There is a lot that goes on “behind the scenes” of a commercial title transaction that a buyer or seller may not see. In this article, we are going to discuss the four steps involved in the commercial title process.
The first step that the title company takes is to gather all the required information for the transaction. This can include:
- Contact information for all involved parties
- Nature of the transaction – purchase, refinance, lease, etc.
- Information about the underlying land, who owns it and how it’s identified.
The next step is to search through all the available title records. The purpose of a records search is to find all previously recorded documents, judgements, and taxes. This search often goes all the way back to the beginning of the historical records all the way up through present day.
After we have done a thorough records search, we then review each document to see what effect (if any) each has on the current title status. During this process we validate that previous transfers and releases were successful according to the documents on hand and the title record.
Commitment for title Insurance
After examining all required documents and evaluating risk, we then offer a commitment for title insurance. That paperwork is sent to your closing team, who will work through any existing title issues in advance of your closing.
Commercial Partners Title
At Commercial Partners Title, we are committed to providing the best possible service to each one of our clients. We have decades of experience facilitating commercial transactions of all shapes and sizes. Let us put our experience to work on your next commercial transaction. Contact us today at our Minneapolis office to learn more about our services and how we can help!