Posts Tagged ‘title company’

An Examination of A Title Order, by Inwest Title, A Utah Title Company

Thursday, February 21st, 2013

At Inwest Title Services, we recognize that our clients have a million and one things on their “to-do” list and placing a title order can be one of them. We sincerely appreciate our clients, and we work quickly and effectively to return their title order in a dependable manner. We thought that since our clients know the in’s and out’s of placing a title order with us, we would describe what happens on our end after receiving the order. Make sure to watch the entertaining video below to see the process in action!

What happens to my title order?

After sending the title order through an electronic device, we immediately receive it and the step-by-step process begins at our Title Plant in West Haven Utah.

The first stop in the title order process is to the Locate Department. Our staff locates the property in the county records and pulls copies of the taxes and abstracts. Next, the order is sent to the Title Searching Department. The county records are searched to find all applicable documents that need to be shown on the commitment or also known as the “PR.” Subsequently, the Typing Department receives the order where it is typed from a hand-written sheet to a clean and accurate typed report. The final department to review the order is the Title Review Department. They double-check the search and it is proofed for typos and errors. Last but not least, the commitment is completed and sent back to the client via 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 www.inwesttitle.com.

 

Inwest Title Park City, Title and Escrow with a little snow on top, by Inwest Title, a Utah Title Company

Thursday, January 10th, 2013

Inwest Title Services Park City

Welcome to Inwest Title Services! We have 13 convenient locations throughout Utah to serve all of your title and escrow needs. Whether this is your first interaction with Inwest Title Services or you’re a seasoned client, we want you to become acquainted and familiar with all of our friendly employees. We will regularly spotlight one of our 13 locations and feature the escrow officer(s) at the correlated office.

Whether you need a title search, foreclosure report or property profile, all of our professionals will be of assistance in any way possible. We are proud to serve the needs of our community with some of the most competitive rates possible. Our team of title and escrow officers will be delighted to work with you!

Park City Office

The office spotlight of the day is the Park City location. They are located at 1571 Redstone Center Drive Suite 110, Park City, Utah. The office includes three employees: Karen Kasperick, Manager/Escrow Officer, Candace Rushton, Escrow Assistant, and Heather Parrish in Reception.

Our employee spotlight of the day is Karen Kasperick. She has an exceptional background for the Title profession after working in an international law firm based out of New York for 18 years. She became a licensed Escrow Officer in 2002, and has loved the career move ever since. She joined Inwest Title in 2008 when she was recruited to be the manager of the Park City office. Her work ethic and professionalism are traits she is well known for. She keeps her schedule flexible to accommodate her client’s requests for closings after hours or in locations other than the Park City office. Customer satisfaction is her highest priority.

Karen and her husband, Mark, have two children, Kelsey and Taylor. Her favorite activities include: cooking, running, hiking, and vacationing at the beach.

Inwest Title Services Park City

Karen Kasperick

Inwest Title Park City Office Photo

Park City Staff

 

 

 

 

 

 

 

 

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 www.inwesttitle.com.

 

 

 

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 www.inwesttitle.com.

 

REPC Deadline Reminder System, by Inwest Title, a Utah Title Company

Friday, October 26th, 2012

Do you and your real estate team struggle to stay on top of REPC (Real Estate Purchase Contract) deadlines from transaction to transaction?  If you work with Inwest Title Services on your real estate transaction then you need not fret.  Inwest Title Services provides their clients with timely reminders on all of their important deadlines on the REPC.  The deadline system triggers an email to your inbox when your pending deadlines are near:

*Seller Disclosure, Due Dilligence, Settlement Deadline, as well as Financing and Appraisal Deadlines all arrive 2-4 days before the deadline on the contract.

The system will also notify you of the latest REPC addendum we have received on file.

Let Inwest Title Services put your deadline worries to rest.  Place your next title order with Inwest Title Services.

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 www.inwesttitle.com.

 

 

Explaining Why Title Insurance is Necessary to your Clients, by Inwest Title, a Utah Title Company

Friday, October 19th, 2012

Other types of insurance coverage focus on possible future events and charge an annual premium, such as flood insurance or hazard insurance. Title insurance protects against loss from hazards and defects already existing in the title and is purchased with a one-time premium.

Insuring a home’s title begins with a search of public land records affecting the property. The title agent or attorney working on behalf of the underwriter examines pertinent documents to determine whether the property is insurable. Those documents include deeds, wills, trusts, outstanding mortgages and judgments, property liens, highway or utility line easements, pending legal actions and notary acknowledgements.

When title problems are disclosed during the search process, they are corrected whenever possible to avoid future claims. According to surveys done by the American Land Title Association (ALTA), title problems consistently arise in one out of three real estate transactions (36%).

