Commercial properties are oftentimes expensive, and in today’s real estate market, you may need to put all possible funds towards the purchase of a property. In these scenarios, you want to cut down on unnecessary expenses, and one area where you could potentially do that is by trying to do a lot of the title and property research on your own instead of outsourcing it to a professional. While it may seem like you’re saving money by doing your own research and due diligence, it can actually be extremely costly not to work with a professional title company during your commercial acquisition. Although there will be costs involved when hiring a title company, we want to use today’s blog to explain why their services can oftentimes pay for themselves.
The Financial Benefits Of Working With A Title Service Company
Let’s look at some of the ways that working with a title company can end up saving you money.
- Insurance Protections - One arm of Commercial Partners is our underwriting department and our ability to get you a title insurance policy for your commercial property. This one-time fee will protect you against any unforeseen claims or liens against your property for as long as you own it.
- Land Surveys - Part of the due diligence process as a buyer is conducting a land survey to learn more about the property you’re looking to acquire. This will show you exactly where the property lines are and where the water lines and utilities wires run. This can save you a lot of money by ensuring any work you complete avoids potential obstacles. If you accidentally build a fence on a neighbor’s property or you hit a utility line that you didn’t know was there, those fixes will come out of your pocket. Avoid these potential problems by letting a title service company provide you with in-depth information about your current or prospective property.
- Avoiding Scams - We all like to think that we’d be able to spot a scam coming a mile away, but that’s not always true, especially in the fast-paced world of commercial real estate. Scammers want you to waive inspections and transfer deposits under the guise of helping you secure a great deal on a property, but oftentimes if it seems too good to be true, it probably is. A title service company can help you spot the warning signs of a scam or hold funds in escrow until a seller has completed what they need to do in order to hold up their end of the deal. Let our team act as a safeguarding middleman for your next transaction.
These are just a few of the ways that we can add value to your next commercial acquisition and keep more money in your pocket. To see that value firsthand, or for answers to questions you have about commercial real estate investing, pick up the phone and connect with the team at Commercial Partners today at (612) 337-2470.