Should They Buy There Own Title Insurance?

(Michigan)
They wanted my land. I said i will sell it for 12k. They offerd 5k. I said no. 2 years i went back and said if you want it for 5k it’s yours. They said yes.
Title company wants to charge $600 for Title insurance and to close the whole deal on this simple vacant lot. I’m walking away with a check for $4,400.
I think they should handle it all because there getting a good deal & they really want it.
I was thinkig i would pay taxes to the date of sale.
What do you think?
Nothing is on paper yet.

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2 Responses to “Should They Buy There Own Title Insurance?”

  1. Donald says:

    I’m thinking that if you don’t pay taxes to the date of sale, you won’t sell your property. Those taxes have to be paid and the title company will discover it.
    How do you know they’re getting a good deal. Just because you asked $12,000 for it two years ago doesn’t mean it was worth it. I think you’re lucky they’re still interested.
    But if it’s not on paper, it doesn’t exist. You’re not walking away with a penny yet.
    Get it on paper. Then be happy you finally were able to sell the lot.

  2. Nancy Kay says:

    Yes, they should pick up that cost. I do not know what is customary in your state, but in California, the Seller pays for the Buyer’s title insurance…but they can also negotiate who pays what.

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