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7 Important Things to Know About Property Titles

Property titles are essential to any real estate transaction for a number of reasons. Here are 7 things about St George property titles that you should know.

Ownership is Proven Through Titles

St George property titles act as records of ownership. Informal contracts or deeds that haven’t been filed won’t be recognized without a title.

Titles Must be Kept Secure and Safe

Those who own property should not be careless with their title documents. Yes, you can get another copy of your title by paying a fee to the county clerk’s office. But St George property titles should be cared for and protected the same way you would your social security card. Keep them in place where they are safeguarded but where they can be easily accessed.

Every Owner Should Have a Copy

Each person listed on the title as having ownership in the property should have their own valid and legal copy of the title. A Xeroxed copy is not valid. All copies of St George property titles distributed amongst owners should be actual copies, whether the situation involves tenancy in common, community property, trust-based ownership, or company-based ownership.

Others May Conduct Title Searches on Property You Own

There are many reasons why a person would conduct a search on St George property titles, including and potentially even yours. Visit this link for detailed information on title searches.

Title Insurance is Necessary For All Property Owners

Lender’s insurance and owner’s insurance are both mandatory. It is recommended in almost every circumstance that both types be purchased by new property owners. Title insurance is invaluable in a wide variety of potential situations. Visit this link for further information on title insurance for St George property titles.

Property Title Governance Varies

In many countries other than the U.S. (such as Australia), they use a system of title governance called a Torrens title system that bestows indisputable and absolute ownership of the property to those listed on the property title. In America though, each state handles their own property and estate governance as they see fit. Most states determine property ownership and rights by using title governance based on common law, though there are some states that incorporate elements of the Torrens title system.

Additional Thoughts

In order to gather facts about St George property titles, recorded covenants, and land ownership, you can visit the local courthouse in person, utilize an internet database, contact a real estate agent, or contact an attorney. Using some or all of these avenues should get you the information you’re looking for. St George property titles are incredibly important in any real estate transaction. Find out as much as you can about a property’s title before purchasing. Failure to take proper diligence toward the title can result in a very risky real estate transaction.

Conclusion

As always, for further information about property titles, contact Eagle Gate Title.

7 Important Things To Know About About Property Titles

St. George Title Insurance

Article By: Clear Content Marketing

 

How to Search Property Records & Why It’s Important

Exploring St George property records often becomes a necessary exercise when you’re in the market for a new property as well as in other scenarios that call for it. Public records can provide a lot of information on the history and status of any property of interest. So what exactly will St George property records reveal when a search is conducted? A lot. These searches can reveal things such as:

-How long they have been the owner

-Improvements that have been made over the years (with our without a permit)

-Foreclosure status

-Whether or not bankruptcy has ever been filed by the seller

-Any current or past litigation that has taken place or is pending

-Mortgage history

-Tax history

-Roof type, number of rooms, square footage, and other specs

-Value estimates

You can see how important it would be to know all of these things about a property you were interested in. There are countless examples of property record searches being invaluable when preparing for a real estate transaction. So how does one go about searching St George property records?

No matter the city that you live in, there will be a place where anyone can go and search for property information, typically in a place like the county department, city hall, county recorders office, public library, or county courthouse. The people employed there should be informed and prepared to assist in a search.

However, many aspects of searching St George property records can now be done online. Today, many counties have digitized these records making it easier than ever to find the information you’re looking for. For example, perhaps you’ve found the name of the owner of a property but not their address. To locate the person, reports can be ordered online (for a fee) that will help you find them. You can search property tax records online and get information such as the owner’s name, tax ID number, and how much tax they owe.

Another way to get St George property records is by contacting a local title company like Eagle Gate Title. We can produce property profiles for you that often include copies of mortgages and deeds. Title companies can also help you find out if an owner has any liens or judgements filed against them.

Real estate agents can sometimes provide assistance in obtaining St George property records as they typically subscribe to services that allow them access to exclusive property information.

There are more ways to obtain St George property records than what is described here, but the main message we want to get across is how important it is to have a title search done and to make sure that you’ve acquired all pertinent information about a property of interest before going forward with a purchase.


How to Search Property Records & Why It’s Important

St. George Property Records

Article By: Clear Content Marketing

 

5 Things a Title Search Can Tell You About a Property

Obtaining a Certificate of Title by conducting a St George title search is recommended and/or required in numerous situations, such as when refinancing a mortgage, when proving ownership, when selling or buying property, and more. A Certificate of Title (CT) is a record of land ownership. It includes legal and public information concerning restrictions and interests on the land, like lease and mortgage details, names of property owners, and much more property information. For the most part, CTs are acquired electronically today in conjunction with a St George title search.