Read more http://bit.ly/VkHcfd

 

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 www.inwesttitle.com.

 

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 www.NAREIAGroup.org 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 www.inwesttitle.com.

 

Does $775 = Loan Fraud?, by Inwest Title a Utah Title Company

Friday, October 29th, 2010

Despite being provided HUD settlement statements three days prior to a scheduled settlement, the buyers’ agent did not review those statements until two hours prior to the appointment. He immediately called to inform the escrow officer that the purchase price was low by $775. Asked if he had sent an addendum showing the new sales price, he replied that he didn’t know he was supposed to.

He was then informed that because the lender also was not given a copy of the addendum with the new sales price that the file would have to go back through underwriting. He was mortified. He explained that his clients had to settle that afternoon or lose the house. Then he called back to say that he was told it was ok for the buyer to pay the seller $775 outside of closing.

Hmmm… Why is this loan fraud?

Somewhere, behind the scenes of a loan transaction is a person or entity who is actually loaning the money for the purchase of the property. It’s their money and to protect themselves from making a bad loan, they hire an underwriter to delve into the ins and outs of the transaction. The borrower needs to be scrutinized and the property needs to be scrutinized.

Once the underwriter gathers all the facts, they are presented to the lender. Based on the purchase price, the loan amount, the appraised amount, the borrowers’ ability to repay the loan, etc. the lender makes a decision. If any of those details presented to the lender are actually false, the loan is then made on false pretense and therefore is consider loan fraud. All details of the transaction must be presented to the lender in a truthful manner. So, yes, $775 can equal loan fraud.

In this case, how could the problem have been avoided?

1- Real estate agents should send every addendum to the title company and to the lender immediately upon execution.

2- Real estate agents and loan officers must carefully review the HUD settlement statements with their clients immediately upon receipt. It’s why those statements are sent to them ahead of time in the first place.

FYI, in this case, the underwriter reviewed the file quickly and because the $775 didn’t put the loan-to-value ratio outside of acceptable limits, the settlement took place as scheduled. However, keep in mind, that on a very tight loan-to-value situation, a mere $775 could have cancelled the deal creating a mess for everyone involved.

Are You Ordering a Preliminary Title Report when you should?, by Inwest Title a Utah Title Company

Friday, June 18th, 2010

Did you order your title report (PR) in a timely fashion?

Too many times we see listing agents who forget, or don’t think it is necessary, to order a title report prior to or at the time they take a listing. That could be a disaster. Yes, in most cases the title report will show exactly what you, as the listing agent, expect to see and will concur with what your sellers have told you. However, there are too many times when a title report has revealed a significant problem that will seriously impact the sale of what you thought was a great listing.

Take for example, the couple whose kids accidentally lit fire to a national forest while playing with fireworks. The couple was sued by the United States for the firefighting expenses and ultimately had a $300,000 judgment entered against them which became a lien against their home. They either didn’t know or didn’t disclose that to their listing agent who thought she had a great listing. The lien, together with the underlying mortgage debt, was far greater than the house was worth. The federal government won’t budge on what they are owed, so the couple was forced to withdraw their home from the market.

Ask yourself what you would have done if you had spent weeks marketing the house, had several showings, and finally negotiated a contract, only to find out the house for all intents and purposes couldn’t be sold? Now suppose the buyer’s agent is not too happy. After all they brought a “ready, willing, and able” buyer and are suing you for the commission. This would be an unfortunate situation and one that could have been avoided had you asked your friendly local title company to pull a title report (PR) at the time you listed the home.

Ok, so that may be a rare situation. What about the woman who has had you list her home? She originally bought it with her ex-husband, but years ago they divorced. She refinanced the house and paid him “his share.” Unfortunately, the deed recorded at the time of the refinancing wasn’t prepared correctly and the current title search shows the ex-husband is still owed 50% of the equity according to the divorce decree.

This could be a pretty messy situation if the ex-spouses aren’t getting along, since the only way to insure the property now is to have a properly-recorded deed which will require the ex-husband to cooperate with the woman who owns the home. What if you didn’t pull a title report at the time you listed the home, but had waited until the house was under contract and the buyers were in their due diligence phase? Everyone is expecting to close in two weeks and your seller is trying to track down her ex-husband.

Ok, that maybe doesn’t happen very often either, but one thing that happens often is your seller not being truthful about what is owed on the property. A title report will show the liens recorded against the property. Having that knowledge can keep you from listing what is really a short-sale candidate when you think you have a dream listing.

Knowledge is golden. Don’t get caught without the facts when you list that next home. Call us today or order your title report from our website at your convenience. It could save you and your sellers a lot of grief.