Despite the best efforts and intentions, sometimes defects occur in the chain of title to a property. Defects can cause a lot of headaches, so it’s important to resolve them before the purchase of your commercial property. In this article, we will discuss a few of the most common commercial title insurance defects.
Title Defects
Here are some of the most common defects that crop up when dealing with commercial title insurance:
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Filing Errors. It’s an unfortunate reality that clerical errors occur often in commercial transactions. The best course of action is to work with a title company who can find and resolve any clerical errors that exist in the chain of title before you buy your property.
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Unknown or Unpaid Liens. A lender might place a lien on your property if a previous owner didn’t pay a debt on the property. It’s important to clear any existing unpaid liens from the title prior to closing on the property.
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Disputes Over Boundaries. Over the course of decades, a particular property can be surveyed multiple times. Depending on a variety of factors, these many surveys may conflict with one another can cause boundary disputes among owners. Such issues should be resolved by a title company before you purchase a property.
These are just a few of many possible defects that can impact title. A skilled title company will be able to identify any such defects in the chain of title before you close on your property.
Commercial Title Services You can Count On
At Commercial Partners Title Company, we provide a full range of commercial title services for any transaction – no matter how simple or complex. With a combined 200 years of experience, our team has the skills needed to make sure your transaction is in good shape when it comes time to close. We can help furnish a title insurance commitment, prepare your documentation, and answer all of your questions along the way. Reach out to our expert team today at our Minneapolis office to learn more about our services and how we can help!