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Utah Buyer Title and Escrow Process

1 minute read

Buying a house? Unsure what to expect as you close?

Our experts break down the steps you’ll go through when it comes to title and escrow.

  1. A file is opened by the Real Estate Agent, Lender or Buyer 
  2. The Preliminary Title Report is completed, then sent along with the Plat Map to the Real Estate Agent, Lender, and other title company (if it is a split closing).  The Lender(s) also receives a closing package containing estimated fees, CPL, Tax Certification, Wire Instructions, last vesting deed, and any additional requests. 
  3. The Closing Disclosure (CD) is balanced with the Lender’s figures. Vesting is sent along with the Settlement Statement to the other title company in order to match the prorations on taxes and the HOA. 
  4. The title company wires funds to the other title company after wire instructions are confirmed. The Warranty Deed is then recorded.  Once recorded, the title company records the Deed of Trust and disburses funds to all parties involved.  A balance is made before a record is made. 
  5. You officially own a home, congratulations!

This article is part of the Home Buyer Guide.