While title insurance may feel necessary for your residential property, you shouldn’t overlook adding insurance for commercial properties as well. It is a beneficial addition to any property, regardless of its purpose. To learn more about how title insurance can help your commercial property, read on for an introduction to the advantages title insurance for commercial properties can bring.
How It Protects Your Commercial Property
While other property insurances protect you from what may happen, title insurance exists to protect you from something that potentially has already happened. Some commercial properties have changed hands quite a bit, and you cannot guarantee that every business owner was thorough with their paperwork. If one of these past owners challenges your property ownership, you will need to file a claim with your insurance provider.
Having title insurance on hand means that if this should happen, your insurance company can dispute the claim and defend you, and in turn, protect your business and livelihood.
Why Commercial Title Insurance is a Wise Choice
Title insurance is often required in commercial property transactions because they offer the best protection for your new business. Because of the long history of commercial properties, there could be any number of mistakes in your property’s past that could lead to disputes in the future. To have peace of mind and focus on running your business, it’s wise to acquire this insurance when purchasing the property. Your business is a significant part of your life and provides you with your income, so any protection for this property should not be taken lightly.
Before purchasing your title insurance at closing, your title company will also conduct a title search to eliminate any immediate barriers to your property ownership. Then, your one-time purchase of title insurance will be included with your closing costs.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.