Of all the things that a St George title search can show you about a property, here 5 of the most important.

Owners

All land owners are listed on a property title by name. Some properties have multiple owners in which case the St George title search would reveal either joint tenants or tenants in common. In the case of joint tenants, if one passes away, the other retains full ownership. In the case of tenants in common, a portion of the land is owned by a person who has the option to leave their share of the property to someone in a will or simply sell it.

Easements

An easement is when a property owner gives specific property rights to someone who doesn’t have ownership, such as for right of way or services. If you need city workers to have the ability to service a piece of city property -such as an electrical pole – that resides on your property, an easement would be arranged. This is an example of a service easement. If a neighbor or service worker needed to cross your property to access something on the other side – such as a road or electricity infrastructure – this is when a right of way easement would come into play. A St George title search can reveal preexisting easements that a property may have, which in some cases could prevent or hinder certain uses of the land if not discovered and addressed.

Covenants

St George title searches also disclose covenants which are land restrictions and guidelines that can put limits on certain aspects of property use, such as materials that must or cannot be used in construction, or what can or cannot be built on it. Property developers create covenants to retain the feel, look, and quality of a neighborhood or building. Types of covenants include those that limit the number or type of structures that can be built on a property, as well as specifying paint colors that must or cannot be used on a home, or limits on driveway size, things like that. Obviously, a person would want to know if such limitations existed on a property they were considering purchasing.

Caveats

In some scenarios, another person who claims that all or part of the property rightfully belongs to them may have expressed official interest in the property, which shows up in a St George title search as a warning in the form of a legal notice that the person would have lodged with the state land registry. This is called a caveat. In a situation where a St George title search brings up a caveat, the existing owner is prevented from selling. Caveats can be lodged by builders who are owed money, relatives or heirs of existing or previous owners. Caveats will not clear the title, as expected.

Mortgages

The Certificate of Title is held by the bank, not the property owner, if the property has a mortgage on it. In this case, the St George title search will show the lender listed on the title. This can delay the purchasing process as the mortgage must be discharged by the seller before going forward.


5 Things a Title Search Can Tell You About A Property

St. George Ut Title Company

Article By: Clear Content Marketing

 

A Beginner’s Guide to Title Insurance-Part 2

This article is a continuation of the Saint George UT title insurance post A Beginner’s Guide to Title Insurance – Part 2.

In Part 1 we established the nature and importance of Saint George UT title insurance. Now we’ll discuss how to go about acquiring it and the process behind being covered.

Disclaimer: Remember that no matter what, you need to consult a representative from Eagle Gate Title to make sure you understand what is and isn’t covered, regardless of what’s said here, what is said on sites, or what friends and family may tell you. Policies sometimes change and there are so many different circumstances that yield different types of coverage.

Primarily, a title search needs to performed before a policy can be issued. A title search assures that there are no problems with the title in question. In the scenario where title issues are found, the responsibility to take care of them falls on the seller. And in the very unlikely scenario where the seller decides that they won’t clear the title, the Saint George UT title insurance company will be unable to provide coverage on the title of their new property. Again, this is an unlikely scenario, but it still bears mentioning here.

More often than not, the title search will come back positive at which point the Saint George UT title insurance company will issue the buyer a policy. This policy will come with three assurances. The first is that the title search was performed satisfactorily. The second is that the new title insurance policy has accounted for any problems that may have arisen during the title search. And the third is that the policy will cover the buyer in the event of any future mishaps as laid out in the document. Also remember that Saint George UT title insurance policies do not cover any claim that is greater than the home’s purchase price.

Depending on what state the property that needs title insurance is in, the nature of coverage can differ. Even different counties and certainly different insurance companies themselves differ in what is and isn’t covered and at what amount. However, almost all Saint George UT title insurance companies cover the following: documents that weren’t filed properly, unknown heirs, forged documents, other issues overlooked by a title search.

There are additional circumstances involving a property title that can come up and may not be covered by a standard Saint George UT title insurance policy. Sometimes policy extensions can be purchased to include some of the following scenarios, but here are some things that are usually not covered under a standard policy: post-policy claims, environmental protection laws, zoning problems, boundary line disputes, issues off public record. Be sure to go over fine printand ask questions before signing off on your title insurance policy so you exactly what is and isn’t covered.

