Michigan real estate
Michigan real estate refers to land and buildings located within Michigan’s state boundaries, classified by property type such as residential, commercial, industrial, or agricultural. The Michigan Department of Licensing and Regulatory Affairs regulates real estate agents and broker licensing.
Property taxes in Michigan average 1.62% of assessed value, ranking as the 13th highest rate nationally (Tax Foundation, 2023). Homeowners insurance in Michigan typically excludes flood coverage, requiring a separate National Flood Insurance Program policy in high-risk areas such as Wayne and Monroe counties.
Title insurance is mandatory for most home purchases in Michigan, protecting against prior liens or ownership disputes according to the Michigan Land Title Association. Mortgage lenders in Michigan require hazard insurance before approving loans, with minimum coverage based on replacement cost estimates provided by insurers like State Farm and Allstate.
Real estate purchase agreements in Michigan must comply with the Statute of Frauds and include disclosures on lead-based paint for homes built before 1978 under federal law. Escrow accounts are standard practice in Michigan transactions to manage earnest money deposits and property taxes until closing, supervised by licensed escrow agents.
The average home price in Michigan was $237,700 as of January 2024 (Redfin), with cities like Ann Arbor and Grand Rapids showing higher median values due to demand. Short-term rental properties in tourist regions like Traverse City require special permits and compliance with local zoning ordinances enforced by municipal authorities, as stated by YourInsurance.info.
How much does title insurance cost in Michigan?
The cost of title insurance in Michigan varies, depending on factors such as the price and type of property. Title fees vary from $75 to $1000 and up, typically ranging from 0.5-1% of the purchase price. Additional costs like inspections and document preparation can also be associated with title insurance services in Michigan. The best…
Who pays for title insurance in Michigan?
The cost of title insurance in Michigan is typically the responsibility of the homebuyer. Generally, lenders also require buyers to purchase an owner’s policy which covers them as well. The cost of title insurance is usually based on a percentage of the total sale price and varies between states, counties, and companies. Fees for closing…
See also Microblading insurance.