Escrow & Title
In Utah, who customarily pays for the lender's title insurance policy?
AThe seller
BThe buyer/borrower✓ Correct
CThe real estate broker
DThe Utah Division of Real Estate
Explanation
In Utah, the buyer/borrower customarily pays for the lender's title insurance policy. The owner's policy is typically paid by the seller, though this is negotiable.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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