Page 26 - Real Estate Laws and Customs - State by State Guide by Old Republic Title

State Locations

A STATE - BY - STATE GUIDE
REAL ESTATE LAWS AND CUSTOMS MICHIGAN

Title Insurance Rates MICHIGAN
Filed

Form of Conveyance MICHIGAN
Warranty Deed; Quitclaim Deed; Covenant Deed

State Encumbrance Forms MICHIGAN
Mortgage

Customary Closing Entity MICHIGAN
Title Company

Commitment Issued? Duration? MICHIGAN
Yes; 6 Months

When Is Invoice Issued? MICHIGAN
When Commitment is Sent Out

Deed Transfer Tax? MICHIGAN
Yes; .0086% (State $3.75 per $500 - County $0.55 per $500)

Mortgage Tax? MICHIGAN
No

Leasehold Tax? MICHIGAN
No

Remote Online Notarization (RON) Status MICHIGAN
In Effect
CUSTOMARY SPLITS

Owner’s Policy Premium MICHIGAN
Negotiable

Loan Policy Premium MICHIGAN
Negotiable

Title Search and Exam Fees MICHIGAN
All Inclusive Rate

Survey Charges MICHIGAN
Negotiable

Deed Transfer Tax MICHIGAN
Seller Pays

Mortgage Tax MICHIGAN
Not Applicable

Closing Fees MICHIGAN
Negotiable

Recording Fees MICHIGAN
Buyer Pays $30 per Instrument Except Wayne County: $15 for First Page; $3 per
Subsequent Page

UCC coverage is available; for assistance with your transaction contact UCC@oldrepublictitle.com 26

oldrepublictitle.com/ncs Updated 07/2023