Whenever you purchase Utah real estate, a title company researches past ownership of the property to ensure each previous transaction was completed without any ownership disputes. But is that all the value offered by title insurance? No. There's much more to consider.
Title insurance claims can still occur, even with the modernization of real estate records in courthouses, such as:
- Some properties were not transferred for hundreds of years, so prior modern title searches have not been recorded. All past ownership rights may not be known, but can come to light after a transfer.
- Even with modern title systems in place, some owners don't reported spouses and children. These people may be discovered after a transfer.
- Property line disputes are a very common cause of problems between neighbors.
- Lenders have insurance to pay for losses that occur due to a loss of first lien status.
- As properties transfer and title insurance is issued, another transfer may rely on the previous title insurer. Title history needs to be updated through the very last owner.
Assuring you own clear title to your property, and relying on a marketable title if you sell in the future, are both valuable. Additionally, our title service includes escrow service, and a smoother closing when refinancing.