A: Title works to eliminate risks by searching for the public records, laws, and court decisions about the property to determine the current recorded ownership, any recorded liens or encumbrances, or any other matters of record which could affect the title of the property. Escrow is responsible for overseeing the monies, instructions, and documents about the property transaction.

A: The PR, also known as the Preliminary Report, Title Report, or Commitment, contains vital information such as the: ownership of the subject property; where the current owners hold title; matters of record that specifically affect the subject property or the owners of the property; a legal description of the property and an informational plat map - all of which can affect the close of escrow.

How to Read A PR

A: The buyer's costs will include the Lender's Policy (based on the loan amount), closing fees, Closing Protection Letter (CPL), and recording fee.

A: The seller's costs will include the Owner's Policy (based on the sales price) and closing fees.

A: Policy rates are regulated and require title companies to charge the Underwriter's current filed rates with the state of Utah. However, discounts may be available. Please contact your Real Advantage Escrow Officer or Team to get more information on our discounts.

A: Reach out directly to the Real Advantage Escrow Officer or Team you are working with to receive wiring instructions.

A: Some examples of title issues that could arise include: a mechanics (grading/contractor) lien, mortgages that were incorrectly recorded, failure of signed documents (e.g., corporation signs document but the signer is not authorized), undisclosed errors (e.g., entitled to an interest in a property), and forgery.

A: For CC&R (Covenants, Conditions, and Restrictions) information, contact your Real Advantage Escrow Officer or Team.

A: Payoff information can be collected from the client in person, over the phone, or through our secure client portal in Qualia Connect.