Commercial property foreclosures can be complex. It’s important to work with an experienced commercial title company to avoid any potential issues throughout the process. In this article, we are going to discuss the basic steps of a commercial foreclosure and talk about how we can help you through the process.
5 Steps of Commercial Foreclosure
In a typical commercial foreclosure, there are five basic steps:
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Minutes of Foreclosure
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Complaint Procedures
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After Judgment
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Sale
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Issuance of Sheriff’s Deed
During a commercial foreclosure, the foreclosing bank is required by law to give notice to all involved parties (both known and unknown). Tracking down unknown involved parties can be time-consuming and delay the foreclosure process. However, we have the skills and resources to do a detailed search and identify all parties known and unknown – thus keeping the foreclosure on track. In order to eliminate non-record claimant interests, we may use the following tools:
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Affidavit
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Publication Notice
After a judgment is issued, the title company can immediately issue a title commitment to make sure the foreclosure can move forward in a timely manner, and allow the lender to eventually take title to the property and sell it at a later date.
Commercial Partners Title Company
Begin the commercial title insurance process today by contacting the experts in title insurance – Commercial Partners Title Company. Our team of expert title underwriters, closers, and escrow agents have a combined 200 plus years of experience facilitating commercial transactions. We can help prepare all of the required documentation and ensure you are fully prepared for the closing table. Call us at our downtown Minneapolis offices today to learn more about the title insurance process and see how we can help!