Torrens property comes with its own unique set of advantages and disadvantages. In this article, we are going to talk about one specific disadvantage that crops up sometimes when dealing with Torrens property.
Difficulty Obtaining Satisfaction of Mortgage
With Torrens property, it can sometimes be difficult to obtain a satisfaction of mortgage for a property. There may be a decades-old mortgage on the property record that you are fairly certain was paid off but is not listed as such in the property record. With Torrens property, this mortgage would linger on the Torrens certificate even if the mortgage has been paid in full. Tracking down the satisfaction of mortgage for this type of situation is often difficult if the mortgage is old and the original lender has changed ownership or been bought.
Insuring Over Interests & Liens
That’s just one of many examples of the types of issues that can arise with Torrens property. Despite these potential issues, a skilled title company can still provide you with a title insurance policy to protect your ownership rights in the property. It’s important to work with a title company that has experience underwriting Torrens property so they can precipitate these potential issues.
Commercial Partners Title Company
At Commercial Partners Title Company, our team of title insurance experts can help you through all the stages of your commercial real estate transaction. Our team of escrow agents, title closers, and underwriters can help ensure that you are fully prepared when it comes time to close on your property. Contact us today to learn about the full extent of our services and see how we can help with your next commercial transaction. You can find us at our primary offices located in downtown Minneapolis.