Posts Tagged ‘utah title insurance’

Tips from a Title Agent by Inwest Title a Utah Title Company

Friday, May 10th, 2013

Tracy Cottle-on Good Things Utah

 

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 https://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.

 

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 https://bit.ly/PScvYV

To be added to the distribution list for these reports as they are released, please email corporate@inwesttitle.com

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.

 

 

7 Title & Escrow Steps when Selling a Home, by Inwest Title a Utah Title Company

Friday, March 18th, 2011

Step #1: Place Title Insurance Order

When your client decides to put their home up for sale, submit a request for title. This can be done by:
1. Phone. Contact your local Inwest Title office
2. Internet. Contact us, and we can set you up to order and track the status of your orders online.
An Escrow Officer will be assigned to your file, and will contact you and confirm your order.

Step #2: Title Search and Preliminary Title Commitment

Inwest Title will search the title to the property and issue a preliminary title commitment. The title commitment will show any liens, or encumbrances against the property such as existing loans, taxes, judgments, etc.

Step #3: Send the Purchase Contract to your Escrow Officer

Once you have a fully executed purchase contract, it needs to be delivered or faxed to your Inwest Title Escrow Officer, so they can use that information to complete your transaction.  If you make any changes or amendments to your contract, please make sure to forward that to your Escrow Officer, as well as any Lender information that you have.  Your escrow officer, will then provide an updated title commitment to you, and the Buyer’s lender (if applicable). He/she will also discuss this title report with you, so that you fully understand it and what items will be removed as an ordinary part of the sale process.

Step #4: Preparation of the Final Closing Documents

Inwest Title will then coordinate with you, the Seller, the Buyer, and the Buyer’s Lender to receive all necessary items so that the final closing documents and settlement statements may be prepared.

Step #5: Good Funds

Occasionally, Sellers or Buyers are required to bring in funds to complete their transaction. Utah law requires that all funds must be “good,” which means that all checks have cleared the bank, before any disbursements from the escrow file can take place. For this reason, any funds that are required in order to complete the transaction should be in the form of a Bank Wire in order to avoid delays in closing.

Step #6: Closing

Your Escrow Officer will set up separate times for the Seller and the Buyer to come in and sign all of the necessary closing documents. Once everything has been successfully completed and the new deeds recorded, the money will be disbursed to the appropriate parties.

Step #7: Celebrate!!!

Congratulations!!!  You have completed a successful home sale. If you have a new title order that needs to be placed today, access our online order system at www.inwesttitle.com