We talk a lot about the importance of having an owner’s policy of title insurance on your commercial property. One of the best ways to illustrate the importance of title insurance is to discuss what happens when a person does not have a title policy. In this article, we are going to talk about what can happen if you don’t have title insurance on your commercial property.
Legal Fees
If someone brings a title claim on your property and you do not have an owner’s title insurance policy protecting your interest in the property, you are on your own. It’s up to you to defend the title claim and prove your ownership of the property. Depending on the situation and the property in question, this can entail hefty legal fees that you will need to pay in order to defend your claim.
When you have an owner’s title insurance policy, you are protected from such claims (as explained in your title policy). Should a person bring a title claim on your property in the future, your title insurance policy will protect you and your title company will defend your claim to the property. Perhaps most importantly, they will cover any legal fees associated with the title defense so you don’t have to. Considering that, title insurance can save you a lot in the long-run.
Expert Commercial Title Services
If you are looking for a title company to underwrite an owner’s policy of title insurance on your commercial property, look no further than Commercial Partners Title. We have decades of experience facilitating commercial transactions from their inception all the way to the closing table. Our underwriters, closers, and attorneys are here to help you through each and every stage of your transaction – making sure you understand the process and feel comfortable along the way. Contact us today at our offices in downtown Minneapolis to set up a time to chat.