Timing is important in any commercial title transaction, and many people ask us when they should purchase a title policy for their property. In this article, we’re going to discuss timing matters in a title insurance transaction.
Consider the Timing of Your Title Insurance Policy
First and foremost, it’s important to simply consider the timing of your title insurance policy. Many people don’t think much at all about timing, which can leave them in a precarious position when time runs out and they need a title policy.
To the question of when you should get a title policy on your property, the answer is – as soon as possible. It’s better to begin the process early by reaching out to a title company and getting the ball rolling. The title process takes some time (conducting a title search, preparing documents, etc.) so giving your title insurer enough lead time will benefit you in the long-term.
Contact a Title Company
You will need to provide your title company with the earnest money contract signed by both the buyer and the seller, in order for the title search process to begin. The title search takes some time and may dig up a host of potential issues that need to be resolved before closing. As a result, it’s imperative to get the ball rolling on this as soon as you can.
Commercial Title Insurance
If you are acquiring a piece of commercial property, it is paramount that you get an owner’s policy of title insurance in order to protect your interest in the property. At Commercial Partner’s Title, we have been underwriting title insurance for clients for decades. Reach out to our title professionals today to get your commercial real estate transaction off the ground. Our office is located in Minneapolis, but we work with clients around the Twin Cities, greater Minnesota, and across the United States.