Phone: 801 266-0606
What Title Insurance does for you
A Title Insurance Policy is a unique type of insurance because it is based on an actual search of the public records. The search of the public records generally takes 24 hours to complete and is compiled into a title insurance commitment. Items that create an interest in the property are taken as an exception in the title commitment. These exception items are cleared prior to the closing, paid off through the closing, remain as an exception or are removed through underwriting. After closing, a title insurance policy is issued and exception to coverage is taken as to all remaining items that effect the property.
There are different types of policies that are issued:
The Lenders Policy of Title Insurance.
A Lender requires a lenders policy of title insurance to protect their interest in the property. This policy does not provide any protection to the buyer or borrower.
The Owners Policy of Title Insurance.
When purchasing property a buyer generally requires an owner’s policy of title insurance to protect their interest in the property. It is customary in the State of Utah to have the seller of the property pay for this policy. Refer to paragraph 6.2 of the Utah Real Estate Purchase Contract. The policy only protects the buyer and does not protect the seller in the transaction.
There are two basic types of Owners Policy:
Title One has two underwriters:
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