There are numerous parties involved in a commercial real estate transaction, and all of them can benefit from title insurance. In this article, we are going to explain how title insurance protects the buyer, the lender, and the seller in a commercial real estate transaction.
Buyer
Securing an owner’s policy of title insurance for the property in question protects the buyer’s interest in the property should a title claim be brought on their property in the future. This policy will cover any legal costs associated with resolving any title defects brought to light in the future. It’s the best thing a buyer can do to protect their rights when buying a new piece of property.
Lender
In most commercial real estate transactions, the lender will require the buyer to get a lender’s policy of title insurance, which protects the lender’s interest in the property. Buyers should be aware that this policy does not protect their own personal interest in the property.
Seller
A title policy will also protect the lender from potential damages if the seller’s title is rejected by a potential buyer.
Commercial Partners Title Company – Minneapolis, MN
At Commercial Partners Title Company we make it a point to build long-lasting relationships with each of our clients. With a focus on top-notch service, our underwriters, title closers, and escrow agents aim to provide the best possible service to each and every client that walks through our doors. Contact us today to learn more about how we can help you through your next commercial transaction. You can find us at our primary office in downtown Minneapolis. We serve the entire state of Minnesota, as well as the United States as a whole.