Archive for the ‘Rules and Regulations’ Category

What is the PURPOSE of Title Insurance? by Inwest Title a Utah Title Company

Thursday, October 24th, 2013

Click on the play button to hear Tracy explain WHY you need title insurance.

Tracy Cottle-Tips from a Title Agent


For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at

HOA Registry by Inwest Title a Utah Title Company

Thursday, July 11th, 2013

HOA and Condo Contact Information to make your life easier!


All new Homeowner Associations and Condos are required to file in the registry no later than 90 days after recording their CC&Rs.  They are also required to file changes within 90 days of being implemented. The registry provides contact information so you know the point of contact for payoff or lien release information.  You can access this registry by going to :

Here is what the website looks like and offers several different points of contacts.

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance quotes locate and contact your nearest Inwest Title office at

No Split Closings on Cash Deals in Utah, by Inwest Title, a Utah Title Company

Thursday, December 20th, 2012

Have you ever been involved in a split purchase transaction where the Buyer and Seller want to close at different title companies in Utah, only to be informed that your cash Buyer has to close with the Seller’s title company?  Is this True? Can they force your Buyer to do this?  Why is this happening?

This issue first arose in 2007 when the Utah Insurance Department issued a bulletin announcing their official position that under the Insurance laws a title company that was only handling the cash side of a purchase was not authorized to conduct an escrow since they would not be issuing a title insurance policy.  For a while after this a few title companies tested the waters claiming the statutory language was ambiguous and elected to close Buyer side cash closings anyway.  Ultimately, these companies were pursued, fined, placed on probation, and ended up losing their battles with the Utah Insurance Department.  Additionally, a few years ago the Division’s position was further strengthened by an amendment to the insurance laws (see 31A-23a-406(1)(c))  that clarified the language stating a title company must issue a policy in order to conduct an escrow.  (There is a minor exception to this rule when a title company is dealing with mobile homes, grazing rights, or water rights.)

Is everyone happy with the result? No, but it is the law and it is unlikely to change.

Potential Solutions for your cash Buyer:

  1. Negotiate in the REPC that the Seller close and purchase title insurance from a title company selected by the Buyer;
  2. Request the Buyer be permitted to do a courtesy signing at the title company of their choice.  (This will mean the Seller’s title company will still prepare all the documents and receive all funds, but the signing can take place elsewhere); or
  3. Close with the Seller’s title company.

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at


New Real Estate Investment Advisor Designation available in Utah

Friday, October 12th, 2012

A new Real Estate designation is now available for Real Estate Investment Advisor (REIA). The first designation class date is Monday, October 15, 2012 from 8:00 am- 5:00 pm. It will be located at the Salt Lake Board of Realtors Office, 230 South Town Ridge Parkway Sandy UT. The 8-hour course will include 4 hours CORE and 4 hours Elective credit on Residential Real Estate Investing. The National Association of Real Estate Advisors (NAREIA) is sponsoring the course.

We are pleased to announce that James Seaman, Attorney at Inwest Title will be teaching the portion of the curriculum titled “Legal, Title & Closing Issues”.

Visit or the Salt Lake Board of Realtors for registration and more information.  Inwest Title Services is thrilled to be a part of this new designation course.

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at


Wanted: CE Course Participants

Friday, October 5th, 2012

Did you know that Inwest Title Services offers Continuing Education courses to our valued clients? We absolutely do. Let us help you receive credit towards license renewal while learning new and thorough information about noteworthy title and escrow topics. Courses can be arranged at your convenience or by attending an established class. All of the courses are complimentary.

The courses currently offered include: Fraud, Utah Foreclosure Law (In’s & Out’s of Non-Judicial Foreclosure Process), Short Sales, and Seller Financing. Our Attorney at Inwest Title, James Seaman, will be teaching the courses. A complete list of classes being taught statewide can be found on our website under the CE Event Calendar tab.

Remember to sign up for the upcoming Core CE class on Fraud. The class is Tuesday, October 23, 2012 from 10:00 am to 12:00 pm. Located at 2453 Harrison Blvd. Ogden, UT. Lunch will be served. Contact either Melissa Miller at (801) 773-9806, or your Inwest Title representative. Real Estate Certification #RC110530.

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at


Average percent increase in sales price is up in some Northern Utah counties

Monday, October 1st, 2012

Inwest Title Services compiles two Market Data Reports each month.  The first report indicating Permits activity throughout the state of Utah and the second report showing Sales Activity in Davis, Weber, Salt Lake, Tooele, Wasatch, Summit and Utah counties.  The latest report that was released today shows that Davis county has seen an average percent increase in sales price of 10.34%  and Weber county has reported an increase of 16.6% since August of 2011.

