Torrens property crops up quite often in the world of commercial title insurance, and comes with its own particular set of pros and cons. In this article, we are going to discuss why it may be difficult to obtain a satisfaction of mortgage when dealing with Torrens property.
Satisfaction of Mortgage
One of the biggest hurdles when dealing with Torrens property is that it can be difficult to obtain satisfactions of mortgage for such properties. This is due to a variety of factors. For example, let’s say there is an old mortgage on the property record. You are pretty sure this mortgage was paid off but it’s not listed in the property record. This sometimes happens with Torrens property because the mortgage will stay on the Torrens certificate even after the mortgage has been paid. It can be quite the headache to track down the satisfaction of mortgage in this situation – especially if it’s a very old mortgage.
That being said, tracking down the satisfaction of mortgage on a Torrens property is far from impossible. A skilled title company can be a significant help in such a situation. That’s why it’s important to partner with an experienced title company on your commercial transaction.
Commercial Title Underwriting Services
At Commercial Partners Title Company we offer commercial title underwriting services for a wide range of commercial transactions. We work closely with all of our clients to ensure a smooth transaction from start to finish. Our team of underwriters, title closers, and escrow agents is here to help you. Contact us to see the full extent of services we offer and see if we can help you with the details of your next commercial real estate transaction. Our office is located in downtown Minneapolis but we work with clients throughout the country!