Although it’s quite rare to have someone file a title claim against property that you believe you’ve acquired legally, especially if you worked with a thorough title service during the course of the acquisition, the fact of the matter is that these types of things do occur. Considering how much money is at stake in commercial ventures, someone filing a title claim against your property can have life-altering financial complications if you’re not careful. It’s incredibly important to follow some specific steps if you are informed of a title claim against your property, and we’re going to walk you through those three steps in today’s blog.
What To Do After Receiving A Title Claim
If another person or entity is bringing a title claim against a property that you believe is legally yours, here are three crucial steps you may find helpful while you sort out the situation.
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Take A Breath And Review The Claim - When you first read the correspondence letting you know that someone is filing a title claim against your property, a number of emotions may take over. Fear, anxiety and even anger are all natural reactions to being informed of a title claim, but they won’t do you any good in terms of helping you resolve the situation. After the initial shock, take a deep breath and really take stock of the title claim letter. Understand who is making the claim, why they believe the title claim is correct and any other important aspects of the letter. Do your best to form an understanding of why the claim is being made on your property.
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Connect With Your Title Insurance Company - It can be instinctual to jump to this step right away, but it’s helpful if you have a better understanding of the title claim before you reach out to your title insurance provider, which is why we recommend really taking stock of the claim letter. Once you’re ready, give your title insurance company a call within 24-48 hours of receiving the letter. Prompt action is always best, and the sooner you relay this information to them, the more time they’ll have to investigate and counter the claim. Make sure that you provide them with physical or digital copies of any correspondence or records pertaining to the claim and your title, although they should have a fair amount of your title information on file. In the event they need more information, be sure to get back to them in a timely manner.
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Trust Your Team - Finally, the last step involves being patient and letting your title service company sort everything out. It can be an anxious couple of days, but it’s important to have faith in your title service provider to sort it all out. If you’ve trusted your title insurance to a team like Commercial Partners, you can take solace in knowing that you’re in good hands. We work hard to ensure there are no title issues prior to a commercial purchase, and we’ll fight tooth and nail for your rights in the event a claim is made following an acquisition. You can also find some peace of mind in knowing that you are insured in the event that there is some validity to a title claim so that there is no massive financial hardship. Let your title service company review and investigate any claims to your property’s title.
If you do all of these things, we’re confident that you’ll be putting yourself in a good position to achieve a positive resolution to this unexpected turn of events. For more information, or to connect with a title service company to assist with your next commercial transaction, reach out to the team at Commercial Partners at (612) 337-2470.