There are many essential players in any given commercial real estate deal – from the broker, to the lender, to the title insurance company. In this article, we are going to discuss the importance of the title insurance agent in a commercial real estate transaction.
Title Insurance Agents in Commercial Real Estate
The role of the title insurance agent in residential real estate transactions is relatively moot. However, in a commercial real estate deal, the title insurance agent plays a crucial role. Here are some of the essential functions the title insurance agent plays during the transaction:
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Title Search. The title insurance agent will coordinate the title search of the property to find and clear up and defects in title prior to closing.
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Communication. The title insurance agent will also communicate with both the buyer and the seller about the title search and provide the preliminary title report when ready.
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Preliminary Title Report. The title insurance agent will send the preliminary title report to both the buyer and the seller once prepared so the transaction may continue as planned.
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Escrow Agent. The title insurance agent also often acts as the escrow agent in some commercial transactions.
In a nutshell, the title insurance agent helps streamline the closing process by keeping everything in order and all parties up to date.
Commercial Title Agents in Minnesota
Commercial Partners Title is a full service title insurance company, assisting clients through every step of the title insurance process. Our title closers, underwriting counsel, and escrow agents are recognized experts across the country in the title insurance industry. For help with your commercial real estate transaction, contact our skilled and experienced commercial title agents today. Our primary office is located in downtown Minneapolis – but we help clients throughout the state, and across the country!