MI Underwriting Summary
From WFG Wiki
Contents
- 1 Search/Exam
- 2 UPL
- 3 Vesting
- 4 Witness Requirements
- 5 Property Tax
- 6 Mortgage/Transfer Tax
- 7 Spousal Joinder Requirements/Homestead
- 8 Power Of Attorney
- 9 Construction Liens
- 10 Foreclosure Review
- 11 Instrument Requirements
- 12 Who May Serve As Trustee On Deed Of Trust
- 13 Time Limitations
- 14 Odd Stuff
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
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.
