Over time, a property may be surveyed many times. Sometimes these surveys can show conflicting information. You may have a recent survey of the property, but an older survey may show a different boundary line. Another party may be able to use this to bring a claim against your property. A title insurance expert can catch this discrepancy before it becomes an issue.
Heirs & Wills
A property owner may gift their property to an heir when they die. But sometimes said heir is missing or unknown. Should they reappear to claim their gifted property after you’ve purchased it, you may have a problem on your hands if you don’t have a title insurance policy. Similarly, a property owner may pass away with no will or apparent heir. In this scenario the state will often sell the property. If the deceased’s will is found years down the line, your property rights may be in jeopardy.
Property deeds found in the chain of title can sometimes be illegal (whether or not the parties knew so at the time). For example, the deed may have been made by a minor, a person of unsound mind, or a person who claimed to be single but was actually married. These can all have a significant impact on your title.
Minneapolis Commercial Title Insurance
Commercial Partners Title is the expert in commercial title insurance in Minnesota. Our team of underwriters, closers, escrow agents, and attorneys work to provide unparalleled service to each client on their commercial transaction. With decades of experience on our side, we have the knowledge and the expertise to ensure your title transaction goes off without a hitch. Contact us today at our downtown Minneapolis office to discuss your commercial real estate transaction.