Making sure that your commercial real estate transaction completes on time and without any issues is of the utmost importance with any transaction. That being said, there are a number of potential factors that can delay your commercial real estate transaction. In this article, we are going to examine a few of those potential issues and discuss how to avoid them.
Pending Litigation
One potential factor that can delay a commercial real estate transaction is any pending litigation involving either the property owner or the property itself. If any pending litigation is not fully disclosed to the title company early enough in the process, the title company may not have enough time to complete their underwriting process. If at all possible, it’s always best to resolve any pending litigation before closing.
Property Construction
Another factor that commonly delays commercial title transactions is construction. If there has been any recent or forthcoming construction on the property, this can lead to potential delays as the title company will have to deal with mechanic’s liens and make sure everything is in proper order before issuing a title insurance policy. It’s important to keep your title company well informed of any and all construction on your property at all times throughout the process.
Commercial Partners Title Company in Minneapolis, MN
Commercial Partners Title Company works with clients throughout the United States on their commercial real estate transactions. We have decades of experience and are considered experts in the industry. Let us manage the details of your next commercial real estate transaction. You can find us at our offices located in downtown Minneapolis.