Michigan Real Estate Law FAQs
Q. What is a Title Examination?
A. A title examination is the study of records regarding the ownership history of a property. A title examiner investigates the property information in order to find out who owns the land, whether or not there are any defectsof note on the property, or if there are any claims against the property owner. A title company in Michigan can provide such services.
Q. What is a General Warranty Deed?
A. A general warranty deed certifies that the grantor's title is good before and after the transfer of property. The general warranty deed also makes some guarantees concerning the quality of title. A good title, freedom from encumbrance, and the right of possession of the buyer are guaranteed by the seller under a general warranty deed.
Q. What is a Special Warranty Deed?
A. A special warranty deed, sometimes known as a limited warranty deed, only warrants against claims that came about while the grantor held the title and owned the property. A special warranty deed provides less extensive guarantees than a general warranty deed.
Q. What is a Quit Claim Deed?
A. Unlike a general warranty or special warranty deed, a quit claim deed does not contain any warrantees or guarantees. A quit claim deed simply conveys any interest left on the title. Quit claim deeds are not usually used for residential real estate, yet are sometimes used to correct errors in residential real estate conveyance.
Q. Is it a good idea to buy a home in foreclosure?
A. Purchasing a home in foreclosure often appears to be a good value, but factors outside of the price need to be considered. The purchase of a foreclosure often is a cash only sale. The home may be in need of extensive repairs driving up the actual cost of the home. Additionally, the home may have several outstanding liens and other complicating issues.
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