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In Michigan, who pays for items 4 & 5 on the GFE?

Item 4 is "Title Services and Lender's Title Insurance" and item 5 is "Owner's Title Insurance". I believe one of these is paid by the seller in Michigan, but I'm not sure which one. Any help would be greatly appreciated.
  • March 12 - Howell
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Answers (2)

Best Answer

Brad,

 Has the Good Faith Estimate provided before or after you have an accepted purchase agreement?   The purchase agreement should specify the terms of what costs will be paid by whom.  Typically the buyer will pay for costs associated with the mortgage, such as a Lender's Title Policy. 
  • March 12
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Profile picture for bradcalvi
It didn't even occur to me to check the PA. Looks like the seller has to provide an owner's title insurance policy in Michigan. Thanks!

Now on to my next question.....http://www.zillow.com/advice-thread/Title-Services-and-Lender%27s-Title-Insurance/531979/?c=1
  • March 12
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