Securing title insurance for your commercial property is paramount to protect your interest in the real estate itself. However, some people don’t understand just how important title insurance is when purchasing commercial property. In this article, we are going to talk about some of the consequences that may arise when you don’t have a title insurance policy for your commercial property.
Hidden Errors in the Chain of Title
One of the first things steps in underwriting title insurance is a title search. The purpose of searching through the entire history of the chain of title is to find and resolve any hidden errors that exist in the ownership history of the property in question. Clearing up such errors will help protect against future problems with your claim on the property.
Potential Claims Against Your Property
If you have unresolved errors or defects in the chain of title, that opens the door to someone bringing a claim against your property. That’s bad enough on its own, but on top of that, if you don’t have title insurance, you will need to defend your claim on the property on your own. If you have title insurance protecting you, then your title company would help defend against such claims.
Contact Commercial Partners Title Today
Contact Commercial Partners Title Company today for help with your commercial real estate transaction. Our team consists of escrow agents, title closers, underwriters, and more – all ready and able to help you through the ins and outs of your next commercial real estate transaction. Commercial title transactions can be complex, but we do everything in our power to make things as easy as possible for you. Reach out to our team today to learn more about what we do and how we can help you through the process of your next commercial transaction.