In Utah, the seller is generally responsible for paying the owner’s policy and the buyer is generally responsible for paying the lender’s policy. But in other states, these responsibilities can vary. Georgia, for example, requires both insurance’s to be paid for my the seller. In Illinois, the buyer (rather than the seller) pays for lender’s insurance. Different forms of Insurance costs are also affected by location. Title insurance regulation varies depending on what state the property is in. Contact Eagle Gate Title for cost information regarding Saint George UT title insurance policies.

We conclude by reminding readers that Saint George UT title insurance protects homeowners not from potential, future problems but rather from past problems that have taken place before the policy was purchased. For instance, in the event that a self-declared property heir files a suit after the Saint George UT title insurance policy was purchased, no coverage will be provided. But if, during the title search, a lawsuit by an heir was overlooked that existed prior to the purchase of the insurance policy, coverage will be provided.


A Beginners Guide to Title Insurance- Part 2

St. George Title Insurance

Article By: Clear Content Marketing

 

Eagle Gate History

A LOOK BACK IN TIME ON OUR HISTORY

Every business has a story behind it. Some are better than others, and I believe ours is right up there near the top. You may wonder where the “Eagle Gate” comes from and it’s actually a really cool story that is cemented in the history of Utah.

Back in 1859, the early settlers had a monument erected that commemorated the entrance to Brigham Young’s property at the mouth of City Creek Canyon. They called it the Eagle Gate. The eagle gate, along with the beehive, was a symbol of all the industry that was happening in downtown Salt Lake at the time. The original gate was designed by Truman O. Angell, the architect who designed the Salt Lake Temple, and Hiram B. Clawson. The original eagle was carved by Ralph Ramsay and William Spring, from five blocks of wood. It had 16-foot-wide outstretched wings, rested on curved wooden arches that used 9-foot-high cobblestone pillars as their anchor, and it sat on a beehive and star mount. It is currently on display at the Daughters of Utah Pioneer museum in Salt Lake.

Since then it has been altered and moved a few times, and as of 1963, it is now a 4,000-pound bronze eagle, with a wingspan of 20 feet, that sits on the corner of State Street and South Temple Street in downtown Salt Lake City. It is more of an arch than a gate, but it was originally named Eagle Gate because it was the entrance to the Young property. It still sits atop a beehive, as well as the star mount, and it has the old wall in its trench.

The COOLEST part is how it relates to our business in title escrow. The Eagle Gate sits one block away from the Salt Lake Base and Meridian in downtown Salt Lake. Some people think our addresses in Utah are funny (i.e. 250 south 300 west) but it was a brilliant plan by the original settlers that based every property in the state off this base and meridian (with exception to Uintah basin). The meridian is on the southeast corner of temple square and was fixed as the point from which all city streets were named and numbered on August 3, 1947. From there, everything north of it was called 1 north or eventually 100 north, 2 north or 200 north, 3 north or 300 north, and on and on. Everything east, west, and south was done the same way. From there, sections, townships, and ranges were established, and Utah began to grow. This created the grid system we still use today when determining which property is which, and who owns what, something that is central to our business. Our part of the transaction is directly involving the property, digging deep into the history of each one and ensuring that it is free and clear before transferring ownership to the new owner. Our product, the title insurance policy, is created based off a search on that specific property using this grid system.

Bottom line: We ARE Utah. We love Utah, and especially our home Southern Utah. Our roots are here. We’ve been here our whole lives. We’ve been in the title business for 30+ years. And we have the best team in the business.

SO- big, big thanks to each of you for helping us get to where we are today. We couldn’t survive without all of our clients and referral partners. We are truly grateful for each opportunity we get to serve you and look forward to many, many more years of it.

 

What You Need To Know About Life Estate Deeds and Property Titles

The transfer of a property from one owner to another is accomplished by way of three different kinds of deeds: a quitclaim deed, a special warranty deed, and a general warranty deed. There are specific benefits that accompany each deed type, such as the quick release of property rights without needing to provide warranties (quitclaim) or the benefit of being provided all warranties associated with real estate transfer (general warranty). However, another type of deed exists that is used less frequently. Life estate deeds. We feel that it’s important to understand the nature of a St George life estate deeds – which involves creating a life estate instead of a more conventional deed – and the circumstances that call for it’s consideration.

Life Estate Deeds: What Are They?

