BUYER INFORMATION

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What is Title Insurance and why is it needed?

Title insurance is a product that protects your property against hidden liens or potential ownership issues. It is necessary to ensure the person you are buying the property from has the right to pass the ownership to you. Owner's Title Insurance is a one-time fee paid at Closing, and is based on the sale price of the property.

I'm buying in a different county. can THUNDER BAY Title help?

Our service footprint covers the entire state of Michigan. That means any of our offices can assist you with your transaction.

  • What do I need to bring to Closing?

    • Certified Funds payable to Thunder Bay Title of Alpena County
    • Homeowner's (Hazard) Insurance binder
    • Driver's License or State ID
    • Social Security Number

    It may also be a good idea to contact your Realtor or Lender (if applicable) and ask if they have any other conditions they require. 

    What is an Expanded Coverage policy?

    The Expanded Coverage policy provides the most complete title coverage available in the industry. This policy contains the same coverage as the basic policy, however includes protection against creditor claims, undisclosed heirs, mistakes in recordings, or even errors in the tax records. The Expanded Coverage policy also increases in value by 10% each year for the first five years to protect against inflation. For a nominal difference in premium you will receive a lot more coverage.

How are Property Taxes prorated?

Property Taxes in Alpena County are based on the calendar year. To calculate them we typically take the total amount for the year and divide that by 365 days. We then charge both Buyer and Seller for the number of days they will have each owned the property (based on the Closing date). With that said, sometimes different terms are agreed upon in the Purchase Agreement and we follow that first above any local practices.

What can I expect at Closing?

The Closing is where all of the parties involved in your transaction come together to pass the ownership from Seller to the Buyer. Traditionally the Closing involves Buyer/Seller, Realtors, and sometimes even the Lender. It lasts approximately one hour. 

Related video: What to Expect During the Closing Process