An owner may file with the registry a notice of intent to finance.
Need help reviewing a real estate contract? Have it reviewed by a lawyer, get answers to your questions and move forward with confidence. Connect with a lawyer now
Terms Used In Utah Code 38-1a-603
Deed: The legal instrument used to transfer title in real property from one person to another.
Owner: means a person who possesses an interest in a project property and contracts with an original contractor for preconstruction service or construction work. See Utah Code 38-1a-102
Project property: means the real property interest on or for which preconstruction service or construction work is or will be provided. See Utah Code 38-1a-102
Registry: means the State Construction Registry under 2. See Utah Code 38-1a-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(2)
A notice of intent to finance under Subsection (1) shall state:
(a)
the anticipated date on which financing will occur;
(b)
the anticipated lender’s name, address, and telephone number;
(c)
the name of the trustor on the trust deed securing the anticipated loan;
(d)
the tax parcel identification number of each parcel included in the project property; and
(e)
the name of the county in which the project property is located.
(3)
If an owner chooses to file a notice of intent to finance, the owner shall file the notice of intent to finance no less than 14 days before the date on which the financing is anticipated to occur.
(4)
If the financing does not occur within 30 days after the anticipated date specified in the notice of intent to finance, the notice of intent to finance shall automatically have no effect and shall be removed from the registry.
