In the real estate industry, the activities of title companies closely follow the natural timeline of a transaction. Before the closing schedule, the title company searches for the current owner, outstanding mortgages, liens, and taxes paid to prepare the title commitment document. Once all the requirements are cleared, the title insurance can be issued to anticipate any potential issues with property ownership. The company also ensures that all discrepancies are resolved before scheduling the closing for a smooth experience.
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When transferring property in Michigan, it’s important to ensure that taxes are current, as they become a lien on the property when the tax bill is issued. Failure to pay taxes will result in the deed not being recorded.
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Types of real estate liens
Lien on a title is a common occurrence and is typically caused by government or personal judgment liens. The process of obtaining a release can be complicated, and it may take time to get a payoff from the government.
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Types of real estate easements
This video discusses easements and the issues that can arise when dealing with them in real estate transactions. Easements are legal documents that give someone the right to cross a property to access their own property.
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