If you’re looking to acquire your next piece of commercial real estate, perhaps you’ve scouted a potential property and are considering bringing a title company onboard to assist with many of the necessary processes to move towards a deal. However, during a discussion with the seller, they mention that they want you to use a specific title company to help facilitate the sale. Can they dictate who you use for title services, or do you have final say?
We understand that both the buyer and the seller have their own preferences throughout the process, but who really has the right to choose what title company conducts title research and holds funds in escrow during the due diligence process? At the end of the day, that control typically falls on the buyer. The title company will be holding the funds of the buyer, likely creating title insurance policies and researching the property for the buyer, so it stands to reason that they should be the ones who get to choose who they work with.
Your Obligations
As the buyer, you are under no obligation to move forward with a specific title company recommended by the seller, but they can also pass on your offer, so just be open to having a dialogue with the seller if they seem to want to have a say in which title services company you select to aid in your purchase.
At Commercial Partners, we let our track record speak for ourselves, and word of mouth recommendations are a common way for us to get involved in a commercial transaction. If the seller is recommending that you bring us aboard, know that we’ll go to work for you and ensure both sides have smooth sailing throughout the acquisition process.
For more information, or for help with a specific aspect of a commercial transaction, reach out to the team at Commercial Partners today at (612) 337-2470.