MI Underwriting Summary - Revision history

Toryvincent at 20:40, 28 November 2022

2022-11-28T20:40:15Z

Rachelrichardson at 18:40, 26 August 2021

2021-08-26T18:40:24Z

Alanfields: /* Odd Stuff */

2021-06-11T16:34:09Z

‎Odd Stuff

Bartbodkin: /* Instrument Requirements */

2019-07-18T13:55:23Z

‎Instrument Requirements

Allandick at 02:27, 17 January 2018

2018-01-17T02:27:44Z

Allandick at 02:25, 17 January 2018

2018-01-17T02:25:38Z

Allandick at 02:22, 17 January 2018

2018-01-17T02:22:52Z

Abfields: /* Spousal Joinder Requirements/Homestead */

2014-10-31T23:22:28Z

‎Spousal Joinder Requirements/Homestead

Abfields at 00:42, 29 October 2014

2014-10-29T00:42:49Z

Abfields: /* Search/Exam */

2014-10-05T01:23:41Z

‎Search/Exam

← Older revision		Revision as of 20:40, 28 November 2022
Line 1:		Line 1:
		+	==MI A to Z Underwriting Guide==
		+	https://uww.wfgnationaltitle.com/images/9/90/MI_A_to_Z_Final_8.3.22_Format_Update_11.22.22.pdf
		+
	==Search/Exam==		==Search/Exam==
	*Minimum Search Requirements -- No Statute. Marketable Title Act – 40 years		*Minimum Search Requirements -- No Statute. Marketable Title Act – 40 years

← Older revision		Revision as of 18:40, 26 August 2021
Line 75:		Line 75:
	*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.		*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.
	*Michigan has a dormant Oil & Gas lease law which may eliminate oil and gas (but not other mineral) interests if not of record or actively used for 20 years. Strict requirements apply [http://www.legislature.mi.gov/(S(o4nrmvt2uwzs342e4mw5t4pv))/mileg.aspx?page=GetObject&objectname=mcl-554-291 s. 554.291]. [https://connect.michbar.org/envlaw/reports/deskbook/chapter20#_Toc325551731 OGM Reference]		*Michigan has a dormant Oil & Gas lease law which may eliminate oil and gas (but not other mineral) interests if not of record or actively used for 20 years. Strict requirements apply [http://www.legislature.mi.gov/(S(o4nrmvt2uwzs342e4mw5t4pv))/mileg.aspx?page=GetObject&objectname=mcl-554-291 s. 554.291]. [https://connect.michbar.org/envlaw/reports/deskbook/chapter20#_Toc325551731 OGM Reference]
		+
		+	==Tax Sales==
		+
		+	In general, when a property is purchased on tax sale in Michigan via a Quit Claim deed from the county treasurer only the tax interest in the property is conveyed to the tax sale purchaser. The ownership interest in the property remains vested in the original owner.
		+
		+	We cannot insure a property purchased on tax sale unless the owner of the tax interest has also obtained the ownership interest, giving them fee simple title to the property.
		+
		+	In order for the owner of the tax interest to obtain that ownership interest (to our satisfaction to insure), we need one of two things:
		+
		+	1. Deed from the prior owner.
		+	2. An Order Quieting Title to the tax sale purchaser with all parties properly noticed.

← Older revision		Revision as of 16:34, 11 June 2021
Line 74:		Line 74:
	==Odd Stuff==		==Odd Stuff==
	*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.		*Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.
		+	*Michigan has a dormant Oil & Gas lease law which may eliminate oil and gas (but not other mineral) interests if not of record or actively used for 20 years. Strict requirements apply [http://www.legislature.mi.gov/(S(o4nrmvt2uwzs342e4mw5t4pv))/mileg.aspx?page=GetObject&objectname=mcl-554-291 s. 554.291]. [https://connect.michbar.org/envlaw/reports/deskbook/chapter20#_Toc325551731 OGM Reference]

@@ Line 52: / Line 52: @@
 ==Instrument Requirements ==
+* An unrecorded land contract may be valid between the parties, but it is not insurable.  Failure to record leaves the buyer completely unprotected, even though they have equitable title in the property.  The forfeiture of a land contract often requires foreclosure, and therefore, we require that either the land contract or the Memo of the land contract be recorded to evidence the insurable interest.
 ==Who May Serve As Trustee On Deed Of Trust==

@@ Line 14: / Line 14: @@
 The following tenancy types are recognized:
-Individual
+* Individual
-Tenancy by the entireties
+* Tenancy by the entireties
-Joint tenancy
+* Joint tenancy
-Joint tenancy with right of survivorship
+* Joint tenancy with right of survivorship
-Tenancy in common (default)
+* Tenancy in common (default)
-Life estate
+* Life estate
-Enhanced life estate (Lady Bird).
+* Enhanced life estate (Lady Bird).
 Acceptable instruments for transferring ownership on real property: Warranty Deed (either General or Special) however other forms of deeds exist, such as:  Covenant Deeds, Quit Claim Deeds, Trustee’s Deeds, Personal Representative Deeds.  (Limited Warranty Deeds are prohibited by statute.)

@@ Line 12: / Line 12: @@
 Attorney involvement is not required for title searches or issuance of policies. However, an attorney must draft “non-form” instruments if the seller is unwilling to act as drafter.
 ==Vesting==
 ==Witness Requirements==
 No longer required.

@@ Line 1: / Line 1: @@
 ==Search/Exam==
 *Minimum Search Requirements	--   No Statute.   Marketable Title Act – 40 years
 *Plant or other search restrictions	--  No
-*Additional Requirements for REO Searches	--
 *Foreclosure Checklist	--
-*Special Searches Required (Code, HOA, Utilities)?	--  WARNING – property tax issues -
+  WARNING – property tax issues -
 *Survey Requirements 	--  No

← Older revision		Revision as of 23:22, 31 October 2014
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	==Spousal Joinder Requirements/Homestead==		==Spousal Joinder Requirements/Homestead==

		+
		+	The non-owning spouse must join in a mortgage other than a purchase money mortgage. The non-owning spouse is not required to join in a purchase money mortgage. A non-owning wife must sign on a deed to sell property to release her Dower interest, but a non-owning husband does not need to join in on a conveyance by the wife.

	==Power Of Attorney==		==Power Of Attorney==

@@ Line 1: / Line 1: @@
 ==Search/Exam==
 ===Minimum Search Requirements===
 Marketable Title Act – 40 years
@@ Line 9: / Line 12: @@
 	WARNING – property tax issues -
 ===Survey Requirements=== 	No
 ===UPL Hot Button Issues===
 ==Statutes of Limitations==
 ===US Judgment Liens===