In September of 2018, Heartland BancCorp purchased TransCounty Title Agency from its owner, Patrick John. Patrick founded TransCounty in 2007. He continues to oversee the operations of TransCounty along with the Heartland Team, and he is excited about the future with this new partnership. Heartland welcomes TransCounty as a valuable resource for continued customer commitment.
With over 11 years closing nearly 16 thousand transactions in central Ohio, TransCounty has been working with realtors and lenders in both the residential and commercial industries. Throughout those years, TransCounty admits that Insurance is rarely a fun topic, but when you need it, you’re surely glad you have it! As there are many forms of insurance available, it is often wise to have an introductory understanding of the various types.
One common type of insurance in the lending industry is title insurance. It is also one of the most important types of insurance as it insures clear title to the property owned. Title insurance is crucial for a home buyer because it protects the buyer and the lender from the possibility that the seller doesn't, or previous sellers didn't, have free and clear ownership of the house and property, and therefore, shouldn’t rightfully transfer full ownership. It protects against loss due to title defects, liens, or other similar matters and protects a buyer from claims of ownership by other parties. Unlike traditional insurance, which protects against future events, title insurance protects against claims for past occurrences. The buyer’s title insurance policy is in force for as long as the buyer owns the home and has a one-time premium. It does not renew every year like auto and homeowner’s insurance.
The process for placement is really quite simple. Once a file is opened by receiving the real estate contract, the title company completes a thorough public record’s search of the property, looking for liens and defects against the property. Once that is completed, the title company works to clear the liens that the public record’s search identifies. Next, the title company will collaborate with the buyer, realtors, and the lender to pull all of the documents together in an orderly fashion, prior to sitting down at the closing table for the signing of the documents by the seller and the buyer. Once the signatures are obtained and notarized, the deed and mortgage are recorded at the recorder’s office, and in about 30 days, the buyer receives their owner’s insurance policy up to the value of the purchase price, and the lender receives their lender’s insurance policy, if there was a loan on the property, up to the value of the loan.
The great news…TransCounty Title Agency can be your hometown title team for all your title insurance needs. They specialize in residential and commercial real estate transactions and serve all 88 counties in Ohio. Keep them in mind when you’re selling a property or refinancing a property – they’re a great addition to the Heartland team!