It’s important to conduct a title search on your property regardless of whether it’s Torrens or Abstract property. In this article, we are going to explain why you still need to work with a title company if your property is Torrens property.
Errors in Title
While the Torrens system is supposed to be a perfect title insurance system – it is not. There are numerous errors that can arise in the certificate of title when dealing with Torrens property. Here are a handful of the most common errors:
- Incorrect legal descriptions
- The inaccurate owner listed on the Certificate of Title
- Missing parcels or too many parcels listed
- Inaccurate dates and document numbers
- Old mortgage documents listed that don’t have any impact on title
These are just a few of the many errors that can arise with Torrens Property title. If these errors exist and you don’t resolve them before closing on your property, you will be susceptible to someone else bringing a claim against your property. This can result in costly legal fees that could have been avoided if you had worked with a title company prior to closing. That’s why it’s always a good practice to do a title search and get an owner’s policy of title insurance – no matter what type of property you’re dealing with.
Get Help With Your Commercial Real Estate Transaction
Commercial Partners Title has decades of experience in the title insurance industry. We have the knowledge and the expertise needed to help you through every stage of your commercial transaction – all the way to the closing table. We are the experts in commercial transactions in Minnesota and across the country! Contact our commercial real estate experts today at our downtown Minneapolis offices to discuss the specifics of your transaction. Don’t get stressed about your commercial transaction – let us facilitate the process for you!