American Secure Title Insurance Agency, has been doing business in Utah for 15 years, providing outstanding title and escrow services to Utahns throughout the state. The quality of our services has made us a #1 choice of real estate professionals and land owners alike.
American Secure Title Insurance Agency is excited to announce that it has merged with Box Elder Land Title Insurance Agency, effective as of July 21, 2014. As Susie Pugsley and Brent Kirkland, of Box Elder Land Title, retire from the business, Glenda Probst will be joining Jenny Goring and her team, of American Secure Title, who will handle all of the escrow and title business for the two companies. Jenny has been an extremely successful licensed Escrow Officer and Manager for American Secure Title in Tremonton for 11 years. Susie, Glenda and their team at Box Elder Land Title have appreciated wonderful community support for their business over the past 15 years and are excited to know their clients needs will continue to be taken care of in the future.
Susie & Jenny have had tremendous success because of their commitment to take every client’s need personally. This merger brings the advantages of combined impeccable service, multiple offices across the State of Utah and increased underwriting choices to the clients of Box Elder Land Title. Having additional underwriting options ensures the most competitive rates through one of four national underwriters, Stewart Title, First American, Fidelity, and Westcor.
Any client who has closed in the past with Box Elder Land Title, may qualify for discounts in their rates on future policies. These discounts will be honored by American Secure Title, and all past clients are encouraged to take advantage, by requesting their next policy be issued through American Secure Title when they sell or refinance their home.
We are proud of these home-town title professionals & their accomplishments in the business community. We will continue to offer excellent customer service and look forward to serving the community for many years to come. Please feel free to drop by the American Secure Title office located at 805 West Main St., Suite A, in Tremonton or call either of the listed numbers for Box Elder Land Title at (435) 257-5149 or American Secure Title at (435) 257-5176, or visit www.americansecure.com with questions regarding your real estate title & escrow needs.
Your title policy never expires! How great is that? However, as with all Insurance product’s, there are situations in which coverage can be invalidated. This generally occurs with an Owner’s Policy when the insured changes title. Homeowners often transfer their property to a Family Trust, or an LLC. When this happens, coverage under the title policy is invalidated, because the policy is limited to cover a natural person, or the names shown on schedule A only.
To extend coverage, a home owner simply needs to ask for an endorsement to their policy. If they had a “Homeowner’s Policy” issued by First American Title Insurance, they can purchase a “Deletion of Natural Person” endorsement (DNP), that allows them to transfer the coverage under the policy to their Trust or LLC, as long as they are the only principles. If they had an “Owner’s Policy” or “Homeowner’s policy” issued by any other underwriter, they can purchase a CLTA 107.9 endorsement (additional insured). This allows them to add another name to their title policy coverage, such as a son, or a spouse being added to title after the purchase. If they use this endorsement to add an entity, they must be the only principles.
For example, John Doe and Jane Doe are the original insured under a “Homeowner’s Policy” issued by First American Title, and they deed their property to J&J Doe LLC. If they purchase the DNP endorsement, and they are the principles of J&J Doe LLC, then J&J Doe LLC is now covered under that same policy.
The important thing to remember in these situations, is that these endorsements are not intended to facilitate the extension of coverage for any type of purchase transaction. That’s why the original owners must be the sole principles of any entity. This endorsement will not extend coverage to an entity in which John and Jane Doe are principles with any other individual. Its meant to help ensure coverage is not invalidated for the original insured should they choose to create a Trust, or a business entity. If the property is sold, a new policy must be purchased.
We would like to officially welcome Kendra Taylor as our Escrow Assistant in our St. George office. We are very excited to have her join our team as she brings a wonderful personality as well as lots of experience with her to the position. Please take a moment to introduce yourself the next time your in the office, or on the phone, if you haven’t had the chance to meet her already.
A copy of the Trust Agreement must be reviewed prior to closing. We need to review the document to verify a few items; namely: the Name of the Official Trust, a list of the Trustees who must sign, any clauses within the trust which may allow or prohibit the conveyance, sale or transfer of title to real property etc.
A complete copy of the trust is not necessary to keep in our file. Usually we review the trust in it’s entirety and then make copies of certain portions of it which provide evidence on how to prepare our closing documents.
Another item to remember is that if the property is vested (owned) in a Trust the individuals actually don’t own it, it’s owned by the trust. Therefore, a Power of Attorney cannot be used in the file to convey title etc.