Just as there are many upsides to having a title insurance policy, there are just as many downsides to not having a title policy. Some people don’t want to purchase a title insurance policy because they think it’s a frivolous upcharge. That could not be further from the truth. In this article, we discuss the downsides of failing to purchase commercial title insurance during your transaction.
Peace of Mind
Having an owner’s title insurance policy on your commercial property offers peace of mind. You can rest easy knowing that your interest in the property is secure. Before a title company issues you a commercial title insurance policy, they will do a thorough search of the history of title to the property. If any errors or defects are found during this search, the title company will clear them up prior to issuing your policy. This helps guard against any potential claims in the future due to defects in the chain of title.
Even if someone does bring a claim against your property at some point in the future, your title policy will protect your interest in the property. If the claim is the result of title defects that were missed in the title search, your policy should cover any legal fees associated with clearing up the issues. If you don’t have a title insurance policy, you’re on your own in the event that someone brings a claim against your property. This can lead to huge legal bills and other headaches.
Contact Commercial Partners to Start Your Transaction
Contact Commercial Partners Title Company today to start your commercial title transaction. We have over two hundred years of combined experience among our team. During our time in the industry, we have built up a reputation as being experts in the field of commercial title. We can put our vast experience to work on your next transaction and ensure that you have all of your bases covered when it comes time to close on your property. Reach out today to set up a time to chat with our team at our Minneapolis office.