Title Insurance

Commercial and/or industrial real estate is generally an entities most valuable asset. It is a form of wealth that is protected by many laws. These laws have been enacted to protect the entity’s ownership of said real estate and the improvements thereon. The entity has rights or claims in and to the property they are buying. Those who may have an interest in or lien upon the property could be governmental bodies, contractors, lenders, judgment creditors, the Internal Revenue Service, or various other individuals or corporations. The commercial and/or industrial real estate may be sold to you without the knowledge of the party having a right or claim in and to the property. In addition, an entity may purchase the real estate without having any knowledge to these rights or claims. In either event, these rights or claims remain attached to the title to the property that the entity is buying until they are properly extinguished.

Not your Average Insurance

Generally, we think of insurance in terms of the payment of future losses due to the occurrence of some future event. Title insurance is a unique form of insurance. It provides coverage for future claims or future losses due to defects in title, which are created by some prior event. These risks are far less obvious at the inception of a policy for title insurance.

It is of utmost importance that you receive clear title to your commercial and/or industrial property when your entity purchases real estate. In order to do so, you must first be informed of any existing rights or claims that may, in the future, threaten your title and possession to the property. Title insurance provides you with this protection.

How We can Help

In order to determine the status of title, Paxin Closing and Escrow, LLC, conducts a diligent search of the public records for those documents associated with the property. We then examine those recorded documents in order to determine if there are any rights or claims that may have an impact upon the title to the property. The title search may reveal the existence of recorded defects, liens or encumbrances upon the title, such as unpaid taxes, unsatisfied mortgages, judgments and tax liens against the current or past owners, easements, restrictions and court actions. These recorded defects are reported to you prior to your purchase of the property. Once reported, these matters must be dealt with prior to closing. You are protected against any loss resulting from defects not reported.

Your commercial and/or industrial property could also be seriously threatened by “hidden risks”. Hidden risks are those matters, not shown on the public (recorded) records. Most hidden risks provide a basis for a claim after your entity has taken title to the property. In order to protect your entity against this possibility, title insurance provides coverage for such claims.

Unlike other forms of insurance, the original premium is your entities only cost as long as your entity owns the commercial and/or industrial property. There are no annual payments to keep your title insurance policy in force.

 
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