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Practice Of Real EstateClosing_proceduresMEDIUM

In a Utah real estate closing, who typically selects the title company?

Correct Answer

B) The party paying for the title insurance policy typically selects, though it is negotiable in the REPC

In Utah, the selection of the title company is typically made by the party paying for the title insurance, though this is a negotiable point in the REPC. Under RESPA, no party can require the use of a particular title company as a condition of the transaction if the referring party has a financial interest in that company.

Answer Options
A
The listing agent always selects the title company
B
The party paying for the title insurance policy typically selects, though it is negotiable in the REPC
C
The Division of Real Estate assigns a title company
D
The mortgage lender always selects the title company

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Related Topics & Key Terms

Related Topics:

RESPA anti-kickback provisionsUtah REPC negotiable termstitle insurance — owner's vs. lender's policyaffiliated business arrangements (AfBA)

Key Terms:

title company selectionREPCRESPAtitle insurancenegotiable terms

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