Lender’s title insurance plays a vital role in the home-buying process. If a title defect is discovered after the lender’s title insurance is purchased, the lender can make a claim and recoup their losses. Lender’s title insurance protects the lender against unknown title defects and is designed to protect the lender’s investment in the property. It will cover claims that affect the lender’s loan and protect the lender’s interest. Lender’s title insurance protects lenders and buyers against problems when the title ownership is transferred.
Who Covers the Cost of Lenders Title Insurance in Michigan?
In Michigan, the cost of the lender’s title insurance will typically be the homebuyer’s responsibility. The borrower is usually responsible for paying the cost of the lender’s title insurance policy. In some cases, during negotiations, the lender may agree to cover the cost of the policy for the buyer as a part of the loan agreement. Lenders must disclose the cost of the lender’s title insurance to borrowers. Although the borrower typically covers the cost of title insurance, there are situations where the seller or lender agrees to cover the cost.
Lenders Title Insurance at Embassy Title Agency
If you are looking for lender’s title insurance in Novi, MI, Canton, MI, Dearborn, MI, or the surrounding areas, Embassy Title Agency can help you. Our team has over 100 years of combined experience, and we are happy to service and close transactions on the weekends and after business hours. Our friendly staff is well-equipped to help you with all your closing and title needs. To learn more about our services or team, contact us online or call (734) 293-2000.