New Smyrna Beach,
Florida 32168
Office: (386) 423-0447
Fax: (386) 423-7210
Monday - Friday
9:30 AM - 5:30 PM
info@inlettitle.com
Contact us
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’s 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 protects the owners even after the property is sold.
The staff at Inlet Title Company acts as a liaison between the buyers, sellers, real estate agents and lenders. They coordinate all closing activities and gather necessary documentation to ensure a smooth closing process.
The title search and examination of each property is performed by Inlet Title Company’s title insurance underwriter, Chicago Land and Trust Company. The search examination provides basic information concerning the legal interests affecting the title to real property, such as flood zone and location.
Once the title search and examination have been returned to Inlet Title Company, 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.
When all of the documents are in order to buy, sell or refinance the property, a closing can be scheduled at the Inlet Title Company office. At the closing, all interested parties will sign the necessary documents to complete the transaction. Once all documents have been signed, they are sent to be recorded at the county courthouse and the property is officially under new ownership.
