One of the biggest and most important choices you will make as a business owner is deciding on the right commercial real estate for your business. Whether you need a place to launch your new enterprise, or need room for your existing business to grow, you will need reliable Commercial Title Services that will protect you from the numerous financial and legal liabilities that may lurk in even the most promising property.
Commercial Title Services Help Protect Against a Multitude of Liabilities
Regardless of how pristine or ideal a commercial property may seem, there is no telling what its legal and title history holds. There could be missing or erroneous deeds that leave legal ownership open to question, unresolved code violations, unpaid liens or judgments, claims from interested parties, and more issues that will be your burden to bear once the property comes under your possession. The last thing any business can afford is diverting precious resources towards paying off someone else’s debts or paying for drawn out litigation to settle disputes you unwittingly inherited.
Professional commercial title services should include a thorough examination of the title that will ensure there is a clear chain of ownership, with no deeds that are invalid or unaccounted for. A meticulous title examination will also uncover liens, judgments, claims, and other problems attached to the property.
However, even the most advanced and scrutinizing title examination may not uncover everything, since there may be clerical errors in how past documents pertaining to the property were recorded, or there may be a fraudulent deed in the chain of title that doesn’t come to light until years later. That is why it is so important for business owners to obtain a commercial title insurance policy that will protect them from potential title issues relating to the property.
The Importance of Title Insurance for Commercial Properties
Unlike flood or fire insurance policies which offer coverage if your property sustains physical damage, title insurance offers protection if you are exposed to financial loss as a result of a past title issue pertaining to your property. If a previously unknown claimant sues you and your title insurance provider undertakes the claim, your policy will also cover the cost of defending your ownership rights in court. Even in the worst-case scenario that you lose the lawsuit, the commercial title insurance provider will compensate you for the loss up to the value of what you purchased the commercial property for.
Given what is at stake, a commercial title insurance policy—and legal professionals who know how to draft an effective one—is a crucial investment for your business’s long-term success.
We Specialize in Commercial Title Insurance and Other Vital Commercial Title Services
Farshchian Law P.A. takes pride in providing versatile and comprehensive commercial title services that are tailored to the needs of our clients. No matter what type of commercial property you need for your business, we will conduct an effective title examination to mitigate the risk of title issues and issue you a commercial title insurance policy upon closing.
To learn more about our firm’s commercial title insurance and closing services, call us at (800) 604-1871 or email us at Info@JFRealEstateLaw.com.