When it comes to commercial title insurance, there are many different types of coverage – some of which you will need, some of which you won’t. Since every transaction is different, it’s important to examine your unique transaction when determining what type of coverage you need. In this article, we are going to talk about title insurance gap coverage and whether or not you need it when purchasing a commercial property.
What is Gap Coverage?
During the title insurance process, there is an unavoidable gap of time between when the title company provides the preliminary title report and title insurance commitment and the closing of the property. Gap coverage is designed to protect the property owner during this gap in time to guard against any potential issues that may develop.
Commercial Title Underwriting Services
Title insurance is an essential element of any commercial real estate transaction, but that doesn’t mean that all commercial title companies are the exact same. It’s important to find a commercial title company that is well-suited to your unique transaction. At Commercial Partners Title Company, our team of underwriters, closing agents, and other professionals have decades of experience working on all types of commercial transactions in Minnesota and across the country. We have the knowledge and the experience to manage the ins and outs of your next commercial transaction. Contact us today to set up a time to chat about the details of your next deal!