Escrow & Title
In Michigan, a 'final title search' performed just before closing checks for:
AThe property's physical condition
BAny last-minute liens, judgments, or encumbrances recorded since the initial title search✓ Correct
CThe buyer's credit score
DThe seller's tax returns
Explanation
A final (or 'bring-down') title search is performed just before closing to check for any new liens, judgments, or encumbrances that may have been recorded against the property or seller since the initial title commitment was issued.
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Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Math Concepts
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