Posts Tagged ‘utah title company’

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




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


How Should I Hold Title To My Real Property? by Inwest Title, a Utah Title Company

Friday, November 9th, 2012

Joint Tenancy and Tenancy-In-Common are practices that will simplify and answer the posed question.

Joint Tenancy: When title to real property is held in joint tenancy between two or more people, and one of the owners dies, the other owner(s) automatically own the deceased owner’s share. This is generally known as a right of survivorship. This right is only available to natural persons and not entities. This is commonly used with married couples or family members who want the survivor of them to own the property.

Example A:

  • Husband and Wife own a property in joint tenancy.
  • Husband dies.
  • Wife now owns the property.

Example B:

  • Brother, Sister, and Mom own a property in joint tenancy.
  • Mom dies.
  • Brother and Sister now own the property in joint tenancy.

The advantages of right of survivorship, is costs and delay of a probate are not required to transfer the property. Also, it is easy and inexpensive to set up. The disadvantage is there can be unexpected tax implications with this type of transfer, so check with your accountant or legal counsel before using this to avoid probate. Another disadvantages to this, is that all joint tenants must be equal owners in the property. Interest in joint tenancy can easily be destroyed without the knowledge of other joint tenant(s). This happens by the owner(s) deeding their interest to another person or by deeding it to themselves. This situation creates a tenancy-in-common.

A common way to achieve similar results, upon death of an owner, is through setting up an Estate Planning Trust, and having the Trust hold title to the property. This allows for a greater degree of flexibility and control as to what can or cannot be done with the property. When used appropriately this can also avoid some of the unexpected tax implications of holding title in joint tenancy.

Tenancy-In-Common: When Title to real property is held in tenancy-in-common between two or more people, each can leave his or her interest upon death to beneficiaries of their choosing. A Will is the document that the Courts will look to when conducting a probate to determine who the beneficiaries are that will receive the deceased owner’s interest in the property. If there is no Will, a probate must still be conducted, and the deceased owner’s interest will pass to their heirs through the state’s Intestacy Laws.

This is commonly used with people who want to both jointly own real property with others, but also want to specify who will receive their interest when they die.

Example A:

  • Brother and Sister own a property in tenancy-in-common.
  • Brother dies.
  • Brother’s ½ interest is now inherited by his beneficiaries (a probate must be conducted to accomplish this and Sister still owns her ½ interest.

Example B:

  • 60% Brother, 20% Sister, and 20% Mom own a property in tenancy-in-common.
  • Mom dies.
  • Mom’s 20% interest is now inherited by her beneficiaries (a probate must be conducted to accomplish this) and Brother still owns his 60% and Sister still owns her 20% interest.

An advantage of tenancy-in-common is that ownership can be divided into any number of equal or unequal interests. Each owner has a separate, legal title to his or her undivided interest. Another advantage is that each owner’s interest may be separately transferred. The disadvantages to this practice is that a probate, to determine the beneficiaries/heir, can be time consuming and pricey. Also, individual tenancy-in-common interest ban be freely sold without consent of other owners (unless there are agreements in writing to the contrary).

Please note that besides individuals, Trusts and other Entities may hold title in tenancy-in-common. Holding title in a Trust or other Entity may allow for a greater degree of flexibility and control, and can also avoid the time and expense of a probate.

Joint tenancy and tenancy-in-common describes how Title to real property can be held. 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




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



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


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


A few things every real estate agent should know about probate, by Inwest Title, a Utah Title Company

Tuesday, November 22nd, 2011

Simply put, “probate” is the legal process by which a deceased person’s assets are collected, debts are settled, and any remaining assets are distributed to beneficiaries or legal heirs. The word “probate” comes from the classical Latin word probates, meaning “to prove;” in this case, to prove in court the validity of the deceased’s last will or legal heirs. The court appoints a person to administer the deceased’s estate called the “personal representative” or “PR.” The PR is given legal authority by the court to step into the deceased’s shoes, make certain transfers and otherwise wrap up the deceased’s affairs.  Unfortunately, the word “probate” has been given a bad reputation. But there is no need for this. In Utah, the probate process is relatively straightforward and streamlined, especially when compared to other states. In fact, the majority of Utah probates are without court supervision and with little or no conflict.  Read the full article at