Both Davis and Weber counties experienced an increase in the number of homes sold of 11% from July to August of 2012.  Davis county had an increase of 9% in homes listed whereas Weber county showed a -8% decrease.

To view all the counties reported go to

To be added to the distribution list for these reports as they are released, please email

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at



Looking for HOA information?, by Inwest Title, a Utah Title Company

Tuesday, March 27th, 2012

We often have Real Estate Agents and Lenders asking for Home Owner’s Association(HOA) information. Sometimes it is very time sensitive, other times it is less urgent. There are sometimes transfer fees or other fees associated with buying or selling real property that is governed by an HOA. While we are able to assist you with HOA information, a new state law will make getting HOA information easier for you and your clients.

The law now requires all Home Owner’s Associations to register with the Utah Department of Commerce and submit basic information including the main HOA contact person. HOAs will not be able to charge arbitrary transfer fees or other fees unless they are listed in the Covenants, Conditions and Restrictions (CC&Rs). Nobody likes surprises at closing and this law will help you prepare your clients for any fees by being able to know well in advance. It also helps Inwest Title to get this information for settlement statements with more speed and consistency.

There is now a publicly accessible registry for HOAs so that you or your clients can access the information you need during your due diligence period. You may want to pull it up and contact an HOA representative to determine what services the HOA fee covers (insurance, garbage, water, sewer, cable etc.). This will help you to provide your clients with the most accurate information. You may choose to direct your clients to the registry to let them be the ones to find out the information that is of concern to them. You can determine which way it will best serve your business needs. This resource will help buyers, sellers, realtors, lenders and title companies. It is a good thing for all of us.

Inwest Title is committed to providing the best service possible and we will continue to assist you with any HOA information you need for your transaction. However, we also want to make you aware of all resources and the newest information that can help you and your clients. These new resources can save time and may help to eliminate unexpected fees or problems at closing.

You can access this registry at

You can read the full bill at

If you have any questions about these new resources and how they can affect your clients, or if you just need any information to assist with your transaction, please do not hesitate to contact us. For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance please contact your nearest Inwest Title office. To find the office nearest you, go to

Round 2- New Settlement Statements (HUDs) Released for Comment.

Monday, December 19th, 2011

As discussed in our last blog entry the Consumer Financial Protection Bureau (CFPB) is moving rapidly to revamp the HUDs and TIL into one combined form.  The two newest versions are Mimosa and Sassafras.  Check them out.

The first page Mimosa is essential the same as Sassafras, but then the forms take dramatically different approaches in laying out the fees and costs associated with the closing.  Another major change is the increasing number of legal disclosures towards the end of both versions of the forms.

Vote on your favorite (between these two) and provide comments to help them improve the final product.  Based on what we have seen since the last round, consumers and industry comments are having an impact on the changes being made to the forms.

Settlement Statements (HUDs) to Change

Friday, December 2nd, 2011

 The Consumer Financial Protection Bureau (CFPB) has taken over regulation of the Settlement Statements (commonly known as HUDs), Good Faith Estimates, and Truth in Lending Disclosures (TIL) and other various mortgage disclosures.  (The CFPB’s explanation on why they are combining disclosures).

The CFPB is currently working on combining the HUD and the TIL into one document.  Many real estate agents, lenders, and title companies have complaints and problems with our current forms and now is time to have your voice heard.  Here are the CFPB’s first two drafts:  Hornbeam and Ironwood.  See what you think. 

It is our understanding that there will be 3 to 4 rounds of sample forms followed up with the final forms being presented in the summer of 2012 for final comment.  Our hope is these forms will ultimately remove the RESPA required disclosure of certain closing fees in a confusing manner; such as lump sum fees, fees being shifted from the seller to the buyer, and credits for shifted fees.  Check back with our blog as we will keep you updated on the release of future sample forms.

Detailed Information on New Mechanic’s Lien Law Changes (HB 260), by Inwest Title, a Utah Title Company

Friday, September 16th, 2011

A little over a month ago we published a blog article regarding “New Mechanic’s Lien Law Changes Will Keep Construction Loans Flowing in Utah, by Inwest Title, a Utah Title Company”.  Since that time we have been waiting for feedback from other industries about the changes that went into effect August 1, 2011.

Some opinions of the new bill are offered in the most recent edition of the Utah Bar® Journal article “Utah House Bill 260: Not your Father’s Mechanic’s Lien Law” (Or view a PDF version of the article, see pgs 16 – 19).   This article has an excellent explanation of the difficult issues faced and the innovative solutions created to solve the most pressing mechanic’s lien problems.   We encourage everyone to review this well crafted article for a better understanding of the new process and why it was created.