The property market is hot, and buyers need to be familiar with one of the very most important aspects of purchasing property – title insurance. Unfortunately, many buyers aren't conscious of the numerous benefits of title insurance. We're here to clear that up. In the following paragraphs, we will explain what exactly title insurance coverage is good for-which is to state, a LOT.
What Title Insurance coverage is NOT Good For
First of all, let's briefly describe what title insurance does not cover. Title insurance does not cover property damage, or injury claims brought against you by someone injured on your property. These would be covered by your homeowner's insurance policy, which is separate and distinct from title insurance.
What Title Insurance IS Good For
In essence, title insurance protects your interest within the property from certain future claims brought by other parties. For example, if you purchase a piece of property, and then 3 years later a person claims that the property was gifted to them by their deceased grandfather, you've got a potential legal mess on your hands. However, if you had an owner's policy of title insurance, your title company would cover you and defend your legal claim to the property.
Experts in Commercial Transactions
If you are searching for help with your commercial real estate transaction, look no further than Commercial Partners Title. Our team of escrow agents, underwriters, and closing agents works with you through every stage of your commercial transaction. We have been doing this for decades, and have built up a reputation as experts in the field of commercial title insurance. Reach out to our experts today for help together with your commercial transaction. You'll find us at our main office situated in downtown Minneapolis.