What is title insurance?

Title insurance protects you from financial loss if someone challenges your ownership. Unlike other insurance protecting against future events, title insurance protects against past issues — undisclosed heirs, forged documents, recording errors, and more. It's a one-time premium that protects your property rights for as long as you own the property.

How much does title insurance cost in Utah?

Title insurance premiums are state-regulated in Utah and based on the sale price. For a typical residential transaction, expect to pay between $500 – $3,500. Prospect Title offers a free rate calculator for instant estimates tailored to your specific transaction.

What's the difference between owner's and lender's title insurance?

Lender's insurance protects the bank's investment and is usually required for financing. Owner's insurance protects YOU and your equity in the property. We strongly recommend both — the owner's policy is a one-time premium that protects you for as long as you own the property.

How long does closing take?

Typical residential closings take 7-60 days from contract to keys. Cash transactions close in less than 72 hours. Commercial transactions may take longer depending on complexity. Prospect Title's experienced team works to ensure smooth, on-time closings.

What do I need to bring to closing?

Valid government-issued photo ID (driver's license or passport), cashier's check or wire transfer receipt for your funds, and any documents your closer specifically requested. We'll send you a detailed checklist before closing day.

Can I do a remote closing?

Yes! Through our Qualia portal, you can review documents, e-sign, and complete much of the process remotely. Some documents may still require in-person notarization depending on your lender's requirements.

Who pays for title insurance in Utah?

This is negotiable and varies by transaction. In Utah, it's common for sellers to pay for the owner's policy and buyers to pay for the lender's policy, but this can be negotiated as part of your purchase contract.

How do I protect myself from wire fraud?

NEVER trust wiring instructions sent via email without verbal verification. Prospect Title will NEVER email you changes to wiring instructions. Always call us directly using a number you already have (not one from an email) to verify before wiring any funds.

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Title Insurance Terms, Explained

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Abstract of Title

A summary of public records relating to property title. Think of it as the property's historical biography — showing all recorded documents affecting ownership.

Chain of Title

The history of ownership from original grant to present owner. We trace this chain to ensure there are no breaks or issues that could affect your ownership.

Closing

The final step in a real estate transaction where documents are signed, funds are exchanged, and ownership is transferred. Also called 'settlement.'

Deed

The legal document that transfers ownership of real property from one party to another. Recorded with the county to become part of public record.

Earnest Money

A deposit made by a buyer to show good faith intent to complete the purchase. Held in escrow and typically applied to closing costs or down payment.

Easement

A right to use another person's land for a specific purpose. Common examples: utility easements, driveway access, shared driveways.

Escrow

A neutral third party (like us!) holding money and documents until all transaction conditions are met. Protects both buyer and seller.

Lien

A legal claim against property, usually for money owed. Common types: mortgages, tax liens, mechanic's liens, judgment liens.

Owner's Title Insurance

Insurance protecting the property owner against covered title defects. A one-time premium that protects you for as long as you own the property.

Recording

Filing documents with the county recorder to make them part of public record. Essential for establishing priority and providing notice.

Survey

A map showing property boundaries, structures, and easements. May be required by lenders to ensure no encroachments.

Title Commitment

Our promise to issue a title insurance policy once specified conditions are met. Shows current ownership, liens, and requirements.

Title Search

Our examination of public records to determine ownership history and discover any issues affecting the property.

Wire Fraud

A scam where criminals intercept real estate communications and send fake wiring instructions. Always verify wiring instructions by phone.