Information
Beehive Title
is a full-service title insurance agency. We can handle a closing
on any property located within the State of Utah. We offer a full
line of title insurance products and escrow services, delivered with
a personal touch.
At Beehive Title, we want
you understand the importance of title insurance and how the closing
process works. For a general overview regarding title insurance, please
consider the following information from the Utah Insurance Department's
website:
There are two types
of title insurance:
- Owner's coverage
- Lender coverage
Owners title insurance ordinarily is issued in the amount of the real
estate purchase and lasts as long as the insured--or his/her heirs--have
an interest in the property concerned. This may even be after the
insured has sold the property. Most lenders require mortgagee title
insurance as security for their investment in real estate, just as
they may call for fire insurance and other types of coverage as investor
protection.
Eliminating Risk Before Insuring
An important part of title insurance is its emphasis on risk elimination
before insuring. This means the insured has the best possible chance
for avoiding title claim and loss. Title insuring begins with a search
of public land records for matters affecting the title to the real
estate. The examination of evidence from a search is intended to fully
report matters of public record affecting the title. Occasionally,
instruments that don't clearly pass title are found in the chain,
or history, of ownership assembled from the records in a search. These
need to be corrected before a clear title can be conveyed. Here are
some examples of instruments that can present concerns:
- Deeds, wills, and trusts that contain improper
vestings and incorrect names
- Outstanding mortgages, judgments, and tax
liens
- Easements
- Incorrect notary acknowledgments
Through the search and the examination, title problems like these are
disclosed so they can be cleared up whenever possible. But even the
most careful preventive work cannot locate hidden hazards of title.
In spite of all the expertise and dedication that go into a search and
examination, hidden hazards can emerge after completion of a real estate
purchase, causing an unpleasant and costly surprise. Some examples include
the following.
- A forged deed that transfers no title to
real estate
- Previously undisclosed heirs with claims
against the property
- Instruments executed under expired or fabricated
power of attorney
- Mistakes in the public records
Title insurance offers financial protection against these and other
hidden hazards, payment for defending against an attack on title as insured,
and payment of claims.
Insist on Title Insurance
Because of title insurance, home buyers can enjoy complete protection
against claim and loss. When title insurance is provided, lenders
are willing to make mortgage money available in distant locales where
they know little about market conditions. Only title insurance issued
through members of the American Land Title Association offers the
unique safeguards that are essential for secure investment by both
real estate purchasers and lenders. Make sure you are fully protected.
Insist on a title insurance policy.
Source: http://insurance.utah.gov/Title.html
Please feel free to call
us at (801)747-1666 with any other questions you may have, or to get
a quote on escrow fees.
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