Michigan Title Producers License Exam Review
Title Evidence of ownership rights in real estate.
Covenants Agreements protecting purchasers against title
insufficiencies.
Conditions Provisions making rights contingent on future events.
Restrictions Limitations on land use or improvements.
Constructive Notice Implied notice of interest in real estate.
CCRs Covenants, conditions, and restrictions on property.
Warranty Deed Deed assuring grantee of grantor's title rights.
Common Law Covenants Group of covenants regarding title assurances.
Covenants Against Encumbrances Assurance property is free from third-party claims.
Grade A+ | Updated
, Michigan Title Producers License Exam Review
Covenants for Further Assurance Obligation to rectify title deficiencies.
Covenants of Right to Convey Assurance seller has authority to transfer title.
Covenants of Quiet Enjoyment Guarantee of undisturbed property use.
Covenants of Seisin Assurance seller is rightful owner of property.
Covenants of Warranty Promise to defend against third-party claims.
Private Restrictions Owner-imposed limitations on property use.
Public Restrictions Government-imposed limitations, often zoning laws.
Covenants Running with the Land Restrictions affecting land use, enforceable by
successors.
Transfer Tax Tax on conveyance of real estate interests.
Recording Official filing of documents to establish ownership.
Grade A+ | Updated
, Michigan Title Producers License Exam Review
Race-Notice State First to record has priority over claims.
MCL 207.501 Michigan law governing transfer tax requirements.
Exemption from Transfer Tax No tax if consideration is under $100.
Statutory Requirements Legal obligations for transfer tax payment.
Transfer Tax Tax on real estate transactions per MCL 207.501.
County Transfer Tax Tax at $.55 per $500 value of real estate.
State Transfer Tax Tax at $3.75 per $500 value of real estate.
Exemption Reference Must be noted on instrument's face for tax exemption.
Seller Liability Seller responsible for state transfer tax payment.
Recording Requirements Consideration amount must be stated on transfer
instrument.
Grade A+ | Updated
, Michigan Title Producers License Exam Review
Transfer Valuation Affidavit Filed if consideration not stated on instrument.
Tax Certificate Shows no delinquent taxes required for recording.
Recording Responsibility Register of deeds records instruments in respective
counties.
Flat Recording Fee $30 fee for recording all documents since 2016.
Additional Fee $3 added for each extra instrument assigned or
discharged.
Charter Counties Wayne and Macomb may deviate from flat fee.
Marital Status Requirement Male grantors' marital status not required after 2017.
Affidavit Written statement under oath for real estate
transactions.
Owner's Affidavit Affidavit confirming ownership in real estate
transactions.
Scrivener's Error Affidavit Corrects clerical errors in recorded documents.
Grade A+ | Updated
Title Evidence of ownership rights in real estate.
Covenants Agreements protecting purchasers against title
insufficiencies.
Conditions Provisions making rights contingent on future events.
Restrictions Limitations on land use or improvements.
Constructive Notice Implied notice of interest in real estate.
CCRs Covenants, conditions, and restrictions on property.
Warranty Deed Deed assuring grantee of grantor's title rights.
Common Law Covenants Group of covenants regarding title assurances.
Covenants Against Encumbrances Assurance property is free from third-party claims.
Grade A+ | Updated
, Michigan Title Producers License Exam Review
Covenants for Further Assurance Obligation to rectify title deficiencies.
Covenants of Right to Convey Assurance seller has authority to transfer title.
Covenants of Quiet Enjoyment Guarantee of undisturbed property use.
Covenants of Seisin Assurance seller is rightful owner of property.
Covenants of Warranty Promise to defend against third-party claims.
Private Restrictions Owner-imposed limitations on property use.
Public Restrictions Government-imposed limitations, often zoning laws.
Covenants Running with the Land Restrictions affecting land use, enforceable by
successors.
Transfer Tax Tax on conveyance of real estate interests.
Recording Official filing of documents to establish ownership.
Grade A+ | Updated
, Michigan Title Producers License Exam Review
Race-Notice State First to record has priority over claims.
MCL 207.501 Michigan law governing transfer tax requirements.
Exemption from Transfer Tax No tax if consideration is under $100.
Statutory Requirements Legal obligations for transfer tax payment.
Transfer Tax Tax on real estate transactions per MCL 207.501.
County Transfer Tax Tax at $.55 per $500 value of real estate.
State Transfer Tax Tax at $3.75 per $500 value of real estate.
Exemption Reference Must be noted on instrument's face for tax exemption.
Seller Liability Seller responsible for state transfer tax payment.
Recording Requirements Consideration amount must be stated on transfer
instrument.
Grade A+ | Updated
, Michigan Title Producers License Exam Review
Transfer Valuation Affidavit Filed if consideration not stated on instrument.
Tax Certificate Shows no delinquent taxes required for recording.
Recording Responsibility Register of deeds records instruments in respective
counties.
Flat Recording Fee $30 fee for recording all documents since 2016.
Additional Fee $3 added for each extra instrument assigned or
discharged.
Charter Counties Wayne and Macomb may deviate from flat fee.
Marital Status Requirement Male grantors' marital status not required after 2017.
Affidavit Written statement under oath for real estate
transactions.
Owner's Affidavit Affidavit confirming ownership in real estate
transactions.
Scrivener's Error Affidavit Corrects clerical errors in recorded documents.
Grade A+ | Updated
