Commercial real estate deals can be complex. Without an experienced team that includes a seasoned title agent guiding the transaction, unforeseen issues may lead to delays and avoidable costs—potentially sinking the whole deal.
At New Doors Abstract, we have several years of experience offering commercial settlement services in Pennsylvania and New Jersey. From coordinating with the various parties involved to providing commercial title insurance policies to protect lenders and buyers alike, our team will navigate the complexities of the commercial real estate realm to ensure that the deal successfully reaches the settlement table. We are adept at handling all types of commercial transactions, including those that involve SBA loans, bankruptcies, multiple properties, and other issues.
Title Insurance in Commercial Real Estate
In any real estate transaction, title insurance serves an essential way to protect lenders and buyers from potential third-party claims to the property and other defects that could affect the chain of title. While title insurance is a necessary formality in residential transactions, the stakes are much higher with commercial deals, which tend to be more intricate and expensive and involve more parties.
Typically, each lender involved in the transaction (if there is more than one) will require the buyer to purchase a lender’s title insurance policy. In addition, it is strongly recommended that buyers purchase an owner’s policy in order to avoid threats to their ownership interest and costly legal fees should third-party claims arise in the future.
If you are a buyer or realtor involved in a commercial real estate transaction, the team at H&H can offer a variety of services to help ensure a successful closing. For example, we will handle the following:
Performing the title search in a timely manner
Clearing title defects
Issuing title insurance policies
Holding monies in escrow
Preparing and reviewing your settlement sheets
Recording the loan and deed with local municipalities