Utah Real Estate: Property Tax And Title Insurance
Utah Real Estate: Property Tax and Title Insurance
Exam (elaborations)
Utah Real Estate: Property Tax and Title Insurance ch 23 Questions & Answers Already Graded A +
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Course
Utah Real Estate: Property Tax and Title Insurance
Institution
Utah Real Estate: Property Tax And Title Insurance
Title Insurance - Since an attorney's opinion does not offer the buyer financial protection if the
title proves unsound, this can be purchased, giving varying degrees of financial protection relative to the
condition of title of real property.
Standard Coverage Title Insurance - Title insurance ...
Utah Real Estate: Property Tax and Title
Insurance ch 23
Title Insurance - Since an attorney's opinion does not offer the buyer financial protection if the
title proves unsound, this can be purchased, giving varying degrees of financial protection relative to the
condition of title of real property.
Standard Coverage Title Insurance - Title insurance which protects against losses arising from both
recorded title claims, omissions, and errors in public records, and from inadequate title search
procedures. It does not protect from undisclosed and unrecorded claims against the title such as
unrecorded mechanic's liens.
Extended Coverage (Owner's policy) Title Insurance - Covers claims both on and off the record. It
includes a site visit to give protection against unrecorded liens and encumbrances, such as mechanic's
liens, as well as defect in the land itself, such as unrecorded easements, encroachments, and information
based on incorrect surveys. It can be obtained by private individuals.
Chain of Title or Abstract of Title - A historical record of land ownership and liens or
encumbrances against the property. (history of ownership)
Ad Valorem Tax - A tax levied according to the value of the property
Alta or Lender's Policy - The lender's title insurance policy which offers coverage in the amount of
the loan which includes a site visit to discover unrecorded encumbrances
Assessed Value - A percentage of the appraised value, as determined by law, upon which the tax
rate will be levied to determine the property tax.
Attorney's Opinion - A lawyer's examination and evaluation of the history of title. It includes a
brief summary of all recorded instruments which affect the title, including records of taxes, special
assessments, judgements, mortgages, and trust deeds.
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