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


Inwest Title Market Data Report- Sales Activity 08-26-2011, by Inwest Title, a Utah Title Company

Tuesday, August 30th, 2011

Want to see Average Sales Price, Average Days on Market and # of Homes Sold in Davis, Weber, Salt Lake, Utah, Wasatch and Summit counties?  The link below will take you to the most current Inwest Title Market Data Report for August 26, 2011.�
Follow the Link to the Report

For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes contact your local Inwest Title Services office nearest you.  To locate the office nearest you go to or email

Utah’s New Good Funds Law Could Impact Your Closing!, by Inwest Title a Utah Title Company

Friday, May 6th, 2011

Did you know that May 10, 2011 is the effective date for most new legislation passed during the 2011 Utah Legislative Session?  One piece of legislation that goes into effect next week that everyone should be aware of is a change to Utah’s Good Funds law.

First, you may ask: What is Good Funds? Simply put “good funds” means that you have received money, it has been deposited into your account, and those funds are now available for use.   Title Companies are not allowed to do anything with the funds they receive in order to complete a purchase or finalize a loan unless those monies are good funds.  Title companies have to obey state and federal law that specify when the monies they receive are “good funds” before they can then disburse those funds according to the instructions they are given by Buyers, Sellers, Borrowers or Lenders.

The most recent changes to Utah’s Good Funds law can be found at Utah Code § 31A-23a-406(5) and the changes are dramatic.  The first and most important change is that title companies must have both collected and cleared money in order to disburse funds.  What does this mean? Money must actually be received from the originating bank and have cleared the payee’s account as a final settlement (in other words no ability to recall the funds).  This means the good old days of funding the day after depositing a large cashier’s check are over (except for some minor exceptions outlined below) as it may take several days for this process to occur.

What is still the best option for providing funds to your title company?  A title company can still fund the same day they receive the funds via WIRE or in CASH.  Of course since your title company is not a bank with armed couriers; a WIRE is the best option.  A Title company can verify if wired funds have been received in a short amount of time, sometimes in just a few minutes to a hour, and then can immediately disburse funds to finalize a transaction.  Wired funds are very difficult if not impossible to reverse or recall, unless the receiver gives their permission.

The minor exceptions allow for funding same day for amounts  received under $10,000 via Cashier’s and certain Trust Account Checks, and for amounts  $500 or less received in personal checks per closing.  In most circumstances title companies will be reluctant to apply these exceptions due to the high risk associated with funds never clearing, and therefore may still require collected and cleared money regardless of the more lienient requirements.

So the morale of the story is:

Steer clear of problems and avoid unnecessary and costly delays in funding/closing your real estate transaction by preparing your clients to WIRE all necessary funds to the title company!!!

Mobile Notaries in Utah Beware, by Inwest Title a Utah Title Company

Friday, April 15th, 2011

The Utah Land Title Association, an association of title and escrow companies in Utah, which has taken an active role in providing education to our industry on best business practices, issued an Important Notice to its members about the Utah Insurance Department’s position on mobile notaries.

In essence it states is if you are a notary and have been conducting real estate closings/signings in Utah (unless you have a Utah escrow license and are part of a title company) then you are performing escrows in violation of Utah law.  The Department will be providing “wake up calls” to stop this practice.  This will be in the form of an official Order to Cease and Desist, that could then be followed up with an enforcement action to suspend or revoke the notary’s license.  The Department stated it already has several cases in process and we expect there will be many more in the immediate future……so BEWARE!!!

ULTA Important Notice