Hey everybody, it’s Stacey Christopherson with Coldwell Banker and C4 Elite Real Estate Team. The only thing better than finding your dream home, is closing day. The excitement and anticipation of moving in to your new house can be overwhelming. The last step is the most important, so what happens at a house closing in Utah.
[su_button target=”blank” style=”stroked” background=”#1913d0″ color=”#fffdfe” size=”11″]Click Here to start your online search[/su_button]
Title Company and Security
Utah is an escrow state which means you need a title company for closing. Some states require attorneys rather than title companies for closing paperwork etc. Most real estate agents, including the agents at C4 Elite Real Estate Team, have a team of professionals they work with. The specific title company you will be closing with should be no surprise to you at the closing table. You will have seen a preliminary title report on the home you are purchasing as well as any other title related paperwork.
If you decide to choose your own title company, you will want to make sure their systems are secure. Always ask about their firewalls and security. Cyber fraud is alive and well in the title industry. Hackers are getting into unsecure systems and taking personal information from buyers and sellers in a real estate transaction. In turn, they take the information and send fraudulent emails that look official. In a worst-case scenario, they are sending false wiring instructions for funds to purchase a home. If you are not careful, you may be sending your $300,000 to someone other than the seller. There is typically no way to re-coop these funds once sent. Choose wisely or trust your Real Estate Agent and use their trusted Title Company.
What Does the Title Company Do?
The title company is there to ensure that they the buyer obtains clean title when they purchase the home. Additionally, the title company will look for liens or encumbrances on the property. If issues arise, they will work with your agent to clear the items so that you can move in without any problems. Title companies are there to facilitate all the paperwork from the lender etc. More importantly, they are there to disperse the funds from the lender and the buyer to the seller and their mortgage company.
Settlement and Closing
Every state handles the day of closing differently. In Utah, the day you sign paperwork is called settlement. This is a negotiated date in the purchase contract. On this day, the Buyer’s agent schedules a time for the buyer to meet up with the title company. The Seller’s agent does the same thing. Since Utah is a split closing state, the buyer and seller rarely, if ever, meet up or sign paperwork at the same company.
An important note in Utah, the day of settlement is NOT the day that the Buyer will receive possession or the keys to the home. It typically takes 24 hours or the next business day for the deal to “Close”. Closing is when the loan funds and the new title is recorded at the county. Only after these two things take place, can the buyer have possession of the home and start moving in. In some circumstances, the paperwork is taken care of AND the loan funds and records on the same day. This is dependent on the specific lender as to whether they can get everything done on the same day. If it is important to you to have everything done the same day, be sure to tell your Buyer’s agent. Also, talk to your lender and ensure it is realistic.
On the day of settlement, the buyer should also receive the contact information for all the utility companies. It is important to call each company that day if not sooner. If you wait until after the seller has turned off the utilities, you may have to pay a re-connect fee. These can add up quickly. In Utah, some cities will require you to go in person to connect water, sewer and trash. You will need your closing documents to prove ownership.
Buying a Home in Layton UT
If you have any questions, do not hesitate to call us here at C4 Elite Real Estate Team. We have an amazing team of professionals ready and willing to help you navigate the process of purchasing a home. Our website is a great resource for this topic and many other on Buying a Home in Layton, UT and all the surrounding areas. Check us out at www.c4sellstuah.com.