Escrow & Title
In Michigan, a 'commitment for title insurance' binds the title company to issue a policy provided:
AThe property appraises at or above the purchase price
BThe listed requirements are satisfied (liens paid, proper deed executed) and the transaction closes✓ Correct
CThe buyer obtains mortgage financing
DThe seller discloses all known defects
Explanation
A title commitment binds the title company to issue a policy after closing, provided the listed requirements are met (outstanding liens satisfied, proper deed executed and delivered, correct names and legal description used) and the transaction closes within the commitment's validity period.
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