Conducting a title search on property you are going to purchase is one of the best ways to protect yourself against any future claims on the property that may arise due to issues in the chain of title. Title searches are common occurrences when purchasing commercial real estate. Some people think that they can forego a title search if the previous owner of the property recently conducted a title search. However, it’s not a great idea to rely on a previous owner’s title search. In this article, we discuss why title searches are essential even if the previous owner conducted one.
Why Title Searches Are Important
First off, let’s talk a little bit about the importance of a title search in general. During a title search, your title company looks back through the ownership history of your property. Depending on the age of your property, this can go back hundreds of years. The older the property and the more often it has changed ownership, the greater the likelihood that some issues exist in the chain of title. It’s important to look back through the entire history of a property to make sure there were no errors, omissions, or other defects in the chain of title. If anything strange does exist, your title company will resolve these issues before you take ownership.
Why You Can’t Rely on a Previous Title Search
There are several reasons why you shouldn’t rely on a previous title search. First of all, the previous title search may have missed something that needs to be cleared up. Second, the previous owner themselves may have done something to encumber the property that would not appear in the title search they did prior to purchasing the property. It’s always a good idea to get a fresh title search done before you acquire a new property.
Commercial Partners Title Company – Here to Help
The experts at Commercial Partners Title Company are here to help you through all the details of your next commercial real estate transaction. Our team of escrow agents, title searchers, closers, and more is ready to walk you through the entire process from start to finish. We can answer all of your questions and help prepare all the necessary documentation for closing. Contact us today at our downtown Minneapolis office to start the conversation about your next commercial title transaction.