Escrow & Title
A Michigan title commitment (title binder) issued before closing represents the title company's promise to:
APurchase the property if the sale falls through
BIssue a title insurance policy upon closing, subject to listed requirements and exceptions✓ Correct
CGuarantee the property appraises at the sale price
DClear all liens from the property at no cost
Explanation
A title commitment (preliminary title report or binder) issued by the title company states it will issue a title insurance policy after closing, provided listed requirements are met (e.g., liens paid off) and subject to stated exceptions.
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