auto insurance or home insurance in the way that if you lose the property for any reason, you will get your money back..
Types of Title Insurance
There are two types of Title Insurance. There is the Owners Policy which is paid for by the seller unless stated differently in the purchase agreement. These are some of the issues an owner’s title policy can protect you against: Improperly recorded documents, Property survey errors, Boundary disputes, Errors on the property deed, building code violations by a previous owner, Conflicting wills, claims by an ex-spouse who didn’t sign off on the sale, Forged documents, Liens from contractors, taxing entities or previous lenders, Encroachments, etc. The second form of Title Insurance is a Lender’s Policy which is paid by the buyer. Most lenders will require a lenders policy in addition to an owner’s policy. Lenders do this to protect themselves from any of the above-mentioned liens and claims. These policies do not protect the borrower and that is why most of the time you will get both.
Day 1
Order Sent and Entered
When you send us a purchase agreement or any other form to open title. We will enter it into our software. We will send you a confirmation email, so you know that we got it and sent it to our to title searcher!
Day 1.5-4
Search back and commitment
Between these days we will get our search and commitment done! The search looks at the “chain of title” so the past deeds and mortgages to make sure all mortgages are paid of and there are no gaps in the deeds. The commitment reflects what we see in the chain of title. For Example, if there is a unpaid off mortgage, there will be a requirement on the commitment that the mortgage needs to be paid off, Ect… If you ever have questions about it PLEASE REACH OUT!!! We would LOVE to help you understand the commitment. A lot of people have trouble with them!
Day 4.5-5.5
Work Up
In this step, we work on gathering all the information needed for closing. We gather things like current taxes, delinquent taxes, Payoffs for mortgages, Death Certificates, ETC… We will always let you know what we need and will help you get it whenever possible!! This is the final step before closing so we want to make sure everyone thinks the numbers look like they are supposed to! If you are working with an agent, we will send them a copy of the settlement statement (Copy of one is linked below!) to your agent or we will send it to both of you if you prefer that! If you are not working with an agent, then we will send it straight to you! The settlement statement outlines the cost of the transaction in line items so it’s very important you are getting/paying the right amount! If everything is good, we move on to the last step, CLOSING!
Day 6- Whenever you want to close!
Closing
As long as we have everything from the lender (if you have one) we are now ready to close! To do this please just call us or send us an email of the Date and Time you would like to close, and we will get it on our Calander. When you come, remember to bring your ID as we cannot close without it. Please also bring any documents that we may have discussed prior to closing! If you owe money at the time of closing, we will verify the amount for you so you can send a wire or bring a check! The closing will take about 10-20 Minutes depending on if you are the seller or the buyer and if it is cash or a mortgage!
Documents.
Settlement Statement
The Settlement Statement outlines the costs, credits, purchase price, loan amounts, payoff, taxes, etc… it is basically a receipt for everything in the transaction. Both the buyer and seller should see it before closing and during closing as it is very important to know what you are spending your money on. The settlement statement example is the one right below this text! If there are any questions about it, please reach out!
Commitment
The Commitment outlines what is needed to close on the property. This could be a death certificate, a missing deed, a Land Contract that needs to be paid off, a mortgage that needs to be paid off, ETC…
Commitments can we tricky to read if you don’t know what you are looking at so if you have any questions. Please Please Please reach out, we would love to help you read and understand what you are looking at!
Purchase Agreement
If you are working with a realtor, they will help you with this. If you aren’t then here is a example PA. The PA shows the purchase price, the address, who is buying and selling it and a long list of other things. Once you get it all filled out and signed, you can send it to us, and we will get the title working rolling!
Get the Best Title Insurance
Protect your investment with our top-quality title insurance services. Our experienced team is dedicated to meeting your needs and providing detailed and prompt responses. Contact US!!
Frequently Asked Questions
What is your closing fee?
Our closing fee is $300 per side that is closing with us!
How do I send a Purchase Agreement?
You can email it to us, drop it off at our location or we can reach out to you if you fill out our contact form.
How long does it take?
It depends, but most of the time we can be closing around 5 days after receiving the order as long as there are no problems with the title!
Do you do mobile closings?
Yes, we have notaries that we can use all around the country. The cost is between $125 and $200 depending on the type of closing!
Hours
Mon – Fri
8:45 am — 5:00 pm
Sat
Closed
Sun
Closed
Contact
Our Address
2150 Lake Michigan Dr NW. Grand Rapids, MI 49504
