Novation Team & The Utah Food Bank

At Novation Title, we’re thrilled to announce a significant milestone in our journey—our acquisition of North Star Title! This merger represents a powerful union of talent, expertise, and a shared commitment to excellence in the real estate industry. With the addition of Team Nick and the loyal clients of North Star Title, we’re excited about the growth opportunities this brings. Our combined team is now stronger than ever, and together, we’re poised to push the boundaries of innovation in our industry. This acquisition isn’t just about expanding our reach; it’s about enhancing the experience we provide to every client and partner. We believe that transformation is at the heart of progress. As we welcome our new team members and clients, we’re reminded of a favorite quote: "Transformation is a journey without a final destination." – Unknown This journey of growth and innovation is one we’re excited to embark on together. The future is bright, and we can’t wait to share all the amazing things coming your way. Stay tuned for more updates as we continue to innovate and lead in the real estate industry. Here’s to new beginnings, greater success, and a transformed future! Cheers to growth and innovation, Novation Title

You’ve found the perfect home and negotiated a successful contract, so the house is yours…right? Not quite. There’s a lot that happens from the time your offer is accepted to the day of the actual closing. So why does it take so long, and what actually goes on behind the scenes? Between loan approval and closing, your title company is busy doing a lot of work to oversee the purchase process and make sure everything goes off without a hitch. If you are working with a real estate agent, they will place an order with a title agent as soon as your sales contract is accepted. While many homebuyers rely on their real estate agent to select a title company, homebuyers should know they have the option to choose for themselves! After all, a title company has a lot to do with how smoothly and timely the process goes. But what exactly does the closing process entail? Here’s a ‘behind the scenes’ look at what your title company is doing to ensure your transaction closes on its scheduled date and time (and get you into your new home as quickly as possible!) PURCHASE AGREEMENT – In order for title work to begin, the title company receives a copy of the Purchase Agreement (which defines the terms of the sale) and as a neutral party we follow the contract and instructions that are given to us. The title company also often acts as the settlement/escrow agent and will hold the earnest money deposit in an escrow account, where the funds will remain until the time of closing. TITLE SEARCH – Next, the title company will conduct a thorough title search of public records to determine that there are no issues with the title (such as judgments, liens and encumbrances, and title defects). Once that search has been completed, a commitment or preliminary report for title insurance is prepared for the lender and/or home buyer. TITLE INSURANCE – If you’re receiving financing, your lender will likely require that you purchase a Loan Policy (however, it only protects the lender). In many cases two policies are issued — one to protect the lender and one to protect the homeowner (Owner’s Policy), which protects you from title defects that existed prior to the issue date of your policy. In the state of Utah it is typical that a buyer purchases a lender’s policy and a seller purchases an owner’s policy. SETTLEMENT STATEMENT – Once the title company has received and complied with all of the lender’s closing instructions and loan documents, they will prepare a settlement statement which outlines all of the costs for both the buyer and seller associated with the closing. This includes earnest money deposits, adjustments and prorations, existing loan payoffs, disbursements and escrow fees. CLOSING DAY – When all paperwork has been completed, the title company will confirm the date, time, and location of the closing with all parties involved. At the closing, your escrow officer will explain the documents that need to be signed and collect the required signatures. Once papers are signed and the loan has been funded, you’ll receive the keys to the house. This is, of course, based on the possession date on your real estate contract. While you’ve been busy packing and coordinating the movers, much more is done behind-the-scenes that leads to move-in day. It is the title company’s role to not just facilitate the transaction that will get you into your new home, but to alleviate some of the stress that comes along with it. At Novation Title, we believe that everyone working together makes closing day a cause for celebration! -Novation Title Team