Frequently Asked Questions

What is the title referred to in title insurance?

Simply put, “title” is the legal right of ownership in property.

What is title insurance?

Title insurance is an insurance policy guaranteeing that the title to the property is clear, and that the owner has the right to sell the property. Once a title insurance policy is issued, your interest in the property purchased is protected, subject to the exclusions and conditions contained in the policy.

Do I really need title insurance?

Yes! Title insurance protects you from financial loss in the event that problems regarding the rights to ownership of your property develop. Title insurance pays the cost of defending against any covered claim.

How much does title insurance cost?

In Michigan, rates are approved by the Office of Financial Insurance Regulation and are based on the sales price or mortgage amount. A one-time premium is directly related to the value of your home.


 

Click on the links below for more information regarding the home buying process

Home Closing 101

HUD’s Shopping for Your Home Loan

Watch Designing Spaces explain the Title Insurance process

 
 

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