South Carolina Title Company
When you purchase a home, there is an avalanche of paperwork that you must sign and initial. While a good portion of that paperwork usually deals with the mortgage you are taking out to buy the property, there are also documents that reflect the transfer of property rights between the seller and the buyer. Included in the pile, there should be documents from the South Carolina title company that you retain as part of the requirements during the purchase process.
What Does a Title Company Do?
The main role of a title company is to validate that the seller does indeed have legal ownership of the property and can transfer rights to the property to the buyer. This is done by doing a thorough examination of public records, searching for all transaction history and other activity. Some of the issues a title company looks for includes:
- Court judgments
- Easements
- Fraudulent transfers
- Liens
- Prior or current mortgages
- Prior or current unpaid property taxes
- Right of ways
- Unknown heirs
Once the title company has validated that the seller is the legitimate owner, it will then issue title insurance. There are two types of title insurance that are available. The first is lender title insurance and is a mandatory purchase. This insurance provides protection for the mortgage holder against any title issues that come up that can affect loan security. The amount of the policy is based on how much the loan is and decreases as the buyer pays off their mortgage.
The second type is owner’s title insurance. While this is not usually mandatory, it is recommended that all buyers purchase this policy to protect their interests against any future claims to the property. Lender title insurance does not provide this safeguard to owners.
Closing Process
In addition to validation and title insurance, a South Carolina title company also assists the parties during the closing process. The company acts as a neutral third party assisting in the settlement services that need to be done for the closing, such as holding purchase funds in escrow, notarizing documents, and recording the property deed with the appropriate county or municipal offices.
Let Us Help
If you are purchasing a property and are in the market for a South Carolina title company, look no further. Closeline Settlements is an independent, licensed title agent that works with the major underwriters across the country. We have multiple offices nationwide and provide a wide spectrum of support services. Contact our office today to find out how we can help ensure your property purchase process is a smooth one.
What to Look for in a Title Company
There is so much that goes into buying a home. From getting preapproved for a mortgage to shopping for homeowners insurance, it seems like the list is endless. You also have to choose a title company to assist you with the closing process. Here are some important qualities to look for in a South Carolina title company.
Experience
First and foremost, it is important to work with a title company with experience. They should have many years of experience performing title searches and dealing with real estate closings. The more years of experience they have with the process, the better job they can ultimately do for you. When you first consult with a title company, don’t hesitate to ask them how many years they have been in business.
Organized
In order to successfully complete a home sale, you will need to turn over multiple documents, including those related to title insurance, by deadline. That is why it is essential to work with a title company that is organized. They should know when all the deadlines are and keep accurate records of all documents.
Good Communication Skills
Before you decide to hire a title company, pay attention to how they communicate with you. Do they get back to you in a timely manner? Do they answer your questions in a language that you can understand? If it takes them several days to get back to you or they struggle to provide answers to the simplest questions, you may want to work with a different company.
Location
While you may be able to submit some paperwork online, you still may have to go in-person to the title company’s office occasionally. If the office is quite far from your home, you may be less than thrilled to have to drive all the way out there. To save yourself time and stress, choose a title company that is a reasonable distance from your home.
Good Reputation
It is always better to work with a title company with a good reputation. Browse through online reviews and see what past customers have to say about a title company. You may also want to look at customer testimonials on the company’s website. Generally, the better reputation a title company has, the better job they will ultimately do for you.