Conducting a title search is one of the smartest things you can do before purchasing a piece of commercial property. A title search can identify and clear up any defects in the chain of title to your property that could otherwise result in big headaches for you in the future. That being said, there are some things that a title search may not reveal. In this article, we will discuss the potential problems that a title search may not reveal and what to do about these issues.
There are numerous hidden hazards that even the most thorough of title searches may not reveal. Here are a few of these potential hidden hazards:
- Fraud or forgery of documents
- Defective deeds
- Mental incompetence
- Clerical errors
- Incorrect statement of marital status by previous owner
These and other title issues can arise with any commercial property. The important thing is to be aware of them and take precautions to protect your interest in the property.
Even though a title search may miss some of these hazards, it is still essential that you conduct a title search on your property and obtain a policy of owner’s title insurance before purchasing your property. Having a policy of title insurance will protect you against any future claims brought against your property as a result of any of these hidden hazards.
Commercial Partners Title Company
Commercial real estate transactions are complex. At Commercial Partners Title, it’s our goal to simplify the process for you. Our team of commercial title closers, underwriters, and attorneys, can help you through each and every step of your commercial transaction. Reach out to our professionals today to learn more about the full range of services we provide to our clients. Our primary office is located in the hear of downtown Minneapolis, but we serve clients throughout Minnesota and all around the country.