About South Eastern Utah Title Company
WHAT IS TITLE INSURANCE AND WHY DO YOU NEED IT?
A home is the largest investment you will probably ever make. To protect your investment and property rights, an Owner’s Title Insurance Policy is purchased at the time of closing, and is a one time fee that lasts for as long as you or your heirs have an interest in the property. In the State of Utah the seller typically pays for the Owner’s Policy for the buyer.
Once a Real Estate Purchase Contract is accepted, either your Real Estate Agent or Lender will forward the contract on to the Title Company. A State Licensed Title Agent will proceed with a title search at the County Recorder’s Office. The title search involves a review of the land records clear back to the USA ownership, which is typically some time in the 1800’s. Once the search is complete the title professional will then review and exam every single document they found to make sure there is a clean chain of title. The Title Company also searches Court records, and Bankruptcy records, and other offices and websites for information. Many documents are examined at this time such as; deeds, easements, rights of way, coal and oil and gas leases, agreements, mortgages, liens, notices, cc&r’s, tax liens, judgments, divorce decrees, court orders, and many more. It takes the eye of a professional title agent to know what all of these documents mean and how they affect your property. More than 1/3 of all title searches reveal title problems that a title professional fix before you ever go to closing.
If you are purchasing a home your lender will require you to purchase a Lender’s Title Insurance Policy on their behalf to insure their investment in your property is protected. The Lenders Policy does not protect the home buyer only the Lender.
Title Insurance covers against hidden title problems as well such as; fraud, forgery, duress, errors in the public records, missing heirs, unrecorded easements, and many more. With an Owner’s Policy you have peace of mind knowing that your Title Company / and Underwriter will stand behind you, monetarily and with legal defense if needed, in case a claim or title problem should arise against your property.
A Title Company works very closely with your Real Estate Agent Professionals and Lenders to make the closing process of your new home a smooth process.
At South Eastern Utah Title Company (Seutco) we are committed to our customers and clients. Seutco has been in business for over 65 years. Seutco has 3 offices and we service 4 counties, Carbon, Emery, Grand and San Juan. Most of our employees are State Licensed Title or Escrow Agents with many many years of experience.