What Happens if You Don’t Purchase Title Insurance? img

What Happens if You Don’t Purchase Title Insurance?

calender icon 3/3/2022    poster icon  Mark Goodman

Securing a title insurance policy for your new commercial property is seen by many as essential. But some don’t fully understand the importance of title insurance. This article will discuss what may happen if you elect not to purchase a title insurance policy for your commercial property.

Potential Defects in the Chain of Title

The biggest reason to purchase a title insurance policy is that it protects your interests in the property from the time your purchase the policy to the time you sell your property. But why would you need to protect your property interests? Well, because there may be defects or errors in the chain of title to your property that you may not be aware of. If a defect exists, another party may be able to bring a claim against your property, which you would then have to fight in the courts. With an owner’s policy of title insurance protecting your rights to the property, should a claim arise, your title company will handle the resolution of the claim at no extra cost to you. That is the true benefit of having a title insurance policy for your property – peace of mind.

Commercial Title Insurance Services

If you are looking for commercial title insurance services, you’ve come to the right place! Commercial Partners Title Company provides title services for all types of commercial transactions. We have decades of experience working on commercial transactions throughout Minnesota and across the United States. Our team of title closers, escrow agents, and other experts can help guide you through the process and ensure you are fully prepared when it comes time to close on your property. Contact us today to learn more about the title insurance process, our capabilities, and how we can help facilitate your next commercial real estate transaction.