When a person who owns a property (otherwise known as the grantor) transfers ownership to someone else to be specifically used for the life a particular person, these are St George life estate deeds. These deeds declare that the person occupying the property is legally authorized to do so for the remainder of their life. Though the authorized person doesn’t have to be the the granter, in most St George life estate deeds, they are. A life estate deed will name someone – called the remainderman – which is a person(s) who will become the owner of the real estate upon death of the life tenant. For example, if Max wishes that the ownership of his home legally pass to his daughter, Jane, when he dies, he can deed a life estate to himself and put Jane on it as the remainderman. When Max dies, the title of the property will transfer immediately and automatically to Jane. All Jane would need to do is record Max’s death certificate.

 Pros of Life Estate Deeds

Perhaps the greatest benefit of St George life estate deeds is the fact that there is no need for the probate process and there is no need for the home to be part of the estate of the life tenant. This is one of the main reasons the people use them.

Cons of Life Estate Deeds

The first item of interest to mention in this section isn’t necessarily a downside, just a reminder of the terms of St George life estate deeds. Remember that while the life tenant is still alive, the remainderman has no right to possession whatsoever. Yes, the remainderman has ownership interest by the fact that they are named on the life estate deed. But the life tenant has full right of possession while they are alive. Also, financing options for both parties are limited as far as the property is concerned because the value of ownership for the life tenant and the remainderman decrease when St George life estate deeds are created. A life tenant can sell their life estate to someone else, but that someone else would then be required to surrender ownership of the property to the remainderman when the original life tenant passes away.

How Does a Life Estate Affect the Property Title?

It does so significantly. In fact, issues surrounding selling or transferring a property title or refinancing a home become increasingly complicated under the influence of St George life estate deeds. The assistance of an experienced professional would be recommended in such situations For further information about life estate deeds, contact us at Eagle Gate Title and we will help you obtain all the information necessary to decide if going that route is the best choice for you.

 

What To Know About Using Home Equity

A common real estate transaction is one that involves using home equity to make an additional investment. When done wisely, leveraging home equity can be a wonderful investment with many great benefits. But like any investment, there are risks involved when it comes to dealing with St George home equity. One must equip themselves with the appropriate knowledge and be smart about what strategies to take.

What is Equity?

First of all, what is equity? It’s the difference between how much a property is worth and how much is still owed on the loan. For example, if a $500,000 home had a $250,000 outstanding loan on it, the St George home equity would be worth $250,000.

So when and how should St George home equity be leveraged, and how much? The type of investment that a person chooses to make using a percentage of their equity is up to them. Lenders typically set a limit on the percentage of equity that a homeowner can use – usually around 80%. This is because the lender wants a buffer to exist just in case interest rates or property prices suddenly fluctuate, or the loan unexpectedly needs to be discharged. These limits instituted by lenders allow them protection from risk.

Revisiting our $500,000 home example – let’s assume that the lender has an 80% limit on equity usage. This means the amount of St George home equity available to the homeowner for investment would be $200,000 (80% of $250,000).

The Process

The process of using money from St George home equity is not as complex as the loan application procedure due to the fact that the property now exists as security to the lender. The value of the property will have additional funds borrowed against it assuming that the lender considers both the loan suitability criteria and credit assessment satisfactory. The method by which the homeowner pays the mortgage will not change. The difference is that the value of the property can be dipped into for whatever uses the homeowner has in mind. A new contract – called a line of credit loan or a home equity loan – will be signed.

To access your equity, there are a few different avenues that can be taken, such as a mortgage refinancing, additional advances, and redraw facilities. For further information on these topics  contact a representative at Eagle Gate Title.

The Risk

Remember that there is financial risk involved when tapping into your St George home equity. The property market changes continually and unexpectedly despite meticulous calculations. When you leverage home equity, you’re risking the chance that you may not get a return on your investment, or that the existing property may not maintain its capital growth. Also important to remember is that percentage of the property that you own decreases when funds are borrowed from your St George home equity.

The reason we mention these potential negative possibilities is to persuade you to be thorough in your market research and in the understanding of your personal finances so that you you account for as many potential risks as can be foreseen so that you feel comfortable with your final decision to invest with your St George home equity. On the positive side, in addition to the hopeful success of your investment, there are tax benefits when homeowners use portions of their home equity. The interest that is paid on it is tax deductible in some cases. We recommend that you communicate with your tax advisor or accountant on this aspect of tapping into your St George home equity. They will be able to help you with your decision- making process from their perspective.


What To Know About Using Home Equity

St George Home Equity

Article By: Clear Content Marketing

Defining Foreclosures, Bank-Owned Properties, and Short Sales

There are three common terms in real estate that are often confused with one another: bank-owned properties, foreclosures, and short sales. They are all different from each other even though people sometimes incorrectly use them interchangeably. After reading this article, you will know the individual definition of each term so that the next time you searching online for homes on the market, you’ll know exactly what it means when some are listed as St George short sales, foreclosures, and so on.

