Products and Services
Products
Title insurance is the principle product offered by all title companies. There are two types of title insurance: lender's title insurance and owner's title insurance. Lender title insurance is issued in the form of a Loan Policy. Most lenders require it when they issue a loan and it is provided at the buyer's expense. This policy protects the lender's interests in the property should a problem with the title arise.
Owner's title insurance is issued in the form of an Owner's Policy. There is a one-time premium typically paid by the seller of the property on the buyer's behalf at the time of closing. An Owner's Policy, not the Loan Policy, protects the buyer from any problems with the title that may arise. Obtaining a policy at the time of closing is important because it protects the owner's investment from title defects which may allow someone else to take the property. The coverage lasts as long as the owners or their heirs have an interest in the property and in most cases it protects the owners even after the property is sold.
Services
Closing Coordinator - The staff at Inlet Title Co. acts as a liaison between the buyers and sellers, real estate agents and lenders. The staff also coordinates all closing activities and gathers necessary documentation needed to ensure a smooth closing.
Search and Examination of Title - The title search and examination of each property is performed by Inlet Title Co.'s title insurance underwriter, Ticor Title Insurance Company. The search and examination provides basic information concerning the legal interests affecting the title to real property and determines that the property is properly owned and not subject to any unacceptable liens. This is verified by performing searches of public documents including tax, court judgement, deed, encumbrance, federal and state records, and evaluating the characteristics of real property such as flood zone and location.
Payoffs and Lien Searches - Once the title search and examination has been returned to Inlet Title Co., the staff then obtains financial information regarding any mortgages and liens against the property that will be paid-off in order to convey clear title.
Closings - When all of the documents are in order to buy, sell, or refinance the property, a closing can be scheduled at the Inlet Title Co. office. At the closing all interested parties will sign the necessary documents to complete the transaction. Once all documents have been signed, they will be sent to be recorded at the county courthouse and the property will then be officially under new ownership.