Title insurance is a must-have with any commercial real estate deal. But title insurance doesn’t always cover every single potential issue that may arise. In this article, we are going to discuss the limitations of a title insurance policy and how to ensure that you get the best possible coverage.
Potential Limits
While title insurance covers a wide range of potential issues that can arise with your property, not every policy is all-encompassing. Depending on the property in question, there are various restrictions (use restrictions, building restrictions, and easement rights – to name a few) that may not be covered under a standard title policy. It may be possible to cover these restrictions, but it may require additional coverages under your policy.
Communication is Key
The most important thing to remember is that communication between you and your title company is key. It’s essential that you and your title insurer are on the same page so there is no confusion as to what is being covered in the policy. If you have questions during the title process, don’t hesitate to ask your title company! Likewise, if you need any special coverages, be sure to bring that up to your title underwriters before the issue the policy.
Partner with a Title Company You can Trust
If you’re investing in commercial real estate, it’s important to partner with a title company that can guide you through the process and provide you an owner’s policy of title insurance. At Commercial Partners Title Company, we are recognized as experts in the field of commercial title – with decades of experience facilitating commercial transactions for our clients. Contact us today at our office (located in downtown Minneapolis) to learn more about the importance of title insurance, the title process, and how we can help you with your commercial transaction.