Escrow & Title
In Michigan, a property that has been properly staked and surveyed provides which benefit at the time of sale?
ATax exemption for the first year
BAccurate legal description and defined boundaries reducing the risk of encroachment disputes✓ Correct
CAutomatic title insurance at reduced cost
DPriority over all existing easements
Explanation
A current survey establishes precise property boundaries, identifies any encroachments or easements, and provides an accurate legal description, reducing the risk of future boundary disputes.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
EasementA non-possessory right to use another person's land for a specific purpose.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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