Title insurance is an important part of any commercial real estate transaction. But not everyone is convinced on that, thinking that title insurance is an unnecessary add-on. In this article, we are going to explain why you need commercial title insurance for your transaction.
Unearthing any Title Defects
Many commercial properties have long chains of title that date back decades. The further back in time it goes, the murkier the chain of title becomes. It is essential to clarify the chain of title and resolve any defects that arise from a title search before you close on a property. If you fail to do so, you could be completely missing title defects that could later come back to haunt you.
It Protects You from Future Claims
An owner’s policy of title insurance protects you and your interests from any future title claims brought against the property. A thorough title search should unearth any existing defects in title (and resolve them). But in the event that some defect remains buried and comes up later, your owner’s policy of title insurance will protect your interests – covering any damages, legal fees, and other costs relating to the resolution of the claim.
Title Insurance Services in Minneapolis
At Commercial Partners Title, we provide commercial title services to clients in Minnesota and throughout the United States. We are recognized as experts in commercial transactions. With decades of experience on our side, we have the knowledge and expertise needed to underwrite your commercial property and provide you with the best service in the business. Contact us today to set up a time to chat with our title insurance experts. Our primary office is located in downtown Minneapolis, but we serve clients throughout the Twin Cities, Minnesota, and beyond!