Northern Title


Q. Why do I need title insurance?

A. The purpose of title insurance is to eliminate risks and prevent losses caused by defects in the title
arising out of events that occurred in the past. A title search is to verify the seller’s rights to transfer
ownership, and to discover any claim or burdens on the property.

Q. How much does title insurance cost?

A. The premium of title insurance is based on the dollar amount of the transaction. In a buy/sell
transaction, if an owner policy and a lender’s policy are issued at the same time, there is substantial
savings. Please contact us either by phone or email for a quote specific to your needs.

Q. How soon after closing can I receive my money?

A. Title companies are required by law to comply with what is known as the “Good Funds” law. This law
outlines specific rules for the disbursement of funds. While a number of factors are involved, generally
speaking in a purchase transaction we are able to disburse funds the next day. In a refinance situation,
we must wait three days to allow for a borrower’s right to rescind his/her decision.


Q. How do I schedule a closing?

A. Call the applicable office and tell the receptionist that you would like to schedule a closing. They will contact you with the Closing Department who will the schedule an appointment that meets your needs.

Q. How do I transfer water rights?

A. In June of 2000, the laws for transferring water rights changed. The state of Utah mandated that only
title companies, lawyers, or registered engineers/surveyors may prepare the necessary documents to
transfer water rights. Depending upon circumstances, the transfer process can be fairly simple or very
complex. We recommend that you contact us for specific information.

Q. How can I understand the new Closing Disclosure documents?

A. Here is a Youtube video that gives a practical overview of the the new Closing Disclosure process.

Understanding the Closing Disclosure or CD.

Q. I can't seem to understand the legal description, why is it so confusing?

A. There are two types of legal descriptions: “lot and block” and “metes and bounds.” If your property

is part of a subdivision, it will be a “lot and block” and will read something like, “Lot 3 of the Golden

Harvest Subdivision.” On the original subdivision plat that was filed with the county recorder, the exact

dimensions of your lot will be shown. If your property is a “metes and bounds” description, it will show

latitude and longitude as a means of describing where it is located and the perimeter of your property.

Q. What is the purpose of an "escrow?"

A. The purpose of an escrow is for a "neutral third party" who is the custodian of the funds and documents, to handle the disbursements of the funds and in a limited capacity performs the clerical details for the settlement of the account between the parties.

Q. What is the Loan Estimate or (LE)?

A. The followng video will help you better understand the loan estimate. Understanding the Loan Estimate