It’s important to have an experienced commercial title company at your side throughout the course of your commercial transaction. However, many people do not know what exactly a title company does during a transaction. In this article, we are going to talk about three primary responsibilities of your commercial title company.
Performing a Title Search
First and foremost, your commercial title company is responsible for performing a thorough title search on your property. Title refers to the legal rights pertaining to a specific property. During a title search, your title company will look through the historical account of who has purchased and sold the property in the past. Most importantly, a title search can uncover valuable details such as unpaid taxes, existing liens, judgements, and special assessments on the property in question.
Issuing Your Title Policy
After your title company finishes their title search, they will issue a title insurance policy based on their findings. This policy covers you for any potential future issues with title to your property. Title searches are exhaustive, but sometimes items are missed due to recording errors and other issues. That’s why it’s imperative to have an owner’s title policy – to protect your interest in the property for as long as you own it.
Facilitating Your Closing
Finally, your title company will facilitate the closing of your property, and ensure that all necessary documents are signed by the appropriate parties at the closing table.
Get Help with Your Commercial Real Estate Transaction
Contact Commercial Partners Title Company today to get the help you need with your commercial real estate transaction. Over the past several decades, we have developed a reputation as experts in the commercial title industry. Let us put our experience to work for you on your next transaction! Reach out to us today at our downtown Minneapolis office to learn more about our services and see how we can help you through the ins and outs of your next commercial transaction.