You have your next commercial vision in mind, the only things you need to do now are find a property and begin construction. Of course, there are so many aspects of buying commercial property and building on that space that can go wrong, so it’s imperative that you have an expert by your side to help bring your vision to life. Oftentimes that expert is a title services team.
A title services team like Commercial Partners can be a vital asset for individuals looking to kickstart their next commercial project, as we can assist with a number of obvious and behind the scenes tasks that need to be accomplished along the way. In today’s blog, we explain why a title services team can be so helpful when constructing your latest commercial venture.
All The Ways A Title Services Team Can Assist With Your New Construction
Your finances and your livelihood may be on the line with the launch of this new commercial venture, so it’s crucial that everything goes as anticipated and no major issues are overlooked. That’s where a title services team comes in. We can help with your latest commercial construction project in many ways, including:
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Title Research - Before construction begins, you need to find a property on which to bring your vision to life. You’ll want to ensure any property you’re interested in is free from title defects that could cause problems for you once the sale has been completed. We’ll thoroughly investigate a property’s title and can work with both the seller and the buyer to ensure any outstanding title defects are resolved well in advance of closing.
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Title Insurance - For extra peace of mind, we can also help get you set up with a one-time title insurance policy that provides additional protection in the event that a title issue arises one day or 40 years into your ownership of the property. An obscure, impossible-to-discover title issue could develop once your business is up and running, and without insurance, you may not have any recourse. We can set you up with a personalized policy that provides peace of mind for as long as you own the property.
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Zoning And Land Use - We can also research the property and ensure that there aren’t any zoning restrictions or land use concerns that could make it impossible for you to bring your commercial vision to life.
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Funds Disbursement - Contractors and construction companies want to get paid in a timely manner, but you also don’t want to pay the tab before the work is completed. A title services team can act as a neutral third party that can hold and disburse funds at certain checkpoints once certain milestones have been completed with a project. This helps to keep contractors motivated and construction on schedule, knowing that they’ll have timely access to funds once they’ve met certain requirements. This also helps to ensure that new mechanic’s liens aren’t placed on your title.
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Understanding Clear Boundaries - We’ll also conduct surveys to ensure you and your contractors know exactly where a property starts and ends so that part of your project isn’t accidentally built on a neighbor’s land. Knowing a property’s exact boundaries ensures buildings, fences and pathways are confined to your property.
There are so many ways that property acquisition and a new commercial construction project can go awry, and that can lead to a major financial mess. Greatly reduce the likelihood of running into these issues by working with a title services team for your next commercial venture. For more information on how we can assist with your project front start to finish, pick up the phone and call the team at Commercial Partners today at (612) 337-2470.