What is a split title?

Asked by Jc, Grand Rapids, MI Mon Sep 8, 2008

My buyer's agent started the process of giving all the info to the title company she usually works with and preliminary title insurance papers were sent to me. The seller's agent wants to use their own title company. I was told this is called a split title but what exactly is it and am I going to be charged for it?

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Kathy Toth, , Ann Arbor, MI
Tue Sep 9, 2008
Split closings present a danger - called gap coverage. The buyer can be at risk, and as mentioned below, the charge may be different. Call your title company officer and or REALTOR to ask about gap coverage. We team with http://www.LibertyTitle.com in Ann Arbor.
Web Reference:  http://www.AnnArborTalks.com
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Michelle Gor…, Agent, Ada, MI
Mon Sep 8, 2008
Split title is also known as a split closing. They will use the title company they are comfortable with and you will use yours. It does make things a little simpler when using the same title company...........and then it is nice that you get to meet each other at the end of the closing and the sellers can hand off keys and such.................however I do many split closings when dealing with bank owned homes, it is okay. It could cost more ask your agent..............sometimes there is a discount for doing both in the same place. You may want sellers agent run the keys over to your closing. It will save you time and running around..............(if you are taking posetion at close) . Also sometimes seller/buyer will call the utiltie companies while waiting for thier copies of the closing papers at the title company. Find out when the sellers are having theirs turned off, you ned to call after they do.
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