Blog Layout
DD Web • March 1, 2019
Shopping Around: The Right to Choose Your Own Title Insurance Company
For many of us, buying a home is the largest investment we will ever make during the course of our lifetime. It’s exciting! But, it’s also a high-stakes investment that can come with a lot of stressors. Homebuyers, however, can minimize much of the stress and anxiety that comes with purchasing a home by having a well-researched plan and choosing a knowledgeable, experienced team to help them along the way. Just like shopping for a realtor and a lender, did you know that you can shop around for a title company as well?
What does a title insurance company do?
The title insurance company is the neutral third party in your real estate transaction. The representative from your title and escrow company acts as a liaison between you and all of the other entities involved in your real estate transaction, including the seller, the lender and the broker/agent. A title insurance company also ensures that all titles, deeds and other important documents are filed in a timely manner and with the appropriate parties. The title company also acts as the ‘closing agent,’ which means they will collect and disburse funds that are a part of the transaction.
Do I need title insurance?
Yes. Title Insurance that covers the lender is required on all new mortgages. In other words, if you borrow money to buy a home, you must pay for title insurance. Title insurance protects both the homeowner and the lender from events that occurred before you took ownership including property loss or damage. Defects in the title could include liens that went undiscovered during the title search, mistakes on previous deeds, fraud and/or forgery.
Can I choose my own title insurance company?
Because many lenders and real estate agents have relationships with certain title companies, you may be highly encouraged to use the company they work with. While they may have good reason to recommend their title company of choice, you can — and should — do your own research before complying. As a homebuyer, you have the absolute right to advocate your own title company selection to guarantee your transaction goes smoothly and secure the adequate third party protection that you as a consumer deserve.
How do I choose a title insurance company?
The fact you are conducting due diligence in your search for a title insurance company is an important first step on the path towards a successful real estate closing. Working with a title insurance company that your lender or agent trusts may often be preferable, but you should not automatically assume that is always the best option. Local title companies may have lower fees than larger corporate title companies and often provide higher quality, personalized service. The title company will oversee the disbursement of funds at closing, so you want to select a company with a record of operating competently, honestly, and timely. Search out a title insurance company that provides a professional, timely closing experience and has a reputation of delivering an unparalleled level of service.
If you shop around for a closing agent, you can compare costs as well as determine their level of service. Talk with your lender and real estate agent about the possibility of choosing your own title insurance company if you want control over the fees you pay and the overall experience you’ll have. Work with a lender that will allow you to choose from the available title companies in the area in order to find the best option for you. They are, after all, protecting one of the largest and most important investments you’ll ever make!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
“Feeling gratitude and not expressing it is like wrapping a present and not giving it.” —William Arthur Ward ‘Tis the season for giving! November officially kicks off the holiday season with America’s favorite foodie holiday — Thanksgiving. It is the month where we are once again reminded of all of the things we are thankful for as we gather with family and friends, stuff ourselves with turkey and pumpkin pie, and watch (a lot) of football. It’s fitting, then, that November has been dubbed National Gratitude Month here in the United States. Americans are encouraged to ‘practice gratitude’ which goes beyond just feeling thankful, and actively showing gratitude by giving back. While ideally it is something we should be practicing all year long, people are more likely to give more generously during the holiday season than the rest of the year. According to the annual Holiday Giving Survey conducted by Harris Poll, more than 3 in 5 Americans (63%) typically donate to an organization or charitable cause in the last two months of the year (known as giving season). Americans are among the world’s most generous people, ranking No. 4 out of 140 countries. Utah has consistently ranked the most charitable state in the nation, coming in second this year behind Minnesota. Beyond the obvious benefit of helping and enhancing the lives of others, research shows that practicing daily gratitude can enhance our own moods, decrease stress and drastically improve our overall level of wellbeing. On average, grateful people tend to be happier, healthier, more physically fit, have a higher income and have much more satisfying personal and professional relationships. It’s a win-win for everyone! The easiest way to practice gratitude is to say THANK YOU to someone who has helped you or impacted your life in a positive way or spending time with a loved one who may be lonely or going through a difficult time. Your words and your time are often the best gifts! -The Novation Team
Mission accomplished. Or is it? It is common practice for organizations to summarize their goals and objectives in the form of mission and/or vision statements. For many, they come in the form of a typed out statement hung on a wall, easily forgotten about and only reminded of when a crisis strikes. Or they come in the form of a long-winded, regurgitation of thoughts following a midnight-hour ‘breakthrough’ (see Jerry Maguire). While they are often confused for relaying near identical messages, both serve very different purposes. A mission statement describes what a company wants to do now, and a vision statement outlines what a company wants to be in the future. A mission statement guides the day-to-day operations and decision-making of an organization. It helps in tactical planning and “rallying the troops” around a common short to medium-term goal. A vision statement outlines the long-term view of the organization and why it exists. It attracts people — not just internally but also externally — who believe in the vision of the organization. Your mission, then, brings your vision to life. We believe these statements are the lifeblood of our company. They are something we live and breathe by, because as with anything else, our thoughts become our actions and our actions become our reality. We want our reality to reflect the words written on our walls, the words we use to describe who we are and the words our clients attach to our reputation. To us, they are much more than words. Mission: We believe in making an impact and having purpose within our community. Whether we are protecting real estate investments, giving back to our surroundings or creating opportunity and growth for others. We are here to redefine the experience. Vision: To create an experience that our industry has never seen before . To develop individuals to live by their full potential in all areas of life. To have unlimited growth and make an impact in people’s lives for the better. To empower our team members to dream big so together we can make a difference in our world. Impact. Purpose. Growth. Empower. Create. Dream. These are our words, our actions, our reality, and something we are proud to stand by each and every day. Experience the difference!
REDEFINING THE EXPERIENCE
CONTACT
801-727-8420
6955 Union Park Center Suite 210, Cottonwood Heights, UT 84047
OPENING HOURS
- Mon - Fri
- -
- Sat - Sun
- Closed