When entering into a commercial real estate transaction, a lot of people wrestle with whether or not to purchase a title insurance policy. In this article, we are going to explain why it’s a bad idea to skip out on title insurance.
It Costs a Little Up Front But Saves You in the Long Run
Getting a title insurance policy for your commercial property will cost you a little bit upfront. This often causes people to pause and consider whether they even need a policy in the first place. Everyone wants to save as much money as possible at the closing table and a title insurance line item is an easy one to cut. After all, you don’t NEED an owner’s policy of title insurance. However, the small amount it costs to get a title insurance policy can save you a huge bill in the long run. If you don’t have a title policy and someone brings a legitimate title claim against your policy due to a defect in the chain of title, you will need to spend a lot of money defending your ownership rights in court. A title policy can save you the money and headaches associated with such a situation.
Protecting Your Ownership Interest in the Future
The biggest reason why you should never skip out on a title insurance policy is that it protects your ownership interest in your property now and in the future. If an ownership dispute arises, your title insurance policy will cover you. You won’t be responsible for any legal fees associated with resolving the claim. That’s peace of mind that you can’t put a price on.
Get Commercial Title Insurance
Having a good title insurance policy is important for any commercial transaction. It can protect you from any future title claims brought against your property. Our team consists of skilled escrow agents, title closers, and underwriters who are ready to help you through the specifics of your transaction. Reach out to our commercial title experts today to discuss the details of your next transaction. Our primary office is located in the heart of downtown Minneapolis. We also work with clients throughout the United States.