South Carolina Title Company

South Carolina Title Company

South Carolina Title CompanyWhen 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.