Escrow & Title
In Michigan, title insurance premiums are paid:
AAnnually as long as the policy is in force
BAs a one-time premium at closing✓ Correct
CMonthly as part of the PITI payment
DAt the time of application for the loan
Explanation
Title insurance is paid as a single premium at the time of closing. Unlike other forms of insurance, there are no ongoing premiums — the policy remains in effect as long as the insured has an interest in the property.
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