We’ve talked about why purchasing a title insurance policy is essential with any commercial transaction, but some people are still wary to do so or simply don’t understand why title insurance is a good idea. In this article, we are going to discuss why purchasing title insurance for your property is always a wise decision.
Guarding Against Financial Loss
In the simplest terms: title insurance protects you from financial loss in the event that there are defects in your property’s title. If you have a title insurance policy and someone brings up an issue with the chain of title to your property, your title insurance policy will insure your loss.
When purchasing a piece of property, it’s essential to have a title professional conduct an examination of the history of title on the property. This title search is done to uncover potential defects in title, such as issues with:
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Liens
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Mortgages
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Easements
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Court Judgements
When these issues arise, they can be resolved relatively quickly before you acquire your property. However, a title search may not always uncover everything. This is where title insurance comes in. Having an owner’s title insurance policy will help protect you in the event that invisible errors like illegal deeds, forgeries, and errors in public record crop up and threaten your ownership claim to the property.
Experts in Commercial Transactions
At Commercial Partners Title Company, we are recognized throughout the industry as experts in commercial transactions. Our team of commercial title underwriters, escrow agents, and other professionals works with you through every step of the process – all the way through the closing of your property. Contact us today to learn more about our extensive services and how we can help you with your transaction. Our office is located in downtown Minneapolis and we work with clients throughout the state of Minnesota and across the country.