Foreclosure

When you see the word “foreclosure”, view it as an extension of the word “forced”, because “forced” is an accurate description of what happens to a property during foreclosure. When homeowners fail to pay their mortgages and having fallen considerably behind (due to whatever reason), they are violating (otherwise known as defaulting) on their agreement with the lender. The bank (lender) steps in and quite literally forces the home to be sold. When a buyer purchases a foreclosed home (aka; a foreclosure) they are doing so with no
contingencies whatsoever. Essentially, they are purchasing the home “as-is”, no matter what faults the property may have. St George foreclosures are usually acquired via a bidding process wherein the highest bidder takes ownership of the property. The winner gives the deposit right then and there, signs the paperwork, and takes full responsibility of any liens, outstanding taxes, or necessary evictions associated with the property. Granted, bidders often have been educated on the overall status of the foreclosed property in advance. Not always, though. Now, if the new owner of the foreclosed property defaults on their purchase, they can be sued for damages. Banks are not likely to reverse a transaction involving a St George foreclosure if the buyer gets cold feet. Any parties interested in purchasing a foreclosure must be meticulous about being informed about the property beforehand.

Bank-owned property (also known as real estate-owned, or REO)

A bank-owned property is a home that is officially owned by the lender through the process of foreclosure and a subsequent unsuccessful auction. Another way the lender can become the owner of a property is by a deed in the place of foreclosure, such as when house keys are turned over to the bank by the buyer. When a home becomes the property of a bank, they prefer to sell the property as soon as possible knowing they are typically overburdened with inventory. Now lets discuss St George short sales.

Short sale

St George short sales are properties where the amount the owner owes on their mortgage is more than the market value of the property. For example, a person has a $750,000 mortgage but the property is now worth $600,000. In this scenario, if the person is unable to make up the $150,000 difference, they will typically seek approval from the lender that in selling the property, they will accept less than what is owed. Not all St George short sales short sale request made by homeowners who are upside-down on their mortgage are accepted by the lender. More often than not, homeowners in this situation have to be flexible and patient as they seek approval, which can sometimes take a long time – months, even years, in some cases. It is recommended that folks who find themselves in this situation don’t pursue St George short sales alone but rather obtain help from a real estate agent who knows what their doing, who are experienced in dealing with St George short sales. Though there are obvious risks involved in purchasing St George short sales, foreclosures, and bank-owned properties, just like any investment, if done wisely, they can be a wonderful opportunity to acquire a desirable home at a reduced price.


Defining Foreclosures, Bank-Owned Properties, and Short Sales

St George Short Sales

Article by Clear Content Marketing

Let Title Insurance Help You Avoid These 4 Awful Predicaments

Imagine a newly married couple who’s interested in buying a home. They talk to their friends and family about how they should go about it and suddenly are presented with a seemingly wonderful option. A good friend of theirs has a home for sale. The friend explains that they can save time and money by buying from him because they won’t have to use a realtor or a title company. They can simply visit a county office, transfer ownership, and wire him the money for it. Some years later, they get a call about something that is still owed on the property and that it’s their responsibility to pay it. Because they didn’t go through a title company and purchase Saint George title insurance when they originally bought their home, there’s nothing they can do. A proper title insurance policy would have saved this couple from this unfortunate and surprising responsibility.

When it comes to St George title insurance, policies come in two forms: the lender’s policy and the owner’s policy. It’s important to have both. Both types provide protection against issues that may arise concerning legal ownership status of the property or any potential title problem. As thorough as a title company may be during the approval process, unforeseen circumstances do sometimes happen that are outside the title company’s control. This is where St George title insurance comes in. Here are some relatively common situations where St George title insurance saves your bacon.

Second Sellers

One possible scenario that homeowners can find themselves in is one where suddenly a person shows up or contacts you claiming they are an ex-spouse or distant relative of the previous owner and that they have ownership claim on the property. In these situations, the individual will usually attempt to prove that the person who sold the home had no right to do so. If a judge rules in favor of this person, let’s hope that you have owner’s title insurance and not just lender’s. Owner’s title insurance will cover court costs, attorney’s fees, and other financial losses, no matter if you have to negotiate with the person, buy them out, have to forfeit your down payment, or whatever the ruling may be. The right St George title insurance is extremely important in a situation like this.

