Real state commercial title insurance is a vital pillar in the real estate field. This is actually to the benefit of the buyer. It is a legal binding that is used to prove the ownership of a piece of property. The purchase of a commercial property provides a similar type of risks that you as the borrower will want to insure against by purchasing commercial title insurance. Every now and the people will be found with the constant question of whether or not to get a real estate insurance. The good thing about this is that it is usually paid one in a lump sum. From what I can tell it has more pros than cons. However here are five commonly asked questions before purchasing a real estate title insurance.
1. What is commercial real estate title insurance?
Commercial real estate insurance is the insurance of land against a future discovering that might lead to the loss of that property. It gives assurance of the property in play and in the event that something comes up the insurer can defend the insured.
2. Does title insurance cover loss due to fraud?
Most of us have heard cases where people take a mortgage on other people’s property by forging documents and signatures. There is a good side to it if you happen to fall as a victim of circumstances and the insurer will compensate for the loss incurred but only if you had commercial real estate title insurance. If not, in am afraid you will get burnt.
3. What is the cost of title insurance?
The cost of title insurance is to be calculated with the same rates as in other insurance policies. By this, I mean that they will take into consideration the value of your property and then calculate the amount you will have to pay. At times this is better and saves you a lot of trouble of going to the lawyers after something happens.
4. Must an attorney be present during the process?
As a matter of fact, if you only have a good mortgage agent such as cloptoncapital.com, you will not need an attorney to be present during the process. With an agent who is able to provide you with Commercial Mortgages for Acquisition & Refinance, Non-Recourse, Cash-out Refinance, Commercial Bridge Loans, Construction Loans, Mezzanine Loans, and Preferred Equity you can tell that you are all covered for this.
5. Is title insurance required?
As a matter of fact, while taking a mortgage or doing a transaction, there is no requirement of insurance title, but what really happens is that it is taken after the parties agree or after the transaction is done and there may be doubt about the property. However, it is advised that you take this insurance so that even when you decide to sell that piece of property you won’t have lawsuits following you. Another important thing is that despite the fact that you have the title deed you will need this to in case it goes missing.