If you ask us, having an owner’s policy of title insurance for your commercial property is absolutely essential. But some people are hesitant to purchase a title policy for their property because they don’t think it’s necessary. In this article, we are going to explain why it’s always a great idea to buy commercial title insurance.
Your Best Shield Against Financial Loss
The most basic reason why you should purchase an owner’s title insurance policy is that it is your best shield against potential financial loss in the future. If a party brings a title claim against your property as the result of a defect in the chain of title, your title insurance policy will protect your ownership rights. If you do not have an owner’s title insurance policy, then it’s up to you to defend your rights, which can be costly.
A title search is an essential step in any commercial transaction, and can uncover any defects that exist in the chain of title. These issues may include:
- Liens
- Mortgages
- Easements
- Court Judgements
If you work with a title company, these issues can be discovered and resolved well before you acquire your commercial property. That being said, sometimes defects slip through a title search. This is where an owner’s title insurance policy can be invaluable as it protects your rights in the property should something arise in the future that threatens your rights to the property.
Commercial Partners Title Company
Commercial Partners Title Company has decades of experience working on commercial title transactions of all stripes. We have built a reputation as being experts in the field of commercial title insurance. We bring that expertise to the table with each transaction we facilitate. Contact us today to learn more about our services and see how we can help you with your next commercial transaction.