Encroaching Neighbors

Some new homeowners have found themselves in an unusual situation that involves a neighbor putting up a pool, shed, deck, or fence, or extending their driveway on your property before they’ve closed on their new property. This can be inadvertent or deliberate depending on the circumstance. St George title insurance will cover costs associated with any settlement efforts, striving to resolve the matter out of court and get the encroaching element of your property.

Hidden Mortgages

This is the situation described in the introduction of this article. St George title insurance providers can be as meticulous as can be and yet still, because of the off-chance that a county recorder incorrectly posted or filed something, a title issue can arise later for the homeowner. In a situation like the one illustrated above, St George title insurance is of the utmost importance because the policy will simply pay that hidden mortgage after a claim is filed.

Unpaid Taxes

When it comes to property taxes, new homeowners should be prepared, as unlikely as it may be, for the possible surfacing of delinquent back taxes after closing. Preliminary tax searches may show the property has no delinquent taxes, but there’s still a small chance something could come up. Proper St George title insurance will take care of this.

In the state of Utah, both lender’s and owner’s title insurance policies are required so that you are covered in situations like the ones described here.


Let Title Insurance Help You Avoid These 4 Awful Predicaments

St George Title Insurance

Article by Clear Content Marketing

A Beginner’s Guide to Title Insurance – Part 1

What if you received a call from a stranger days after moving into your new home declaring they they are, in fact, the rightful owner of the property you just bought? Clearly not a situation that you want to be in, but the truth is that this does happen from time to time. For example, sometimes forged or fraudulent papers are used by sellers to obtain a payday for a home that doesn’t really belong to them. Though this particular scenario wouldn’t be called a common occurrence in the industry, the fact remains that more than half of all transactions in real estate have an issue of some sort that is related to the title. This is where Saint George title insurance comes in.

Saint George title insurance prevents circumstances like the one described above from happening as well as provides protection during unforeseen title-related problems. The truth is that there is so much paperwork to sign during the closing process that sometimes the nature and purpose of certain documents get either overlooked or under-explained. What is Saint George title insurance and why is it necessary? Answers below.

In the world of real estate, terms can sometimes be a bit puzzling. To begin, there a four terms that are important to know. A title is a document proving that a person owns a property, legally. Escrow indicates a time period where home sale funds are held by a third party until it’s time to complete the purchase. A title search refers to the process of locating any possible problems or mishaps associated with a particular title. And finally, a lien refers to the assumption of ownership by one person over another in the event money is owed.

Alright. Moving on.

As can be assumed, Saint George title insurance provides protection similar to any other kind of insurance that you may be familiar with. However, rather than protecting from potential trouble in the future (as is typically assumed with insurance in general), Saint George title insurance protects from trouble that has already happened; past incidents. So instead of covering floods and fires, title insurance protects from paperwork that wasn’t filed properly, to name one example.

In the field of title insurance, there are two different kinds: owner’s and lender’s. Owner’s insurance protects the person purchasing the property from any potential issue that is related to the title. Sometimes, even though a meticulous title searched is performed, issues can still arise that are usually associated with a mistake made by someone in the past (a county clerk, for example). The cost of this type of Saint George title insurance is dependent on the purchase price of the home and is not contingent on the loan amount. In Utah, the seller typically pays for owner’s insurance only once at the time of closing. Lender’s insurance, on the other hand, covers only the bank (or whoever issued the mortgage loan). Unlike owner’s insurance, the cost here is dependent on the loan amount rather than the price of the home, which continues to decrease with each mortgage payment made over time.

When using a title company, an owner’s policy is mandatory. If there is a lender involved on the buyer side, they won’t lend on it without the owners’ policy. And on a cash deal that goes through any title company, the owner’s policy is required as well. The only way they can get by without it is if they go to the county by themselves, draft up a warranty deed, sign it, and transfer it that way. Due to the rules and regulations associated with these policies, it’s important to go through a title company legitimately rather than trying to go to the county yourself and do it.

Saint George title insurance is incredibly important. If all you had was lender’s insurance, you wouldn’t have any protection or coverage for the total value of the home. In a way, it’s like the difference between liability coverage and full coverage on your personal vehicle, albeit on a much larger scale. Sure, you might never find yourself in a situation where your Saint George title insurance is necessary. But we guarantee that the peace of mind is worth every penny.

This article will continue with the post A Beginner’s Guide to Title Insurance – Part 2.


A Beginner’s Guide to Title Insurance – Part 1

Saint George Title Insurance

Article by Clear Content Marketing

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