There are numerous reasons why you should consider getting an owner’s title insurance policy when purchasing commercial property. In this article, we are going to talk about the simplest, most basic reason why title insurance is essential in any commercial real estate purchase.
Making Sure Your Rights Are Protected
When you purchase a property, the ownership rights of said property gets transferred over to you. Depending on how old the property is, the chain of ownership may go back a long way. The further back in time that chain of title goes, the more instances there are for errors and defects that can potentially disrupt your claim on the property.
The Importance of Title Insurance
The simplest benefit of having title insurance is that it protects your ownership in the property that you purchase. Before issuing your policy, your title insurer will conduct a title search and go back through the entire history of the property – fixing and noting and defects along the way. Then they will issue a title insurance policy that will protect your ownership of the property should someone bring a claim on your property at a later date (a long lost heir of a former owner, for example).
Twin Cities Title Insurance Experts
Having an owner’s title insurance policy is an incredibly important thing that many investors neglect. If you are purchasing a commercial property, be sure you’re working with an experienced title company. At Commercial Partners Title, our team has decades of combined experience working in the commercial title industry. We’ve handled all kinds of commercial title issues and have the skills needed to facilitated your transaction. Our primary offices are located in downtown Minneapolis, but we work with clients throughout Minnesota and around the country. Give us a call today to talk about your next commercial transaction!