Many people debate whether or not to purchase an owner’s title insurance policy when buying new real estate. In this article, we are going to discuss the importance of owner’s title insurance and why you should not forego a title policy when purchasing real estate.
Save Money in the Long-Term
When you’re closing on a piece of property, there are a lot of fees you’re responsible for paying at the closing table. These fees can add up quickly and many people start looking for ways to cut costs. An owner’s title policy is an optional line item that often finds itself on a buyer’s chopping block. However, it’s important to keep in mind that an owner’s title policy can save you a potentially significant amount of money in the long-term. If another party brings a claim against your property in the future and you don’t have a title policy, you will be responsible for defending your ownership rights. That can be quite costly. But if you have an owner’s title policy, your title company will cover all costs associated with defending your claim to the property. This is a safety net that most people like to have when they purchase a property.
Minnesota Commercial Title Company
At Commercial Partners Title Company, we have decades of experience working on commercial transactions of all shapes and sizes. Let us put our experience to good use on your next commercial transaction. Our team consists of escrow agents, title closers, and underwriters who are ready and waiting to guide you through every step of your transaction to make things as easy as possible for you. Contact us today at our downtown Minneapolis offices to learn more about our services and see how we can help with your next commercial transaction.