Why Do I Need To Do a Title Search if the Previous Owner Did One? img

Why Do I Need To Do a Title Search if the Previous Owner Did One?

calender icon 10/3/2023    poster icon  Mark Goodman

Many commercial real estate buyers are hesitant to hire a title company to do a title search, especially if they know the previous property owner just had a title search conducted. But doing a title search on the property you intend to purchase is absolutely crucial and can save you a lot of money in the long run. In this article, we are going to talk about why it’s important to get a title search done even if the previous property owner just had one done.

The Importance of the Title Search

It is important to conduct a title search any time you purchase a new property. Full Stop. To illustrate why this is the case, let’s take a look at an example.

Let’s say you are purchasing a piece of real estate that the previous owner has only held for one year. When the previous owner purchased the property they had a title company conduct a title search and obtained a title policy. In this situation, many people would wonder why they need to conduct another title search since the previous owner had just done one. The answer is – it’s important because the previous owner can do numerous things to encumber the title, even within that short timeframe. Perhaps the previous owner granted an easement that encroaches on another property. You just don’t know unless you do a title search and obtain a title policy of your own.

Minnesota Commercial Title Services

It’s essential to involve a title company in any commercial real estate transaction. At Commercial Partners Title Company, we are recognized as experts in commercial transactions across the country. We can help you through every stage of your commercial transaction – from start to finish. Don’t hesitate to reach out to us today for help with your next commercial real estate transaction. Our primary office is located in downtown Minneapolis but we work with clients throughout the state of Minnesota and around the country. So no matter where your transaction is taking place, we can help!