Many people don’t understand the full importance of the title search process. In this article, we are going to walk through how a title search can identify and resolve defects in the chain of title to your property.
What’s the Purpose of a Title Search?
A comprehensive title search is an important step when purchasing any real property (commercial or residential). The purpose of a title search is to look back through the chain of title history on the property in question and make sure everything is in order. Sometimes, errors or defects in the chain of title can appear – whether due to clerical errors, lost documentation, or other factors. These defects leave a property owner vulnerable to potential claims on the property. A title search helps find and clear up these defects before the purchase of the property.
Let’s take a look at an example of a title defect to illustrate our point. Imagine you’re looking to purchase a commercial property, and you hire a title company to perform a title search on the property. During that title search, your title company discovers that the one of the previous owners of the property failed to sign the appropriate closing documents. This is a defect in title and can leave you and your property vulnerable. Having a title insurer look for these types of defects and issue an insurance policy can help you rest assured that your property ownership is secure.
Commercial Partners Title Company
At Commercial Partners Title Company, we provide top-notch commercial title services to clients in all industries. Our team has been providing commercial title services to clients for decades. We are recognized as experts in commercial title insurance across the United States. We bring that expertise to every commercial transaction we work on so you can rest assured that you are in good hands. Our office is located in the heart of downtown Minneapolis, but we provide title services to clients throughout the state of Minnesota and across the country!