Real Estate Laws & Customs By State - Fidelity National Title Insurance Company

- 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 and 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.