How does the home-buying process work in Utah?
Typical Utah home purchase timeline: Pre-approval (1-3 days) — soft pull with a lender Home search (varies) — with a licensed agent Offer & REPC contract — Utah uses the state’s Real Estate Purchase Contract Earnest money deposit (typically 1-2% of purchase price, held in escrow) Due diligence period (usually 7-14 days) — inspections, appraisal […]
What is a REPC?
The Real Estate Purchase Contract (REPC) is Utah’s standardized purchase agreement, published by the Utah Association of REALTORS® and the Utah Division of Real Estate. It includes: Purchase price & financing Earnest money & deadlines Due-diligence, financing, and appraisal deadlines Seller disclosures Inclusions/exclusions (which appliances stay, etc.) Default remedies The REPC is legally binding once […]
What are closing costs in Utah?
Buyers typically pay 2-3% of the purchase price in closing costs in Utah. On a $500,000 home that’s roughly $10,000-$15,000. Includes: Lender fees (origination, underwriting) Title insurance & escrow fees Appraisal ($500-$700) Home inspection ($350-$550) Recording fees & transfer taxes (Utah has no real-estate transfer tax at the state level) Prepaid property taxes & insurance […]
What is earnest money and how much should I put down?
Earnest money is the good-faith deposit you put down when your offer is accepted. In Utah: Typical range: 1-2% of purchase price Held by the title/escrow company (not the seller) Applied to your down payment / closing costs at closing Refundable if you cancel within the REPC’s stated deadlines (due-diligence, financing, appraisal) Forfeited if you […]
How long does it take to close on a Utah home?
Typical Utah closing timeline: Cash: 7-14 days (only limited by title work) Conventional loan: 25-35 days from accepted offer FHA / VA / USDA: 30-45 days (appraisal + government underwriting) Jumbo: 30-45 days (more underwriting scrutiny) The Utah REPC lets you specify a settlement deadline and a possession date (which can differ — some sellers […]
What is Utah’s “seller disclosure” requirement?
Utah does not have a state-mandated seller disclosure form (unlike California), but the Utah REPC’s standard form includes a Seller Property Condition Disclosure that sellers must complete in good faith. It covers: Roof age & condition Plumbing, electrical, HVAC issues Water damage / flooding history Radon / mold / meth-lab history (Utah has strong radon […]
How do I find a good Utah real-estate agent?
Look for an agent who: Is full-time (not part-time) — closed at least 10-15 deals in the last 12 months Specializes in your target area (a Sandy specialist knows different micro-markets than a Park City specialist) Has recent buyer or seller references you can call Is a REALTOR® (member of NAR — held to ethics […]