When entering into a commercial property transaction, a lot of people wrestle with if you should purchase a title insurance policy. In the following paragraphs, we will explain why it is a bad idea to skip out on title insurance.
It Costs just a little Up Front But Saves You in the Long Run
Getting a title insurance policy for the commercial property will set you back a little bit upfront. This often causes people to pause and consider whether they even need a policy within the first place. We all want to save as much money as possible at the closing table and a title insurance line item is definitely an easy one to cut. After all, you don't NEED an owner's policy of title insurance. However, the small amount it costs to obtain a title insurance policy can help you save an enormous bill in the long run. If you don't have a title policy and someone brings a legitimate title claim against your policy due to a defect within the chain of title, you will have to spend a great deal of money defending your ownership rights in court. A title policy can help you save the money and headaches associated with such a situation.
Protecting Your Ownership Interest in the Future
The biggest reason why you should never skip on a title insurance policy is that it protects your ownership interest in your property now and in the future. If an ownership dispute arises, your title insurance policy will cover you. You will not be responsible for any legal fees associated with resolving the claim. That's peace of mind that you can't put a price on.
Get Commercial Title Insurance
Having a great title insurance policy is important for just about any commercial transaction. It may protect you from any future title claims brought against your property. Our team consists of skilled escrow agents, title closers, and underwriters who are ready to help you through the specifics of the transaction. Reach to our commercial title experts today to go over the details of your next transaction. Our primary office is located in the center of downtown Minneapolis. We also work with clients throughout the United States.