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Utah Code Title 57. Real Estate § 57-8a-106. Fee for providing payoff information needed at closing

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) Unless specifically authorized in the declaration of covenants, conditions, and restrictions, the bylaws, or the rules, an association may not charge a fee for providing association payoff information needed in connection with the financing, refinancing, or closing of a lot owner's sale of the owner's lot.

(2) An association may not:

(a) require a fee described in Subsection (1) that is authorized in the declaration of covenants, conditions, and restrictions, the bylaws, or the rules to be paid before closing;  or

(b) charge the fee if it exceeds $50.

(3)(a) An association that fails to provide information described in Subsection (1) within five business days after the closing agent requests the information may not enforce a lien against that unit for money due to the association at closing.

(b) A request under Subsection (3)(a) is not effective unless the request:

(i) is conveyed in writing to the primary contact person designated under Subsection 57-8a-105(3)(d);

(ii) contains:

(A) the name, telephone number, and address of the person making the request;  and

(B) the facsimile number or email address for delivery of the payoff information;  and

(iii) is accompanied by a written consent for the release of the payoff information:

(A) identifying the person requesting the information as a person to whom the payoff information may be released;  and

(B) signed and dated by an owner of the lot for which the payoff information is requested.

(4) This section applies to each association, regardless of when the association is formed.

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Cite this article: FindLaw.com - Utah Code Title 57. Real Estate § 57-8a-106. Fee for providing payoff information needed at closing - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-57-real-estate/ut-code-sect-57-8a-106/

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