Do I Need to Do a Title Search if the Former Owner Did One? img

Do I Need to Do a Title Search if the Former Owner Did One?

calender icon 7/11/2022    poster icon  Mark Goodman

When it comes to commercial real estate transactions, it’s essential to work with a title company you can trust. But some commercial real estate buyers are hesitant to hire a commercial title company because they know the previous property owner recently had a title search conducted. Performing a title search on the property you intend to purchase is absolutely essential. In this article, we are going to discuss why it’s crucial to have a title search performed even if the previous owner just had one done.

Why a Title Search Matters

Whenever you purchase a new piece of real estate, it’s important to conduct a title search. That’s true in every single case. Below, we take a look at a theoretical example to illustrate why it’s important to conduct a title search.

Imagine you are planning to purchase a property that the previous owner held for one year. When the previous owner acquired the property, they hired a commercial title company do a title search. In this scenario, many people ask themselves why they need to conduct another title search since the previous owner just completed one. To put it bluntly – it’s important to conduct a new title search because the previous owner may have done numerous things to encumber the title, even within a short time period. For example, the previous owner may have granted an easement that encroaches on another property. You simply don’t know unless you do a title search and obtain a commercial title policy of your own.

Minnesota Commercial Title Insurance Company

If you are embarking on a commercial real estate transaction, it’s important to partner with a title company you can trust. Commercial Partners Title Company has been facilitating commercial transactions across the United States for decades. Our team can help guide you through the details of your transaction and ensure you are well-informed every step of the way. Contact us today to learn more about our services and how we can help with your next commercial transaction.