Many people are aware of the importance of working with a title insurance company on their commercial transaction, but not many people fully understand what a title company does behind the scenes. In this article, we are going to discuss what your title insurance company does behind the scenes for you.
The first thing your title company does is verify that all of the information you have submitted is complete and accurate. If your title insurer notices any missing information or anything that looks inaccurate, they will begin asking questions of the owner, contractor, or lender. Once your title company is confident that all the information is complete and accurate, they will ask the lender to fund the draw.
After submitting a draw request, your title company will perform a tract search (a search of the real estate records). This search is done to ensure that no liens have been filed against your property that you’re unaware of.
During this process, your title insurance company will also double check the lien waivers that have been submitted to ensure that they match what is expected, taking into consideration the prior payments and submissions.
Commercial Partners Title Company
When dealing with commercial title insurance, it’s important to partner with a company you can trust. At Commercial partners Title Company, we have decades of experience working with clients on their commercial transactions. In fact, we are recognized as experts in the field of commercial title insurance in Minnesota and across the country! Contact us today for more information about our services and to get started with your commercial transaction. You can find us at our main office located in downtown Minneapolis. We also provide service to clients throughout the United States.