We've discussed why investing in a title insurance policy is essential with any commercial transaction, but some people are still wary to do so or simply don't understand why title insurance coverage is advisable. In this article, we will discuss why purchasing title insurance for your property is always a wise decision.
Guarding Against Financial Loss
In the simplest terms: title insurance protects you from financial loss in the event there are defects in your property's title. If you have a title insurance policy and someone brings up an issue with the chain of title for your property, your title insurance policy will insure your loss.
When purchasing a piece of property, it's essential to have a title professional conduct an examination from the history of title on the property. This title search is done to uncover potential defects in title, for example issues with:
- Court Judgements
When these issues arise, they could be resolved relatively quickly before you acquire your property. However, a title search may not always uncover everything. This really is where title insurance is available in. Through an owner's title insurance policy will help protect you within the event that invisible errors like illegal deeds, forgeries, and errors in public record crop up and threaten your ownership claim to the property.
Experts in Commercial Transactions
At Commercial Partners Title Company, we are recognized through the industry as experts in commercial transactions. Our team of commercial title underwriters, escrow agents, and other professionals works with you through everything from the process – all the way through the closing of the property. E mail us today to understand more about our extensive services and just how we can help you together with your transaction. Our office is located in downtown Minneapolis and we work with clients through the state of Minnesota and across the nation.