Over the past thirty years, we have gotten a lot of questions about title insurance and how it works. One of the most common questions we get is: “what happens if there is a problem with my title and someone brings a claim on my property?” Many people falsely assume that they have to wait until they lose their property in order to defend a title claim. This is not true. In this article, we are going to talk about what happens when a potential problem arises with your title and what you can do about it.
What Happens When a Title Problem Arises?
Imagine you recently purchased a piece of commercial property. You did your due diligence, hired a title company and got an owner’s policy of title insurance. Then a few months down the line, someone brings a claim against your recently purchased property (perhaps stemming from a falsely recorded document somewhere in the chain of title). What are you to do?
Contact Your Title Company
If there is even a hint that a problem exists with your title, the first thing you should do is contact your title company – or whoever issued your title insurance policy. The details will vary with each person’s personal situation, but title insurance policies typically cover any associated fees for investigating, litigating, and resolving issues with title.
Title Insurance Company in MN
If you have any questions about title as it relates to your commercial property, don’t hesitate to reach out to the commercial title experts at Commercial Partners Title. Our team of underwriters, escrow agents, and title closers has over 30 years of experience working with clients in Minnesota and across the country on their commercial transactions. Give us a call today to discuss your transaction and see how we can help!