If you’re considering buying commercial property, you probably know that it’s important that you really do your research into the property and the title to ensure there are no unexpected surprises coming your way after closing. You may even know that the best way to perform these surveys and inspections is by hiring a title services team, but who should you trust to perform these services? What should you be looking for in a trusted title services team? In today’s blog, we explain what you should keep an eye out for when you’re looking to hire a title services team ahead of your commercial purchase.
What Makes A Great Title Services Team?
Wondering what you should be looking for in a trusted title services team? Here are some factors that set the best out from the rest.
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Financial Safety - Any good title services team should be able to clearly showcase how escrow funds, downpayment or money marked for construction projects are securely stored and dispersed as needed when the time comes. At Commercial Partners, we have a number of safeguards in place to ensure your funds are protected and that you and any necessary parties have access to them when it’s appropriate.
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Neutrality - You also want to ensure you are working with a neutral third party. While we have amassed a number of helpful industry connections during our tenure, it’s important that you don’t move forward with a title services company where conflicts of interest are apparent. If we know of any potential conflicts of interest, it’s our duty to report them, and we will do so.
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Legal Acumen - Given how complex the world of commercial real estate can be, it’s helpful to hire a firm that has actual lawyers available to ensure all contracts and ALTA endorsements are written with your best interests in mind. The stakes are too high to leave your title research to those with limited experience or little actual legal knowledge.
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Communication Style - When you first reach out to the company or have your initial visit with you, take stock of how they communicate with you. Do they use confusing legal jargon or do they speak with ambiguity? We pride ourselves on being able to talk with all our clients in a straightforward manner in a way that makes sense to them. This is one of the largest purchases you’ll ever make, you need to trust the title investigation that communicates with you in a quick and clear manner. If it’s taking them too long to get back to you or it just doesn’t feel like the right fit, look elsewhere.
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Technology Options - Although we were established in the 20th century, we pride ourselves on being up to date with the latest technological innovations, and your prospective title services company should be as well.
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Clear Fee Structure - Nobody wants to be hit with hidden fees or surprising costs throughout the investigation and closing process. We make our fee structure crystal clear during our first consultation so that you know exactly what to expect throughout the process. If fees seem unclear or ambiguous, consider taking your money elsewhere.
We believe we fit the mold for a perfect title services company for your needs, and we want to prove that to you. To learn more about how we can help with your first or your next commercial purchase, pick up the phone and give our team a call today at (612) 337-2470.