Closing on a commercial property is a complex process with many potential traps for the unwary. Even after the closing process is over, there are still several potential pitfalls that you can stumble into if you’re not careful. In this article, we discuss two ways to avoid potential pitfalls after the closing of your property in a commercial title transaction.
Take Time to Prepare Everything Well Before Closing
Preparation is key to success in any commercial real estate transaction. Taking the time to prepare everything well in advance of closing can help you avoid post-closing pitfalls. It’s important to ensure that you have all of your required documentation ready to go before you sit down at the closing table. Your title company will be able to help you through all of this and make sure your documentation is properly prepared.
Work with a Title Company to do a Title Search
The worst potential pitfall that can happen after closing on a property is if another party brings an ownership claim against the property due to some defect in title. You can avoid this potential disaster by partnering with a title company, having them perform a title search, and purchasing an owner’s title insurance policy to protect your ownership rights.
Experts in Commercial Transactions
At Commercial Partners Title Company, we are known as the experts in commercial transactions both in Minnesota and across the United States. Our team of escrow agents, title closers, and underwriters has been helping people with their commercial title transactions for decades. Let us put our experience to work for you on your next commercial transaction. We can guide you through the entire process and make sure you are fully prepared for the closing table. Contact us at our downtown Minneapolis offices today to learn more about our services!