Working with an experienced title company is an important part of any commercial real estate transaction. But many people aren’t aware of the full responsibilities of their title company. In this article, we are going to discuss what exactly your title company is responsible for when it comes to your transaction.
Conducting Title Searches
The first thing your title company is responsible for is conducting a title search on your property. When it comes to real estate, “title” refers to the interest and legal rights pertaining to a specific piece of property. A title search provides you with a historical account of who has purchased and sold the property in the past. Title searches can also uncover other valuable details like unpaid taxes, existing liens, judgements, and special assessments on the property.
Issuing Title Policies
Based on the findings of the title search, your title company will issue a title insurance policy, which covers you for any potential issues with the title in the future. Title searches are extensive, but it is possible to miss items due to recording errors and other issues. That’s why it’s important to have a title policy – to protect your ongoing interest in the property.
Acting as Closing Agents
Your title company will also typically act as your closing agent, ensuring that all necessary documents are signed by the appropriate parties at the closing table.
Commercial Partners Title
When you’re embarking on a real estate transaction, you want to make sure that you have an experienced team by your side throughout each and every step of the process. At Commercial Partners Title, our experts have decades of experience facilitating real estate transactions. We bring that level of experience to every transaction we facilitate so you can rest assured that your exchange is in great hands. Contact us today to learn more about our services and how we can help!