Title Insurance in Ann Arbor
When you buy or sell a home in the Ann Arbor Area, you need title insurance. You need to read it and understand it.You need an attorney to review it for you, if you don't understand what is covered, and what are exceptions.
In Ann Arbor, the seller buys 1/2 of the title insurance based on the sale price of the house.
The buyer purchases title insurance on the mortgage amount.
Last Friday I attended seminar sponsored by the new Washtenaw Council of Realtors, formally Womans Council of Realtors.
The panel was composed of Scott Broucher of Absolute Title, Debbie Ellison of American Title and Gary Selesko of Cislo Title.
They opened by saying this seminar is going to be Title Insurance 101, I thought "oh great, I got up early for this."
However the panel did not disappoint.
Short Sales and Foreclosures
One thing I learned for people buying a short sale or foreclosure in Ann Arbor is to make sure you obtain your own title policy and NOT TO DEPEND on the BANK to give it to you or for it to be clean title work.
One of the local Ann Arbor Realtors who sold 187 foreclosed properties last year said she could not believe the number of "supposed buyer agents" NOT asking for or ordering Title Work on a foreclosed home. Weeks later they would call her and ask for the title work.
The bank provided NONE.
Just because you "close at a title company" doesn't mean you got title insurance. Even if you did receive it your policy could be so vague as to give you no protection at all. Of course we have lenders that want to see it, but if it is a cash deal you don't have to have a title policy.
Example
Case in point, my daughter a buyer agent on the Missy Caulk TEAM was selling a foreclosed property in a new construction community in Belleville. She kept asking the listing agent for the title work, he kept saying it was fine and that he would get it we never did. So she ordered it herself from a local Ann Arbor Title Company.
You should have seen the liens from taxes, home owner association, contractors and utilities.
It took us 9 months to close this home because all the liens had to be waived or payed to get a clean title policy. Now what if she had waited or not ordered it for her own buyer?
What if you were that buyer and tried to sell in a few years and found out all those liens had not been taken care of when you purchased?
Attorney Review
If you are buying a home in Ann Arbor Area, especially if it is a short sale or foreclosure, INSIST your agent get your title work from a local company with enough time to review and have an attorney review.
On short sales or foreclosures I insist my team ALWAYS have the buyers pay for attorney review. If you are buying a distressed home, you are getting that home most likely under market value. That is a good thing. So spend the extra $250.00 for an attorney to review. It will be money well spent.
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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com
Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
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Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com
Our Team of 6 agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.
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Stay strong, stay faithful, stay honest, stay loving, stay true to who you are, most importantly stay true to who God is as you'll be who you are, and you'll be happy, you'll be you, you'll be free. -Jamie Caulk
