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Show jif' wasi, 3a REALTORS sponsor Loiesricsm The Ogden Board of ALTORS, the voice for real estate in Weber, North Davis RE- homeownership, the cornerstone of this, : community, remains one of the most rewarding investments available.' JHTome for a new future. Activities such as these reflect the Boards efforts as and Morgan counties, has isthe communitys voice for sued a call to all community real estate to make area resiMax Ryujin, dents aware that homeowner-shi- p, members to join in the celebration of American Home President, Ogden Board of REALTORS the cornerstone of this Week, April During community,, remains one of the week-lon- g celebration, the the most rewarding investboard and its members will real estate and other articles As a community service ments available, said Max relative to property owner- project, the Ogden Board of Ryujin, president of the Ogspeak out on the issues affectreal REALTORS is cleaning, den Board of REALTORS. ing estate, private propship; an open house extravathe interest. and erty public American Home Week alganza on April 21 where the painting and generally refurActivities for the commupublic may visit local homes bishing a home at 612 22nd lows the board to display its nity include this supplement for sale and not only view Street, Ogden, for use by the dedication to the preservacontaining articles pertinent them, but register for prizes Homeless Veteran Fellowship tion of the right to own, to the purchase and sale of with no obligation. for veterans needing a start transfer and use real proper 14-2- 0. Week ty, Ryujin said. Additional information on American Home Week activities can be obtained by contacting the Ogden Board of REALTORS at The Ogden Board of RE- ALTORS is one of more than 1,800 boards in 50 states that comprise the National Association of REALTORS, the nations largest trade association and the voice for real es399-927- 3. tate. The association represents nearly 800,000 members in all aspects of the real estate industry. The need for title insurance and escrow services By DONNA W. THOMPSON President, U S Title of Utah Agent for Stewart Title Guaranty Co. title insurance policy is the best protection you can give your real estate investment. Title companies provide essential services to sellers,, ' buyers and mortgage lenders. A Title companies provide essential services to sellers, buyers and mortgage lenders. A title insurance policy affords coverage to the insured owner for as long as the owner has an interest in the prop- prompt resolution of a title problem, have enabled them to close transactions that otherwise would have been delayed or would not have closed at all. ; The Escrow Closing most important parts of the meeting with the parties is the settlement statement. It is imperative that the parties see, understand and sign their respective list of credits and debts. proceeds to the title companies trust account and authorize the recording to take place. This procedure insures the buyer that the seller has not transferred the title or encumbered the property since the date of the title commitment; it insures the seller that title to the property will not transfer to the buyer until all funds are collected; and, insures the lender that they have a valid first lien position on the subject property. After recording of the transaction, the escrow officer disburses the funds, obtains releases for all liens that have been paid through closing, and has the title policies prepared and delivered to the buyer and lender. The escrow officer makes for the collecarrangements erty or liability under tion and disbursement of all These services vary from one warranties. for the payment of outfunds For the lender, most searea of the country to the standing mortgages, fees, surloans made in the U.S. cured Process other, reflecting the different , ; vey, taxes, etc. These items are made by persons acting in When the seller and buyer and costs laws, customs and procedures are shown on the of the various locales, but a fiduciary capacity by enter into an earnest money settlement statement and vertheir essential purpose is to savings and loan associations, sales agreement in a real es- ified with the parties at the ensure that the acquisition or banks on the behalf of their tate transaction, one of the At the escrow closing. closing, transfer of interests in the infirst steps to be taken is to officer receives certified' depositors and by life insurfunds ance companies on behalf of contact a title company to sured property can be effectfrom the and buyer deposits ed with a maximum degree of their policyholders. Because start the title search, title exthose funds into a trust acefficiency, security and safety. these financial intermediaries amination and underwriting-insurin- g count. These funds must be are lending other peoples function. The follow- in the title The Benefits of Title trust savings or policyholders ing items should be submit- account for acompanies Insurance For the purchaser of real funds, they must be con- ted to the title company, if before the transaction period can be cerned with the safety of their possible: estate there is an unavoidable recorded with the county reAt last! You have a morisk of serious financial loss mortgage investments. In 1. A copy of the owners corders office. The lender will ment to relax but dont sit in connection with title to the most financing situations, the previous title policy. (It may review the closed loan pack- too long, those boxes need lenders have a larger percentcontain useful information age, wire the property purchased. The sellnecessary loan unpacking. er may lack title to the propand may entitle the seller to a age interest in a property beerty because of a defect in the ing Financed than the reduced premium on the new chain of title or title may be borrowers. A loan policy in- owners title policy he is resures the lender that the per- quired to purchase for the impaired. 5300 S. Adams Ave. 8 son is to whom For a single, one-tim- e a it buyer.) making pre479-150- 0 mium of a modest amount in mortgage loan has title to the AND ASSOCIATES 2. A list of all mortgages relation to the value of the real estate that is pledged as (including lender names and (leal Estate and Land Development property, a buyer can receive security, that its lien is valid loan numbers) encumbering Residential Commercial Lots & Acreage and enforceable and that no the the protection of a title insurwill proWE TAKE (This TRADES property. ance policy a policy that is other claimant (other than vide a double check that no - Principal Broker John Hansen 782-533- 7 backed by the reserves and those specifically noted in the is overlooked at mortgage Lifetime Million Member Dollar Club solvency of a highly regulated policy) has a prior claim. closing and that payoff or as& Service Knowledge, Experience title insurance company. A tiFrom the REALTORS sumption information may tle insurance policy is depoint of view, the efficient be obtained quickly.) signed to insure against and safe transfer of title reThe new lender issues a set claims arising out of title desults in client satisfaction and of instructions with which the fects that could have been continuing business. Most escrow closing officer must discovered in the public re- REALTORS have experi- comply. The escrow officer, d enced numerous instances in prepares the settlement statecords, in addition to matters such as forgery, which title insurance personment and schedules appointwere fighting for American Heart heirs and inca- - nel, by fast and accurate veri- - ments with the buyer and your life Association i t r 24-ho- ur JJohra Vlf ElsiBUSOBTl non-recor- non-disclos- ed ft j |