Difference between revisions of "MI Underwriting Summary"

Revision as of 15:22, 31 October 2014

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 -
Survey Requirements -- No

UPL

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.

Property Tax

Mortgage/Transfer Tax

No Mortgage Tax. Deed transfer taxes are provided by statute and uniform across the state. The taxes are based upon the total value of the property being conveyed. The rates are:

$7.50 per thousand for State; plus $1.10 per thousand for County

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

Construction Liens

Foreclosure Review

Instrument Requirements

Who May Serve As Trustee On Deed Of Trust

Mortgages only. Deeds of Trust may not be recognized.

Time Limitations

US Judgment Liens -- 20 years
State Court Judgment Liens --
Federal Tax Liens -- 10 years (+ 30 days)
State Tax Liens --
Estate Tax Lien -- 10 years
State Inheritance Tax Liens --
Mechanics Liens --
Financing Statements --
Mortgages --
HOA Liens --
Condominium assessments --
Child Support Liens --

Odd Stuff

Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.

@@ Line 26: / Line 26: @@
 ==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==