Owner’s title insurance can protect you against a wide array of scenarios that may potentially put your property ownership at risk. In this article, we are going to talk about the importance of title insurance and how it can protect your property interest when there is a defect in title.
Title Insurance Case Example
Consider the following scenario. You purchased a property in 2015. Now, in 2019, you are served with foreclosure papers on the property. The reason? The previous owners did not pay their back taxes, and the city failed to disclose the tax amount. Thus, you are faced with a dilemma – either pay these back taxes (which weren’t yours to begin with) or face potential foreclosure on your property.
Thankfully, if you purchased an owner’s title insurance policy when you bought your property, you should be covered. This is exactly the sort of thing owner’s title insurance exists to protect against. If you have a policy, all you need to do is contact the title company that issued the policy and they will help you through the process of getting this issue resolved. If you did not purchase an owner’s title insurance policy, you can either pay the tax bill, or hire an attorney to help you resolve the issue (which can be quite costly).
Title Underwriters in Minneapolis, MN
At Commercial Partners Title, we have decades of experience facilitating commercial transactions and have built up a reputation as experts in the field of commercial transactions both in Minnesota, and across the United States. If you are engaging in a commercial real estate transaction, we are here to help. Our commercial title experts can answer all your questions and ensure that you are prepared for the closing table. Contact us today at our downtown Minneapolis office to learn more about our extensive list of services.