We hear this question a lot – “If I have the deed to my property, why do I need title insurance? Isn’t the deed proof enough that I own the property?” This is a great question with an important answer. In this article, we will explain why you still need title insurance even if you have the deed to your property.
What is a Deed?
In the simplest terms, a deed is a document used to transfer the right of ownership of a piece of land. A deed is not proof that you own a piece of property. More importantly, a deed does not show you any liens or claims that may exist against the title.
Even if you have the deed for your property, there may still be a defect in the chain of title that can result in a claim being brought on your property. In that situation, you’re going to need more than just the deed to defend your ownership rights.
This is where title insurance comes in. A title company can perform a comprehensive review of the entire chain of title on your property and catch any potential issues that arise. Even better, a title policy will cover you if someone does bring a claim against your property at some point in the future.
Commercial Title Insurance Underwriting
At Commercial Partners Title Company, we provide commercial title services to clients throughout Minnesota and around the United States. With decades of experience, our commercial closers, underwriters, and attorneys are recognized as experts in commercial transactions. We work with you through every single step of your transaction so you feel informed and comfortable at every stage. Give our team a call today to learn about the services we provide and set up a time to talk with our title insurance team. You can find us at our Minneapolis office.