People have a lot of questions about owner’s title insurance, and we’re here to answer them! In this article, we are going to answer a few frequently asked questions about owner’s title insurance.
What Exactly Is Owner’s Title Insurance?
Owner’s title insurance protects an owner’s ownership interest in a property. This is different from homeowner’s insurance, which protects against physical damages to the property. Having an owner’s policy of title insurance is important in case someone brings a claim against your property due to a defect in title. If this were to happen, your owner’s title insurance policy would protect your ownership rights.
Who Pays for Owner’s Title Insurance & What Does it Cost?
Both of these questions depend heavily on the property in question and where it’s located. Different states have different regulations regarding who pays for title insurance and even what it costs. It’s important to discuss these specifics with your title company before closing on your property.
Is Owner’s Title Insurance Required?
Unlike lender’s insurance, owner’s title insurance typically is not required. However, that does not mean that you shouldn’t purchase a policy. The cost of an owner’s title policy pales in comparison to what you might pay in legal fees should someone bring a claim against your property.
Commercial Real Estate Transactions in Minneapolis, MN
At Commercial Partners Title Company, we specialize in facilitating commercial transactions in Minnesota and across the country. With our decades of experience, we have built up a reputation in the industry as experts in the field of commercial title insurance. Our escrow agents, title closers, and underwriters will work with you to ensure that you have everything ready when it comes time to close on your property. We make the process as easy as possible for you. Contact us today at our downtown Minneapolis office to learn more about our services.