Because there are so many details involved in recording title, sometimes accidents and errors occur. In this article, we are going to talk about how tax calculations can lead to potential errors when recording commercial title insurance.
Tax Calculations
Tax calculations can potentially lead to errors when recording title. Sometimes the amount submitted for recording is incorrect, or mortgage tax or deed tax is calculated incorrectly. It’s important to pay attention to the details of the county in which the property is located when calculating deed tax and MRT.
On occasion it can be confusing to know which county you should be submitting documents to. Several cities in the state of Minnesota sit on the border of two or more counties. Make sure you’re considering the right county when drafting documents.
Reach Out to a Commercial Title Underwriter Today
Commercial title insurance is complex and consequential. The slightest error can cause significant legal and financial issues in the future. For those reasons and more, it’s essential to work with a commercial title insurance company with a deep well of experience. Commercial Partners Title Company has been facilitating commercial title transactions for decades. Let our experts partner with you on your next commercial transaction and you can rest assured that you are in good hands. Contact us today at our Minneapolis office to see the extent of our service offerings and see if we can help you with your commercial real estate transaction.