Obtaining accurate legal descriptions of your property is a must-do in any commercial real estate transaction. The best way to ensure that you have the correct legal description is to work with a title insurance company. In this article, we are going to explain why it’s important to obtain accurate property legal descriptions when dealing with commercial real estate and discuss what can happen when property legal descriptions are inaccurate.
Making Sure Legal Descriptions are Accurate
When working on a commercial real estate transaction, some less-savvy people decide to use information they obtained from a prior document, a tax legal description, or another source that may have inaccurate information. If this inaccurate information is used in the legal description of the property it can cause a whole host of issues down the line.
Property legal descriptions can be inaccurate or incorrect in a number of different ways. Sometimes too much of the property is included in a conveyance. Other times part of the property is left behind.
Whatever the case, incorrect legal descriptions can cost a lot of time and money to correct and may even necessitate litigation so they should be avoided at all costs by doing the appropriate work up front.
Contact our Team of Title Underwriting Experts
If you are in need of title underwriting services for your commercial transaction, reach out to the commercial title experts at Commercial Partners Title Company. We have decades of experience that we can put to work on your next real estate transaction. Our team is made up of title closers, escrow agents, underwriters, and more! Let us guide you through all the steps of your next commercial transaction so you can rest easy all the way through the closing process. Contact us at our Minneapolis office today to learn more about how we can help with your next commercial transaction.