In the commercial title world, private assessments crop up all the time, and they can have a pretty big impact on your commercial transaction. This article is all about private assessments – what they are and when they can arise in a commercial real estate transaction.
Private Assessments Defined
In essence, a private assessment is a lien that a party places against a piece of property in order to recoup various expenses. These expenses may include:
-
Maintenance charges
-
Utility payments
-
Association assessments
These assessments can occur throughout all stages of a commercial real estate transaction. They are sometimes established via recorded documents such as deeds, leases, mortgages, development agreements, etc. It’s important to be aware that these private assessments may arise during your commercial transaction and to have a commercial title company on your side to help you deal with them when they arise.
Contact the Team at Commercial Partners Title Company
If you are interested in learning more about the title insurance process, contact the team of title experts at Commercial Partners Title Company today! With over 200 years of combined experience, our team have the knowledge, skills, and resources necessary to answer all of your questions and ensure the success of your transaction. Our team consists of underwriters, title closers, escrow agents and more who can help you throughout the commercial real estate transaction process – answering all of your questions along the way. Contact us today to chat about how we can help with your next commercial transaction. You can find us at our primary offices, which are located in downtown Minneapolis. We facilitate exchanges across the United States.