While there are protocols in place to avoid them, ownership disputes do arise in the commercial title industry. When someone brings a claim against your property, it can be confusing and frightening. In this article, we are going to talk about how to deal with a commercial title claim.
Contact Your Title Company
When someone brings a claim against your property, the first thing you should do is contact your title insurance company. This, of course, assumes that you have a title insurance policy that protects your interest in the property (which is recommended). If you have a title policy, begin by drafting a letter to your title company describing the issue in detail and providing any information you have about the claim being brought against you.
After your title company receives your letter outlining the claim, they will start an investigative process to get to the bottom of the issue. This process may include contacting the specific title agent who issued your policy and reviewing relevant documentation.
This investigative process can take some time to complete. The rules that govern how much time a title company has to respond to your inquiry differs from state to state. Before that time period has elapse, your title company will respond to you to let you know whether the title claim is accepted, denied, or if they need more time to resolve the issue.
Partner with a Title Company for Your Commercial Transaction
When you’re working on a commercial real estate transaction, it’s important to partner with a title company you can depend on. Commercial Partners Title Company has the skills and experience needed to ensure your transaction runs smoothly from start to finish. For over 200 combined years, our team of experts has been facilitating commercial real estate transactions of all sizes and shapes. Contact us today at our Minneapolis offices to learn more about our title services and see how we can help you through the details of your next commercial real estate transaction.