There are several important elements one should be aware of when doing a commercial real estate transaction that involves platted land. In this article, we talk about the types of property and legal descriptions that arise in the realm of platted land.
Property Categories
When you’re engaging in a commercial real estate transaction involving platted land, you need to be aware of what category your property falls under. In the state of Minnesota, a lot of land is a combination of Torrens and abstract property. Depending on where in the state your property is located, you may need to convert all of the land included in the plat to Torrens property. This is why it’s essential to know what types of land are included in your plat. Otherwise, you may make costly mistakes that will need to be resolved down the line.
Legal Descriptions
Legal descriptions are also extremely important when dealing with platted land. When you record a plat, the new legal description will replace the legal description that previously existed for the land. Essentially, this is an opportunity for a clean slate so you want to make sure your legal description is precise and includes all the appropriate information for avoid any confusion.
Get the Help You Need on Your Next Commercial Transaction
Get the help you need on your next commercial transaction by working with a title company you can depend on. Commercial Partners Title Company has decades of experience facilitating commercial title transactions of all types. Our team of experts can lead you through the process and make sure you feel informed and comfortable at every stage. Contact the team at Commercial Partners Title Company today to learn more about the title insurance process and see how we can help ensure your transaction goes as smoothly as possible.