(801) 375-6350
Fidelity Land & Title
(801) 224-8676
First American Title Insurance Agency Inc
578 South State, Orem, UT
(801) 763-8676
First American Title
325 S 500 E, American Fork, UT
(801) 762-0011
First American Title Ins Co
346 W Center St, Orem, UT
If The Lender Gets an Insurance Policy Why Do I Need One?
The lender's policy covers only the amount of its loan,
which is usually not the full property value. For example, if you bought
a home for $200k and only had a loan for $100k this policy would not
cover the $100k you put down on the home. It would only cover the
lenders portion of the property.
In the event of an adverse claim, the lender would
ordinarily not be concerned unless its loan became non-performing and
the claim threatened the lender's ability to foreclose and recover its
principal and interest. And, in the event of a claim there is no
provision for payment of legal expenses for an uninsured party. When a
loan policy is being issued, the small additional expense of an owner's
policy is a bargain.
Typically two insurance policies are issured at a closing
on a home in Utah County. One for the lender and the other for the
owner. If the buyer pays cash and no lender is involved then only one
insurance policy is issued which would be for the owner. This would
typically be paid for by the seller. The buyer is typically responsible
to pay for the lenders policy if one is involved.
La Jolla Condos in Provo Utah
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