Many people who are thinking of purchasing commercial real estate want to know whether or not they need title insurance. In this article, we are going to discuss three reasons why having a title insurance policy on your commercial property is essential.
Revealing Past Problems
One of the first things a title company does when beginning a project is a title search, which reveals the history of the property in question. This title search can reveal any potential historical problems with the property (in terms of title), such as forged documents, errors or omissions, and the like. If any issues do appear during the title history search, they can be resolved before you close on and acquire your property – protecting you from any future claims that may arise.
Protecting You from Future Claims
Having a title insurance policy will also protect you from any future claims brought on your property. If a claim does arise, your title insurance company will handle it and cover all of the associated legal so you don’t have to. That’s the benefit of having a title insurance policy.
Safeguarding Your Investment
Without a title insurance policy, your investment (the commercial property) is vulnerable to a whole host of potential issues and claims. If someone does bring a claim on your property – even if it’s illegitimate – you are going to have to pony up for the legal fees required to defend the claim. When you have title insurance, you and your property are safeguarded from such costly legal battles.
Minneapolis Title Company
At Commercial Partners Title, our team of closers, escrow agents, and underwriters has decades of experience working on commercial title transactions in the state of Minnesota. We are recognized as experts in commercial transactions across the country and work with many national title companies to facilitate transactions. Contact us today at our downtown Minneapolis office to discuss your upcoming title transaction.