Escrow & Title
Under Michigan law, an abstract of title provides:
AA guarantee of marketable title
BA chronological summary of all recorded instruments affecting the title to a property✓ Correct
CTitle insurance against hidden defects
DA government certification of ownership
Explanation
An abstract of title is a chronological summary of all recorded instruments (deeds, mortgages, liens, easements, judgments) affecting the title to a parcel. It does not guarantee title; title insurance or an attorney's title opinion is needed for that.
Related Michigan Escrow & Title Questions
- Michigan uses which type of title transfer system to record property ownership?
- A Michigan title commitment (title binder) issued before closing represents the title company's promise to:
- Michigan uses a title recording system based on:
- In Michigan, the county register of deeds office is responsible for:
- A quitclaim deed in Michigan:
- In Michigan, a 'partial release' of a blanket mortgage means:
- An earnest money deposit in a Michigan transaction is typically held by:
- In Michigan, a lis pendens is recorded to provide notice that:
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