The filing and recording of property title documents is the responsibility of a title coordinator. Vehicle rental companies, real estate management firms, and travel operators are common employers of coordinators. These individuals ensure that documents related to loans, lease agreements, and liens are in order in order to protect a company’s ownership stake in a piece of property.
When a piece of real estate changes hands in many countries, the seller must sign the property title or deed over to the new owner, have it notarized, and have it recorded in the local courthouse. Similarly, when a car, boat, or other type of vehicle is bought or sold in many areas, the owner is required to file title documents. When a debt is secured property, the lender may be required to file a lien notice with the local courthouse in order for the lien to take effect. A title coordinator working for a rental company or a real estate management firm must ensure that all liens on the company’s vehicles and properties have been properly recorded. If errors are discovered, the title coordinator may need to contact the previous owner for a title or arrange for an authorized signer to complete the paperwork.
Because many countries require drivers to keep title documents in cars, when a rental company or a travel company leases a vehicle to an individual, the title coordinator may be required to provide the renter with a copy of the ownership documents. If a police officer stops the vehicle, the coordinator may have to attach a copy of the signed lease agreement to the title so that the relationship between the driver and the vehicle owner is properly documented. Before agreeing to insure a rental, insurance companies may request details from the title document, in which case the coordinator may be required to provide a copy of the document to an insurance agent. Similarly, before beginning work on a vehicle, car repair shops must usually verify ownership.
The title coordinator is in charge of managing the process of obtaining or releasing title documents for real estate investment companies that buy and sell properties on a regular basis. Government agencies in some countries levy a property tax, and entities and individuals are frequently required to pay a higher rate of tax on properties rented to third parties. A property management company may use a piece of real estate for in-house purposes in between rental periods, in which case the company may be eligible for a tax break if the coordinator files the corrected title at the local courthouse. If the company decides to lease the property, the title must be updated to reflect that it is being used as a rental property.