There are many questions that arise during a commercial transaction. One of the most basic is – “do I even need to purchase title insurance?” In this article, we are going to discuss if you can elect not to purchase title insurance.
Every Transaction is Unique
The short answer to the question of whether or not you can choose not to purchase title insurance is – it depends. Every commercial transaction is unique and whether or not you are required to purchase a title insurance policy will depend on the details of your specific transaction.
The Drawbacks of Foregoing Title Insurance
Even if you do have the option to forego title insurance on your commercial transaction, it’s probably not a good idea to do so. Title insurance is the best way to protect your interest in the property into the future. If you elect not to purchase a title insurance policy, you may face a variety of unseen costs should there arise a defect in the chain of title that you were unaware of. This can put your interest in the property in jeopardy and cost you a lot of money to resolve.
Commercial Title Underwriters
The team at Commercial Partners Title Company is composed of title underwriters, closers, and more who can help you through all the details of your commercial transaction. We have over 200 years of combined experience in the commercial title insurance industry and are recognized as commercial title experts both in Minnesota and around the country. Contact us to see how we can help you with your next commercial real estate transaction. You can find us at our main office, located in downtown Minneapolis. Not in the Twin Cities? No problem. We work with clients throughout the United States.