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Business Spotlight

Summit Title Services

06/01/2016 - Summit Title Services

Community Involvement

Summit Title Services is owned by a trio of investors who are proud to live in and make Wyoming their home. Our owners and employees are involved in, and give back to, the community every day. We're actively involved in the Board of Realtors®, Rotary, Kiwanis, Soroptimist and multiple Chambers of Commerce. Each year we offer $1,000 scholarships to students in the communities where we have an office: Casper, Cheyenne, Laramie, Rawlins, Green River/Rock Springs and Buffalo. We're proud that all of our work is performed in Wyoming and over 90% of our revenues stay within the state!

Benefits of Title Insurance

Title insurance protects the purchaser against loss in the event the status of the title to a parcel of real property is other than as represented. If the insured suffers a loss as a result of title defect, the insurer will reimburse the insured for that loss and any related legal expenses, for as long as the insured owns an interest in the property.

Title insurance differs significantly from other forms of insurance. The primary purpose of title insurance is to eliminate risks and prevent losses caused by defects in title arising out of events that have happened in the past. Title insurers perform an extensive search of the Public Records to determine whether there are any adverse claims to the subject real estate. Those claims are either eliminated prior to the issuance of a title policy or their existence is excepted from coverage.

A basic owner's policy generally only covers the insured for matters that arose in the past or existed at the time of closing. An expanded owner's policy is available for a small additional cost, typically 10% more than the cost of a basic owner's policy, and protects the insured against certain risks that arise after closing. A lender's policy, having an insured amount matching the amount of the mortgage, is often required by lenders. A lender's policy protects the lender if a title or ownership problem arises after the real estate is purchased, and coverage ends when the mortgage is paid off.

Commercial Division

We distinguish ourselves from other title companies in Wyoming by having a dedicated commercial team. Our Commercial Division is led by Brian W. Ohme, Commercial Vice President, to ensure your transactions throughout the state of Wyoming are handled with the highest level of skill and expertise. We recognize that commercial transactions are often more complex than residential transactions, and we're proud to have a team dedicated to our commercial portfolio. When title matters arise in complex commercial transactions, our on-staff real estate attorney as well as our close working relationship with our title insurance underwriters allow us to reach title solutions to keep your transaction moving forward without interruption.

To learn more about Summit Title Services, visit us at www.summitwyoming.com. We look forward to working with you!

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