For the first $1,000 of liability (or fraction thereof)
$ 230.00
For each additional $1,000 (or fraction thereof) to and including $50,000
$ 5.00
For each additional $1,000 (or fraction thereof) in excess of $0,000 and up to $100,000
$ 4.00
For each additional $1,000 (or fraction thereof) in excess of $100,000 and up to $200,000
$ 3.50
For each additional $1,000 (or fraction thereof) in excess of $200,000 and up to $300,000
$ 3.00
For each additional $1,000 (or fraction thereof) in excess of $300,000 and up to $1,000,000
$ 2.50
For each additional $1,000 (or fraction thereof) in excess of $1,000,000 and up to $4,000,000
$ 2.00
For each additional $1,000 (or fraction thereof) in excess of $4,000,000 and up to $5,000,000
$ 1.50
For each additional $1,000 (or fraction thereof) over $5,000,000
$ 1.00
Summary of Closing & Escrow Procedures around the United States
This summary is merely a general reference guide. Local practices within your city or county may differ. Contact a local title company or real estate attorney for specific information. This is not intended as legal advice, but merely as a general reference guide.
MICHIGAN - Title companies, lenders, real estate agents, and attorneys may conduct closings. Conveyance is by warranty deed which must give the full consideration involved or be accompanied by an affidavit which does. Many transactions involve land contracts. Mortgages are the security instruments. Michigan uses ALTA policies and endorsements. Buyers generally pay closing costs and the lender’s title insurance premium, and sellers pay the state transfer tax and the owner’s title insurance premium. Those property taxes which pay for city and school expenses fall due July 1st; others (county taxes, township taxes, and some school taxes) fall due on the first of December. In many tax jurisdictions, taxpayers may opt to pay their taxes in two equal installments without penalty.
