Draper

Non-Judicial

In a non-judicial foreclosure state, the lender does not need to go through the court system in order to foreclose on a property. This process can be quicker and less expensive for the lender compared to a judicial foreclosure.

Lenders handle about 60% of the escrows and title companies handle the rest. Conveyance is by warranty deed. Mortgages and deeds of trust with private power of sale are the security instruments. Mortgage foreclosures require judicial proceedings which take about a year; deed-of-trust foreclosures take advantage of private power-of-sale provisions and take about 4 months. Utahans use ALTA owner’s and lender’s policies and endorsements. Buyers and sellers split escrow fees, and sellers pay the title insurance premiums. There are no documentary, transfer, or mortgage taxes. Property taxes are payable November 30th.

Payable November 30th

YES. Property management is expressly considered a real estate activity under existing Utah real estate licensing laws, and requires a broker's license. A Broker license is required for any individual who, for another and for valuable consideration, engages in property management including advertising real estate for lease or rent, procuring prospective tenants or lessees, negotiating lease or rental terms, executing lease or rental agreements. A Sales Agent working for a Broker may also engage in such acts.

YES. The licensing requirement does not apply to an owner who manages his or her own property, an employee for one property owner, apartment managers who reside in the apartments at reduced rent, full-time salaried employees of a Homeowners Association, hotel or motel management, or management activities associated with rental accommodations for a period of less than 30 consecutive days. For more information about these and other Utah property management requirements and exceptions, please contact the Utah Division of Real Estate. Before hiring a property manager to manage your Utah rental property, you should always check that he or she is licensed appropriately. You can check the license status of Utah property managers using their Licensee Info Search tool.

There is no requirement that a Utah community association manager or condo association manager hold a real estate broker's license.

Utah real estate broker licensing requirements include: - Age: must be at least 18 years of age - High School: must be high school graduate or equivalent - Trustworthiness: must meet the statutory licensing qualifications of honesty, integrity, truthfulness, reputation, and competency. An applicant does NOT qualify for a real estate license if he or she has any felony in the last five years (starting from the time of conviction/plea or completion of any jail/prison sentence) OR if the applicant has any misdemeanor involving fraud, misrepresentation, theft, or dishonesty within the last three years. - Experience: have at least three years of real estate experience, including specified experience set forth by the Commission, as evidenced in Broker Transaction Log or Property Management Transaction Log - Education: successfully complete 120 hours of approved education at a certified Real Estate Pre-License School, consisting of: - Exam: take and pass the Broker exam. - Fee: $158 total non-refundable fee

Utah real estate sales agent licensing requirements include: - Age: must be at least 18 years of age - High School: must be high school graduate or equivalent - Trustworthiness: must meet the statutory licensing qualifications of honesty, integrity, truthfulness, reputation, and competency. An applicant does NOT qualify for a real estate license if he or she has any felony in the last five years (starting from the time of conviction/plea or completion of any jail/prison sentence) OR if the applicant has any misdemeanor involving fraud, misrepresentation, theft, or dishonesty within the last three years. - Education: successfully complete 120 hours of approved education at a certified Real Estate Pre-License School - Exam: take and pass the Sales Agent exam. - Fee: $152 total non-refundable fee